THE Bitcoin Podcast PAPER BITCOIN SUMMER: THE TRUTH ABOUT BITCOIN TREASURY COMPANIES | Steven Lubka
Jul 31, 2025
This week, Steven Lubka, founder of Vibes Capital Management and VP of Investor Relations at Nakamoto, sheds light on Bitcoin treasury companies and their pivotal role in integrating Bitcoin into global capital markets. He explores the concept of 'paper Bitcoin summer' and argues that these firms are vital infrastructure rather than mere proxies. The conversation dives into financial tools like equity and corporate debt, the MNAV premium, and how they facilitate institutional adoption. Plus, they touch on health benefits, misconceptions around OTC trading, and why real Bitcoin matters more than paper representations.
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Bitcoin Treasury Companies' True Role
- Bitcoin treasury companies are essential financial institutions that hold Bitcoin for integration into global capital markets.
- These companies represent an early phase of Bitcoin financial services capitalization, not just "paper Bitcoin" proxies.
Prioritize Spot Bitcoin Ownership
- Buy and hold spot Bitcoin in self-custody with hardware wallets as your primary investment.
- Focus on stacking sats and creating value personally before considering other financial instruments.
Clarifying 'Paper Bitcoin Summer'
- "Paper Bitcoin" originally refers to unbacked bitcoins or representative slips, but treasury companies offer real equity stakes in operating companies.
- Treasury companies are mislabeled as paper Bitcoin when they represent actual corporate equity and value creation.