Out here doing some thankless grunt work.

LOTS of treasury companies launched last year, with fanfare and tweets and convertible debts.LOTS of treasury companies launched last year, with fanfare and tweets and convertible debts.

Every other day in July-September, there was some new entrant, some news or addition to the worldwide list (kept by Rizzo, at bitcointreasuries.net).

When the (no-fly) flywheel started going in reverse... weeeelll, it was all just crickets.

Nobody said anything, except all the Saylorbois PUMP-AND-DUMPING and the tradi journos ridiculing them (#1518545, #1518682).

So Mr. Den took it upon himself to track down what happened to some of the thirteen (!) Nordic treasury companies out there.

First, let's just stop right there. Even taking bitcoin-treasury twats at the best possible argument, there's no shot in hell the Nordic (well, Swedish and Norwegian... I'm not aware of any Finnish or Icelandic ones, and the Danish one I know of -- thankfully! -- never launched) market needs/can carry/wants a dozen of these financialized behemoths.

Instead:

BTCTCs will consolidate, says top-dog at H100BTCTCs will consolidate, says top-dog at H100

Yes, I agree. Sort of. If they even survive at all.

Anyway, I looked through the books of seven of these schmuckfaces, and it AIN'T PRETTY READING.

They all sit on incredible losses, obviously

When the product you’re selling is overvalued shares, and plunging new investor proceeds from ever-larger securities issuance into ever more bitcoin, two things set an abrupt end to that glorious, orange suitcoiner party:

a) overvalued shares no longer appeal to investors, and
b) bitcoin’s price falling.

"It didn’t take long before there was no more financialized equity to extract.""It didn’t take long before there was no more financialized equity to extract."

Among these seven companies, we get

• options trading on MSTR masquerading as a "Bitcoin options strategy"
• outright exiting (and a doubling of your stock price in consequence...);
• five dudes and a pot of listed bitcoin;
• companies and CEOs not heard of/seen in months
• a shitcoin research company "pretending" to have 168 BTC -- when they actually have 95 + indirect ownership in other companies with "exposure." (offers excellent exposure... most of my friends have toilets!)
• an exchange magically turning "long-term holding" into "inventory [...] in order to strengthen the liquidity."

I dunno, man; these people aren't serious. Bitcoin securities are shitcoins. @BlokchainB (and now @grayruby!!) should stop fucking around.

Since the flywheel stopped working in the Autumn of 2025, there have been mostly crickets from the Nordic bitcoin treasury company players. And for good reason: Almost none of the companies have been able to maintain its one-time financialization attempt, and the ones that have exited have done so rather quietly.

The bitcoin treasury scene worldwide is comatose. In the Nordics, it’s straight-up dead.The bitcoin treasury scene worldwide is comatose. In the Nordics, it’s straight-up dead.