CoinDesk Podcast Network13 Aug 2025

BITCOIN SEASON 2: The Economic Case for Bitcoin Treasury Companies

Steven Lubka explains "paper bitcoin summer" - how treasury companies use regulatory arbitrage to efficiently acquire Bitcoin through capital markets, creating leveraged Bitcoin exposure for investors who can't directly buy BTC. Steven Lubka, VP of Investor Relations at Nakamoto, joins us to talk about the "paper bitcoin summer" phenomenon, treasury companies as Bitcoin acquisition vehicles, regulatory arbitrage strategies, international market expansion, and why vibes matter in capital markets. We explore how companies like MicroStrategy pioneered leveraged Bitcoin strategies and what the future holds for Bitcoin financial institutions. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Treasury companies hold ~60k BTC outside MicroStrategy • MicroStrategy trades at 2x NAV premium currently • Bitcoin has multi-trillion dollar market cap • Preferred shares cost ~9-10% for these companies • MetaPlanet proved model works internationally • Galaxy sold 80k BTC recently absorbed by market Timestamps: 00:00 Start 02:19 Paper Bitcoin Summer 05:25 Treasury company bull case 11:27 Why now? 15:12 How many companies can do this? 20:22 IPO vs SPAC 22:45 Why BTC & not other commodities? 26:01 Market liquidity 29:01 Marketing as asset 34:04 Vibes Capital Markets 39:46 Paper Bitcoin Maxi 45:57 Nakamoto's future 50:34 Amanda & Branden 53:17 Wrap up - 👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech! Enjoy the show? Check out our website and newsletter by clicking here. Questions or want to sponsor? hello@blockspace.media See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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