Lyn Alden and Andy Constan go deep on Bitcoin treasury companies like Strategy, debating whether they’re outright Ponzi schemes or legitimate vehicles for leveraged Bitcoin exposure.
We dig into how these companies actually generate returns, why premiums to NAV exist, and the conditions that could cause the model to unravel. Lyn lays out her cautiously bullish case for well-run treasuries, while Andy argues the structure depends on new capital in ways that can’t last forever.
In this episode:
- What makes a Bitcoin treasury company different from an ETF
- Why premiums to NAV exist
- How Strategy’s capital structure works
- Whether treasury companies can generate income without selling Bitcoin
- The “Ponzi-adjacent” problem
THANKS TO OUR SPONSORS:
IREN
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BITKEY
Follow:
Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny
Lyn Alden: https://x.com/LynAldenContact
Andy Constan: https://x.com/dampedspring
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1:45:46
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1:45:46
The State of Bitcoin Adoption | Troy Cross & Ella Hough
Troy Cross and Ella Hough break down the state of Bitcoin adoption across the U.S. and the globe, revealing what the data really says about Bitcoin’s political alignment, institutional shift, and cultural future.
We get into the surprising statistics around self-custody, what Gen Z actually thinks about Bitcoin, and whether American bitcoiners can become a meaningful political force.
In this episode:
- Who owns Bitcoin - What Gen-Z think of Bitcoin
- The myth of political consensus around Bitcoin
- Bitcoin as a language of truth across culture, time, and power
THANKS TO OUR SPONSORS:
IREN
RIVER
ANCHORWATCH
BLOCKWARE
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Follow:
Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny
Troy Cross: https://x.com/thetrocro
Ella Hough: https://x.com/21MMforthe21st
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1:18:41
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1:18:41
Why This Bitcoin Bull Market Is Different | Checkmate
Checkmate breaks down Bitcoin's market structure, why treasury companies are flooding in, and whether the four-year cycle has finally broken.
We get into how institutional money is reshaping on-chain dynamics, why long-term holders are behaving differently this cycle, and what the recent 80,000 BTC move signals about dormant supply.
Checkmate also explains the risks and opportunities of corporate treasury plays, premium-to-NAV dynamics, and how the rest of this bull market could play out.
In this episode:
- Treasury company dynamics
- Why Bitcoin’s drawdowns are structurally different this cycle
- The rise of institutional-sized transactions and empty mempools
- What the 80,000 BTC sale tells us about long-dormant coins
- The quantum debate
THANKS TO OUR SPONSORS:
IREN
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Follow:
Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny
Checkmate: https://x.com/_Checkmatey_
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1:14:06
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1:14:06
Metaplanet, Strategy, and the Corporate Bitcoin Race | Dylan LeClair
Dylan LeClair breaks down the rise of Bitcoin treasury companies, why corporate adoption may be hitting a “gradually then suddenly” inflection point, and whether Michael Saylor’s lead is now insurmountable.
We get into how Metaplanet scaled from a few hundred Bitcoin to 16,000+, what’s driving premiums over NAV, and why public capital markets are becoming the biggest buyers of Bitcoin.
Dylan also explains Saylor’s latest innovation, “Stretch", and explains why this could transform corporate balance sheets and fixed income markets.
In this episode:
How corporate treasuries are competing in a winner-take-most market
Why premiums to NAV compress - and when they could expand again
The mechanics behind Stretch
How liquidity, interest rates, and credit markets drive Bitcoin price action
THANKS TO OUR SPONSORS:
RIVER
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IREN
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Follow:
Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny
Dylan LeClair: https://x.com/DylanLeClair_
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1:15:14
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1:15:14
Bitcoin’s New Era: Liquidity, Macro, and the End of Four-Year Cycles | Nik Bhatia
Nik Bhatia breaks down why Bitcoin may have broken free of its four-year cycle and what that means for the next decade.
We discuss Bitcoin's market maturity, compressed volatility, and how new corporate demand are reshaping price dynamics — and why this could mean an end to drawn out bear markets and blow-off tops.
We get into how macro forces like liquidity, rate policy, and U.S. fiscal dominance intersect with Bitcoin, whether Powell vs. Trump really matters, and why Bitcoin could hit $1 million by 2032.
In this episode:
Why the four-year halving cycle may be over
How corporate treasury strategies are changing Bitcoin’s market structure
The role of liquidity and treasury markets in driving Bitcoin price
What Powell vs. Trump means for rates, inflation, and Bitcoin
THANKS TO OUR SPONSORS:
IREN
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Follow:
Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny
Nik Bhatia: https://x.com/timevalueofbtc
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