The Bitcoin Treasury Reckoning: From Financial Engineering to Real Businesses
summary
The market no longer hands a premium for hoarding Bitcoin; companies must grow Bitcoin per share through operations, not just issuance or leverage. Treasury metrics shift from gross to net mNAV, so balance‑sheet debt now lowers valuation. Examples: a company reports 900 BTC mined last quarter and crossed 8,300 BTC; a single West Texas facility represents ~2% of network capacity and spans five football fields with direct‑to‑chip liquid cooling. Power economics force choices: $3M vs $20M per megawatt drives miners into AI colocation, and M&A proves harder than it looks.
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chapters (10)
- 0:00Start
- 0:36Why You Now Have to Earn Your mNAV Premium
- 3:14From Garage Rigs to a Building Five Football Fields Long
- 4:18Korea: Why Treasury Can't Be the Main Engine
- 7:41Why Buy a Treasury Company Instead of an ETF?
- 10:05How mNAV Got Redefined From Gross to Net
- 13:35The Five Things Bitplanet Did to Survive
- 16:533 Million vs $20 Million Per Megawatt
- 21:36Three Ways to Grow Bitcoin Per Share
- 23:01Why Treasury Company M&A Is Harder Than It Sounds
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