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mNAV, P/BYD & PIPE Deals in Bitcoin Treasury with Jesse Myers | SLP691

mNAV, P/BYD & PIPE Deals in Bitcoin Treasury with Jesse Myers | SLP691

Stephan Livera Podcast vor 11 Monaten

0:00

1:14:27

In this conversation, Stephan Livera and Jesse Myers discuss the
current state and future of Bitcoin treasury companies, focusing
on Smarter Web Company's strategies and performance. They explore
the implications of PIPE deals, the importance of a solid track
record in delivering Bitcoin yield, and the regulatory
environment's impact on investment strategies.

The discussion highlights successful examples like Metaplanet and
the potential for Bitcoin treasury companies to accumulate a
significant portion of Bitcoin in the coming years. They also
address the challenges investors face, including understanding
mNAV and justifying premiums in Bitcoin investments.

Jesse also introduces the P-Bid ratio as a new metric for
evaluating these companies, emphasizing the need for a strong
retail investor base and the significance of operational
businesses in sustaining value. The discussion concludes with
reflections on the future of Bitcoin treasury companies and their
role in the broader financial landscape.

Takeaways:

Smarter Web Company has over 2500 Bitcoin and a mNAV of about
1.6.

The current Bitcoin yield for Smarter Web Company is 278%,
significantly higher than market expectations.

Many Bitcoin treasury companies have struggled to deliver
consistent Bitcoin yield.

PIPE deals can create headwinds for Bitcoin treasury companies
due to misaligned investor interests.

Successful Bitcoin treasury companies have a track record of
delivering Bitcoin yield over time.

Metaplanet is highlighted as a successful example of a Bitcoin
treasury company.

The regulatory environment in different countries affects the
success of Bitcoin treasury companies.

There is potential for Bitcoin treasury companies to accumulate a
significant portion of Bitcoin in the future.

Public companies have more capital market tools available than
individual investors.

Understanding mNAV is crucial for valuing Bitcoin treasury
companies.

Bitcoin yield is a key factor in assessing company performance.

The P-Bid ratio helps unify mNAV and Bitcoin yield metrics.

Retail investors play a vital role in the success of treasury
companies.

Many Bitcoin treasury companies struggle to deliver consistent
yield.

M&A activity is expected as companies trade below 1X mNAV.

The fundamentals of Bitcoin treasury companies are real and
promising.

There is a significant opportunity for growth in this sector.

The Bitcoin treasury industry is in its early stages of
development.

Investors should focus on well-run companies to maximize gains.

Timestamps:

(00:00) - Intro

(01:05) - What’s new at @smarterwebuk?

(03:07) - Evaluating the recent Bitcoin Treasury lull

(05:03) - Jesse's issues with PIPEs for Bitcoin TCs

(10:45) - What counts as a successful Bitcoin TC?

(15:36) - Regulatory environment supporting the rise of Bitcoin
TCs

(19:19) - How real is the Bitcoin Treasury fad?; Building Capital
markets on Bitcoin

(26:53) - Sponsors

(29:03) - Why choose BTCTC over spot Bitcoin?

(34:42) - BTC-denominated convertible notes

(41:10) - What justifies the mNAV premium of BTCTCs?; mNAV &
BTC Yield

(46:36) - The P-BYD ratio is the P/E ratio for Bitcoin treasury
companies

(52:10) - What are the challenges in delivering a high Bitcoin
yield?

(56:48) - The role of retail investors in Bitcoin TCs

(1:00:02) - Is M&A the way forward for Bitcoin TCs with mNAV
below 1?

(1:09:12) - How will TCs mature over time?

Links:

https://x.com/Croesus_BTC

https://x.com/smarterwebuk

https://x.com/Croesus_BTC/status/1945572138880041226

SWC analytics dashboard:
https://investors.smarterwebcompany.co.uk/analytics/

Sponsor:

CoinKite.com (code LIVERA)

Stephan Livera links:

Follow me on X: @stephanlivera

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