Why STRATEGY Stands Alone & Why Most Bitcoin Treasury Companies Cannot Last

In this episode, Nik and Joakim Book break down why Strategy’s balance-sheet structure, perpetual preferred design, and debt flexibility make it uniquely durable while most 2025 Bitcoin treasury companies are already cracking under MNAV compression, leverage mistakes, and collapsing share premiums. They explain how convertible debt, pipe deals, equity dilution, and falling Bitcoin prices have exposed structural flaws across the sector, why forced selling risk is overstated for Strategy but real for smaller firms, and how Tether flows, liquidity dynamics, and equity market pressure shaped this entire cycle. The discussion sets the record straight on why Strategy’s model remains resilient while the rest of the treasury boom faces a hard reset.

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Nik Bhatia's Twitter:   / timevalueofbtc  
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB

❗ The Bitcoin Layer and its guests do not provide investment advice.

Chapters:
00:00 Intro & Guest Introduction
00:34 The Rise of Bitcoin Treasury Companies
01:04 The MicroStrategy Copycat Craze
03:35 Time Horizons and Market Risks
04:16 Explaining MNAV and Its Impact
06:07 Recent Developments and Corporate Reactions
08:00 Deep Dive: MicroStrategy's Unique Position
09:50 How MicroStrategy is Structurally Different
12:05 Why Can't MicroStrategy Fail?
16:13 MicroStrategy vs. Other Treasury Companies
17:00 Recent Market Drawdowns and Impact
19:05 Disaster Cases: Naka, PIPE Deals & More
23:36 Operational Challenges and Market Lessons
25:01 Will Forced Selling Move Bitcoin’s Price?
29:02 The Role of Tether in the Bitcoin Ecosystem
31:38 Tether’s Business Model & Treasury Impact
34:43 Tether as a Major U.S. Treasury Buyer
36:42 Outlook for Bitcoin Treasury Companies
37:45 Are Zombie Treasury Companies Here to Stay?
38:11 Final Thoughts and Where to Find Yokim Book