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Will Bitcoin Treasury Companies Get Rekt? with Jad Mubaslat | SLP679

Will Bitcoin Treasury Companies Get Rekt? with Jad Mubaslat | SLP679

Stephan Livera Podcast vor 1 Jahr

0:00

1:03:09

In this episode, Stephan Livera and Jad Mubaslat discuss the
emerging trend of Bitcoin treasury companies, exploring the
potential risks and rewards associated with investing in these
entities. Jad expresses skepticism about the sustainability of
these companies, particularly regarding their cash flow and
financial engineering strategies. The conversation delves into
the implications of convertible notes versus preferred shares,
tax considerations, and the historical context of financial
bubbles. Ultimately, both acknowledge the importance of
self-custodying Bitcoin while considering the role of treasury
companies in the evolving financial landscape.

Takeaways

Jad Mubaslat expresses skepticism about Bitcoin treasury
companies.

The lack of cash flow in many treasury companies raises concerns.

Convertible notes and preferred shares have different
implications for investors.

Tax implications can affect the market value of treasury
companies.

Market dynamics may lead to a winner-takes-most scenario in
different jurisdictions.

Historical financial trends provide context for current treasury
company dynamics.

Regulatory changes could impact the future of Bitcoin treasury
companies.

Investors should be cautious about the risks associated with
treasury companies.

Self-custodying Bitcoin is emphasized as a priority for
investors.

The conversation highlights the importance of understanding
financial structures.

Timestamps:

(00:00) - Intro

(01:08) - Who is Jad Mubaslat?

(03:30) - Jad’s skepticism towards Bitcoin Treasury Companies

(08:39) - Who gets rekt?; mNAV compression

(13:02) - Sponsors

(14:55) - Convertible notes vs Preferred shares; Tax implications
for investors

(21:42) - Strategy’s preferred share offerings; Risk-adjusted
investment scenarios

(31:54) - Will BTCTCs continue to exist?

(34:24) - Will regulatory frameworks make it easier for BTCTCs to
thrive?

(38:48) - What does the future look like for BTCTCs?

(43:23) - ‘Winner takes most’ & the end game for BTCTCs

(49:22) - Comparing Bitcoin Treasury Companies with the stock
bubble of 1920s

(1:00:04) - Closing thoughts

Links:

https://x.com/champbronc2

https://x.com/BitQuickco

https://x.com/Synota_

Sponsors:

Bold Bitcoin

CoinKite.com (code LIVERA)

Stephan Livera links:

Follow me on X: @stephanlivera

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