The Economic Case for Bitcoin Treasury Companies

August 13, 2025

Steven Lubka, VP of Investor Relations at Nakamoto, joins us to talk about the “paper bitcoin summer” phenomenon, treasury companies as Bitcoin acquisition vehicles, regulatory arbitrage strategies, international market expansion, and why vibes matter in capital markets. We explore how companies like MicroStrategy pioneered leveraged Bitcoin strategies and what the future holds for Bitcoin financial institutions.

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**Notes:**

• Treasury companies hold ~60k BTC outside MicroStrategy

• MicroStrategy trades at 2x NAV premium currently

• Bitcoin has multi-trillion dollar market cap

• Preferred shares cost ~9-10% for these companies

• MetaPlanet proved model works internationally

• Galaxy sold 80k BTC recently absorbed by market

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