Every Company Will Be a Bitcoin Treasury Company
summary
Claims that corporate treasuries can exploit a persistent Bitcoin mispricing to boost Bitcoin per share, using specific instruments: convertible notes sold at ~50% conversion premium, preferred stocks (STRC selling >$2B first issuance) and listed ATMs/warrants. Examples: MicroStrategy shows MNAV ~2–2.5 with months-to-cover ≈18; MetaPlanet shows MNAV ~5 with months-to-cover ≈5–6. International arbitrage appears in Japan and France via tax-advantaged holdings. Months-to-cover becomes the quantitative tool to time balance-sheet-driven conversion of MNAV premium into actual BTC per share.
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chapters (8)
- 0:00Intro & Meet Adam Back
- 2:00Bitcoin Treasury Companies: Origins
- 4:00The Corporate Bitcoin Movement
- 6:00Scalability of Bitcoin Treasury Strategies
- 10:00Mainstream & Corporate Bitcoin Adoption
- 13:00Adam’s Investment Approach Globally
- 17:00Innovative Capital Raising Techniques
- 20:00Measuring & Valuing Treasury Companies
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