Paper Bitcoin Summer | American HODL & Steven Lubka
American HODL & Steven Lubka get into the rise of Bitcoin treasury companies, unpacking how securitisation, jurisdictional arbitrage, and corporate leverage are shaping the next phase of Bitcoin’s financialisation. We discuss whether this new wave of Bitcoin-wrapped equities is a healthy Bitcoin on-ramp or just a speculative bubble, and what happens to these companies in a bear market.
Steven breaks down Nakamoto’s strategy, from running higher leverage to building a global network of local vehicles and using M&A to accumulate Bitcoin at scale. We get into the “Paper Bitcoin Summer” thesis, the morality of treasury cos, if they are just another form of shitcoining, or a necessary step to embed Bitcoin into public markets and give millions passive exposure?
In this episode:
- The playbook for Bitcoin treasury companies
- Why size, leverage, and jurisdiction matter for survival
- MNAVs, premiums, and the risk in a bear market
- The morality of treasury companies
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Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny
American HODL: https://primal.net/hodl
Steven Lubka: https://x.com/dzambhalahodl
Willy Woo gets into Bitcoin’s evolving market structure, breaking down how institutional flows, ETFs, and treasury companies are reshaping the bull market. He explains why Bitcoin has never faced a true business cycle downturn, why 2026 could be the first real test, and how liquidity waves set the rhythm for both blow-off tops and brutal bear markets.
He unpacks the mechanics of Strategy's debt model versus MetaPlanet’s synthetic leverage, how ETFs are smoothing inflows and dampening volatility, and why premiums to NAV create both opportunity and risk. Willy also zooms out to the thousand-year arc of money, showing why fiat is a short-lived social consensus ledger and Bitcoin is destined to be the next energy-secured system of value.
In this episode:
- How ETFs are changing Bitcoin’s price dynamics
- Premiums to NAV, synthetic leverage, and liquidation risk
- Why treasury companies could amplify the next bear market
- Liquidity cycles and business downturns
- ESG, BlackRock, and the shift in institutional adoption
- The transition from gold and fiat to Bitcoin
THANKS TO OUR SPONSORS:
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Danny Knowles: https://x.com/\\\\\\\_DannyKnowles or https://primal.net/danny
Willy Woo: https://x.com/woonomic
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1:12:25
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1:12:25
The Bitcoin Treasury Playbook | Preston Pysh
Preston Pysh gives us a masterclass on Bitcoin treasury companies, unpacking the mechanics behind Michael Saylor’s strategy and why it has outperformed Bitcoin since 2020.
He explains how preferred stock and convertible debt are being engineered to funnel Bitcoin onto balance sheets, why the unraveling of the fixed-income market is the hidden fuel behind this model, and the risks investors face in treating treasury companies as a proxy for holding Bitcoin.
Preston gets into the accounting controversies around MicroStrategy, the looming threat of government nationalisation, and why self-custody Bitcoin is the ultimate safeguard.
In this episode:
- Why self-custody Bitcoin is important
- How preferred stock and convertible debt power treasury growth
- The collapse of the 40-year fixed-income bull market
- Understanding premiums to NAV and dilution risks
- “Ponzi-adjacent” Bitcoin treasuries
- Nationalisation and centralisation risks for Bitcoin
- Why the STRC issuance may be one of the most brilliant financial products ever designed
THANKS TO OUR SPONSORS:
IREN
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BLOCKWARE
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Follow:
Danny Knowles: https://x.com/\\\_DannyKnowles or https://primal.net/danny
Preston Pysh: https://x.com/prestonpysh or https://primal.net/preston
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1:06:54
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1:06:54
Saving Bedford with Bitcoin | Peter McCormack
In this episode, Peter breaks down his five-year legal battle with Craig Wright, how UK libel laws were weaponised against him, and the moment the case finally turned in his favour.
We also get into his fight to save Bedford, and why running businesses there changed his political view, how government policy makes entrepreneurship harder, and turning to private solutions because of the failure of the state.
In this episode:
- Craig Wright’s lawsuits and the UK libel system
- The real impact of government policy
- The mission to save Bedford
THANKS TO OUR SPONSORS:
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Danny Knowles: https://x.com/\\\_DannyKnowles or https://primal.net/danny
Peter McCormack: https://x.com/PeterMcCormack
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1:47:13
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1:47:13
The War on Bitcoin Privacy | Calle
Calle gets into into the future of financial and communication privacy, exploring how tools like Cashu and BitChat could help Bitcoiners survive in an increasingly hostile regulatory environment.
He breaks down why privacy is essential for democracy, the lessons from the original Crypto Wars, and how eCash can offer near-perfect transaction privacy.
Calle explains the history behind David Chaum’s invention, the trade-offs Bitcoin made for auditability, and why eCash mints could be run by communities for both Lightning payments and private internet services. As well as BitChat as a censorship-resistant messenger and the growing legal risks faced by privacy developers.
In this episode:
- Why financial privacy is as important as free speech
- Lessons from the Crypto Wars 1.0
- How Chaumian eCash works and why it’s unmatched for privacy
- Offline payments and tap-to-pay Bitcoin
- The risks and pressures facing privacy developers today
THANKS TO OUR SPONSORS:
IREN
RIVER
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BLOCKWARE
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Follow:
Danny Knowles: https://x.com/\\\_DannyKnowles or https://primal.net/danny
Calle: https://x.com/callebtc or https://primal.net/calle
New Zealand