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: www.iren.com/
RIVER: river.com/wbd
ANCHORWATCH: www.anchorwatch.com/
BLOCKWARE: mining.blockwaresolutions.com/wbd
LEDN: learn.ledn.io/wbd
BITKEY: bitkey.world/

SUBSCRIBE TO THE PODCAST:
FOUNTAIN: fountain.fm/show/gpascDml6iI0sM8aTOCT
SPOTIFY: open.spotify.com/show/18Pixm6jNMATYXSO6cUnTH
APPLE PODCASTS: podcasts.apple.com/gb/podcast/defiance/id148245566…
WEBSITE: www.whatbitcoindid.com/

FOLLOW:
Danny Knowles: x.com/_DannyKnowles or primal.net/danny
Lyn Alden: x.com/LynAldenContact
Andy Constan: x.com/dampedspring

TIMESTAMPS:
00:00:00 - Introduction
00:03:37 - Is Strategy’s Bitcoin Play Sustainable?
00:07:30 - The Evolution of Corporate Bitcoin Treasuries
00:15:27 - Bitcoin Per Share & MNAV Flywheel Risks
00:18:20 - Zombie Companies vs Profitable Treasuries
00:39:16 - What’s a Fair NAV Premium?
00:46:46 - The End Game
00:49:54 - Are These Ponzi Schemes?
01:06:18 - Chances of Failure
01:08:12 - Stablecoins & Global Dollar Demand

What Bitcoin Did with Danny Knowles

#Bitcoin #Finance #Money #Economics