Supply Shock Is The Global Bitcoin Treasury Boom Just Starting? Tim Kotzman
Aug 14, 2025
Tim Kotzman, co-host of the Bitcoin Treasuries podcast, dives into the burgeoning world of Bitcoin treasury companies. He explores innovative financial strategies, highlighting the shift from traditional to crypto-centric approaches. Kotzman discusses new valuation metrics like forward mNAV and the importance of education for investors. He also addresses challenges for retail investors and the cautious adoption of Bitcoin by larger firms, suggesting a significant expansion in this sector in the near future.
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First-Mover Geographic Advantage
- First entrants in new jurisdictions have outsized opportunity because many markets lack ETFs or mature exchanges.
- Tim Kotzman says geographic white space makes being 'zero to one' highly valuable for treasury companies.
Lunch With A TradFi Veteran
- Tim recalls lunch with a capital markets veteran who said 'zero people' in traditional finance understood Bitcoin.
- He uses this to illustrate how early corporate treasury adoption still is globally.
Bitcoin-Per-Share As Core Metric
- Bitcoin-per-share has emerged as a core new metric to evaluate treasury companies' performance.
- Tim Kotzman notes companies can engineer rising Bitcoin-per-share via buybacks and preferred products without selling Bitcoin.