What Bitcoin Did Paper Bitcoin Summer | American HODL & Steven Lubka
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Aug 28, 2025 
In a lively discussion, American HODL, a Bitcoin commentator known for his vlogs, and Steven Lubka from Nakamoto, dissect the rise of Bitcoin treasury companies. They explore whether these entities are a healthy bridge to mainstream adoption or just a speculative bubble. The duo dives into strategies for navigating bear markets, the morality of treasury operators, and the impact of securitization on the Bitcoin landscape. Their insights provoke thoughts on Bitcoin's integration into public markets and future investment dynamics.
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Local Vehicles Capture Restricted Capital
- Many countries have large pools of capital that cannot easily buy US equities or Bitcoin directly.
- Local treasury companies capture domestic mandates and regulatory/tax advantages to attract that capital.
Scale Grants Durable Advantage
- First movers who scale big become very hard to displace in bitcoin accumulation.
- Being second or third still yields massive returns; the long tail mostly loses.
Use Leverage To Scale Bitcoin Holdings
- Use leverage and debt strategically to accelerate coin accumulation from a public balance sheet.
- Expect to issue preferreds or other instruments to access capital cheaper than retail.