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.
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**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
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