The Mark Moss Show BITCOIN EXPERT: You Need to Understand Bitcoin Treasuries... (Or you might fail) | Jeff Walton
Sep 13, 2025
Jeff Walton, a former reinsurance broker turned Bitcoin expert, shares insights into the explosive growth of Bitcoin treasury strategies. He discusses how companies like MicroStrategy are reshaping finance with innovative treasury management. Walton highlights the risks of traditional markets and the emergence of 'zombie companies' pivoting to Bitcoin. He emphasizes the need for transparency in cryptocurrency markets and the critical role risk management plays in navigating this evolving landscape.
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From GameStop Trade To Bitcoin Conversion
- Jeff Walton rode GameStop to the top, liquidated his portfolio, and searched for a new place to park capital.
- He discovered MicroStrategy converting cash to Bitcoin and realized treasury strategy could be the biggest story in finance.
Need For Risk‑Adjusted Metrics
- Bitcoin treasury companies require a new risk framework because their risks differ from traditional corporations.
- Walton emphasizes risk-adjusted metrics are missing and necessary to compare these companies properly.
Bitcoin Treasuries Are Balance‑Sheet Plays
- Bitcoin treasury firms resemble insurance companies as balance-sheet businesses managing volatility and duration.
- Key analysis points are balance-sheet design, leverage, liquidity, and liability duration.