I kind of hate being on podcasts... I've never found that my best ideas come across in that format -- on the fly and in a spoken format. So, as I general rule I decline all the requests that come my way.

But I couldn't say no to Nik, having been his editor for Bitcoin Age (#910275, #946402), and actually having a million things to say about this topic coming off my BM long read in the summer.

I sent it to a few friends and family, and they all sort of told me I did OK and explained the topic properly. Others tell me practise makes perfect, so I guess I gotta hit every single opportunity I have, always. (On the upside, I don't get nervous anymore, my heart isn't beating like I'm outrunning a hungry lion). It surely didn't feel that way: I'm way more eloquent and impressive(?) in print.

Let's see what the Schtackers say??

I make the mNAV<1 magic argument a lot, explaining it

Printing shares don't do anything, it just dilutes existing shareholders. But if you're doing it when your shares are trading above the value of the thing you hold, you can buy more of that thing; you get free stuff. https://youtu.be/TwQugFm2qoo?si=yyyK9iodXydwhF_b&t=1092

Here are some points I didn't get around to make:Here are some points I didn't get around to make:

• I wish I had brought more receipts/exact numbers to the table, all of which I have in my notes and excessive posts on Stacker and elsewhere, but that didn't come to me fast enough on the fly, and I hadn't prepared a one-pager with exact deets. #idiot.
• maybe there's a good reason for "trapped capital" and "yield-starved tradfi" to "arbitrage" their way into bitcoin via bitcoin treasury securities, but for them to do so they must to their own satisfaction answer the question "Where does the yield come from?"... at which point they need to grok bitcoin... at which point they might as well just sidestep the middleman and own bitcoin directly. (#1322685). I don't think much tradfi money is getting bitcoin, and of those that do, very few will stay with inferior stand-in products from e.g., Strategy. Thus, there's no real, long-term market for this.
• the crazy loanshark type behavior (and insane value destruction) that NAKA has engaged in via 1) convert, 2) Two Prime bailout, 3) Altalpha bailout from that, 4) Kraken 1-year, 8% deal. + the I-scratch-your-back of Metaplanet investment at a loss (after Gerovich was in for a neat 5 mil in the PIPE).
• most of the treasury companies won't die, but can either just close up shop or just sit around waiting for bitcoin's inevitability and be a zombie company.
• the crazy, amazing, revealing dig that Saylor launched at the PIPE-deal, energetic LEEESSGOO type of players earlier in the year:

“There’s a certain amount of money that’ll come to you, that’s easy to get, that’s just not good for you… it’s hard to do the things that are going to create massive shareholder value for your company. It’s easy to get big and do things that basically transfer your equity and your collateral to an investor.”

oh, well.

I maintain my prediction that in a year's time, bitcoin treasury companies won't be a thingI maintain my prediction that in a year's time, bitcoin treasury companies won't be a thing