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)

Crypto Daily 3@3 - 8.7 | Katherine Wu on KIK vs. SEC / Binance KYC Hack / Year of the DAO?

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Crypto Daily 3@3 - 8.6 | China, Stonks and Safe Havens

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Crypto Daily 3@3 - 8.5 | Protests & privacy / Global macro Bitcoin / Crypto's Inevitability

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A key theme from last week's Senate Banking Committee hearing was the sense that, like it or not, cryptocurrency was an inevitable force. On this top 5 summary of Long Reads Sunday, we look at that pl...

5 Aug 201919min

Crypto Daily 3@3 - 8.2 | Q2 Crypto Data Extravaganza!

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2 Aug 201920min

Crypto Daily 3@3 - 8.1 | UASF at 2 & power in crypto networks / Zcash dev fund / Crypto in the wild

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It was the two year anniversary of UASF (and the BCH chain split from BTC), which marked a significant moment in the history of Bitcoin. In short, the culmination of the block size war demonstrated th...

1 Aug 201915min

Crypto Daily 3@3 - 7.31 | What Fed rate cuts mean for BTC / IEO performance / Funding/M&A Roundup

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1 Aug 201913min

Crypto Daily 3@3 - 7.30 | Recap of Senate Banking Committee Hearing On Crypto Regulation

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In their second hearing in 2 weeks, the Senate Banking Committee invited 3 panelists to discuss the current state of and recommendations for crypto and digital asset regulation. In this recap, I look ...

30 Jul 201913min

Crypto Daily 3@3 - 7.29 | Lightning Network vs. surveillance / US Congress response to de-Americanization / Paradigm shifts

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Weekly countdown of the 5 most important essays and threads from the week before on Long Reads Sunday. This week featuring Lightning Network vs the encroaching surveillance state; a US Congressman's r...

29 Jul 201919min

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