Bitcoin Treasuries: The Next Corporate Playbook
summary
MicroStrategy starts the playbook: $500M cash converted to Bitcoin as an inflation hedge that evolves into repeated buys and a capital-markets strategy. Market values treasury firms by MNAV premium and by how fast they raise Bitcoin — quoted ranges are 18 months to 5 months to “pay” current premiums. Tools include ATMs, preferred convertibles and Bitcoin-denominated convertible notes, Kraken custody over $6B supporting treasuries, tens of billions flowing into the sector, plus risks from leverage and tax arbitrage (Japan ~55% vs shares ~20%).
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chapters (11)
- 0:00Mining proxies to treasuries
- 1:03Investors prefer treasury plays
- 3:34MNAV premiums and yield trade-offs
- 6:42Why treasury companies now
- 9:13MicroStrategy’s playbook
- 12:42ATMs and convertible notes
- 15:52Active vs passive treasury
- 17:36Wall Street adopts treasury stocks
- 18:20Bitcoin price and treasury strategies
- 19:02Future treasury playbook
- 20:27Consolidation in treasury space
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