The State of Bitcoin Treasury Critique
The Breakdown13 Jul 2025

The State of Bitcoin Treasury Critique

On today's Long Read Sunday, NLW explores two critiques of the growing phenomenon of Bitcoin treasury companies. First, Bloomberg columnist Lionel Laurent argues that corporate Bitcoin purchases signal a frothy market frenzy reminiscent of past speculative bubbles. Then, K33’s Torbjørn Bull Jenssen warns that without an actual operational strategy beyond simply buying Bitcoin, these companies' market premiums are doomed to collapse. NLW dissects where these critiques land—and where they miss the mark—in a thoughtful discussion about the real financial engineering at play and what might come next for Bitcoin treasury firms. Sources: https://www.coindesk.com/opinion/2025/07/07/without-operational-alpha-bitcoin-treasury-company-premiums-will-collapse https://www.bloomberg.com/opinion/articles/2025-07-09/bitcoin-buying-and-coffee-are-too-frothy-a-mix?sref=qUxVp6JU Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Episoder(2052)

Narrative Watch: Binance, Venus and the coming battle of CBDCs & non-sovereign fiat

Narrative Watch: Binance, Venus and the coming battle of CBDCs & non-sovereign fiat

Binance blew open the doors on the global battle for stablecoin supremacy today when they announced Venus - a project that seems to combine some aspects of permissioned corporate chains with central b...

19 Aug 201912min

The 11 Archetypes Of People You Need To Follow On Bitcoin/Crypto Twitter

The 11 Archetypes Of People You Need To Follow On Bitcoin/Crypto Twitter

Bitcoin and Crypto Twitter are wild, weird places. On this special "sorry I'm traveling, can't give you the news" edition of 3@3, I provide a guide to 11 key types of people that you should be followi...

16 Aug 201914min

Ponzi scam selling, Hong Kong protest bank runs & buying creators with internet money

Ponzi scam selling, Hong Kong protest bank runs & buying creators with internet money

Why number go down? That's all anyone was asking as BTC plunged below $10k, a line that, according to Hodlonaut, we'd never cross again. Was it Ponzi scam selling in China or something less sinister? ...

15 Aug 201917min

The SEC's ICO cleanup / China's convenient surveillance money / Recruiting new blood

The SEC's ICO cleanup / China's convenient surveillance money / Recruiting new blood

What is dead may yet still die. At least, that seems to be the case as the SEC goes one by one through its list of unregistered securities offerings and outright scams. This week it was one unregister...

14 Aug 201914min

Crypto Daily 3@3 - 8.13 | Argentina economic turbulence (feat. MakerDAO's Mariano Conti) + ETF delays & crypto dev report

Crypto Daily 3@3 - 8.13 | Argentina economic turbulence (feat. MakerDAO's Mariano Conti) + ETF delays & crypto dev report

After surprise election results, the Argentine economy tumbled. The stock market fell 48%, and the peso fell some 25-30% against USD. What is the role of crypto in this type of economic black swan eve...

13 Aug 201923min

Crypto Daily 3@3 - 8.12 | Impending currency crisis? Plus, Binance US listing criteria and prospects [LRS Top 5]

Crypto Daily 3@3 - 8.12 | Impending currency crisis? Plus, Binance US listing criteria and prospects [LRS Top 5]

Bonds. Dollars. Bitcoin. Gold. That's what some are saying pay attention to at the beginning of a global currency crisis? On this week's LRS Top 5, we also look at: news from Binance US about its list...

12 Aug 201920min

Crypto Daily 3@3 - 8.9 | Travis Kling on how BTC moves from risk asset to safe haven / Binance US listing framework / Crypto reality TV?

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Travis Kling joins for today's 3@3 to explore how bitcoin might move from a risk asset to a safe haven. This isn't just about narrative, it's about how bets from one group trigger another group, which...

9 Aug 201918min

Crypto Daily 3@3 - 8.8 | Gaming, Mass Adoption and FUD Fighting

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You've heard of the PayPal Mafia, but what about the Magic the Gathering Mafia? Both SkyWeaver and Gods Unchained have serious ex-Wizards of the Coast talent in their ranks. Does this mean blockchain ...

8 Aug 201912min

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