BITCOIN SEASON 2: Bears Are Wrong About Strategy’s Bitcoin Play

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CoinDesk

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4.7 • 698 Ratings

🗓️ 3 September 2025

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ed and Tim from Bitcoin Treasuries break down the corporate bitcoin strategy space, MicroStrategy's dominance, valuation challenges, and what's next for treasury companies in this volatile market. Ed and Tim from Bitcoin Treasuries join us to talk about the explosive growth of bitcoin treasury companies, why traditional metrics don't work anymore, MicroStrategy's continued outperformance versus the Mag 7, mining companies losing narrative appeal, and their upcoming September 17th Bitcoin Treasuries Unconference in NYC. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • MSTR outperformed Mag 7 every day for a year • Traditional PE ratios don't work for BTC cos • MicroStrategy: $500M revenue, $75M profit • Fixed income markets worth $4 trillion • Many treasury cos trade below NAV • Bitcoin gains counted as revenue now Timestamps 00:00 Start 01:17 Conference & podcast 03:01 MSTR price lag 05:20 Market outlook 06:55 Why BTC treasury companies? 09:30 Comparing companies 15:03 Bearish BTC miners? 18:34 Future of treasury companies 22:20 Winner take most or all? 23:27 Attracting capital 26:23 Bitmex Report 28:56 Conference highlights 32:55 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

Transcript

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0:00.0	All the metrics are broken.
0:01.4	Price earnings doesn't really matter quarter to quarter.
0:04.0	You got to look at a five-year trailing PE in order to understand a Bitcoin treasury company.
0:08.5	The gains on Bitcoin is the revenue itself.
0:11.6	If there is that an underlying business that's profitable,
0:14.0	if it's Tesla or GameStop or whoever, that can then buy more Bitcoin without profits,
0:18.3	then they should have a higher MNAP because they're able to acquire more Bitcoin.
0:22.3	What happens when people realize that these companies have the most pristine collateral,
0:27.8	the best collateral ever? Like, they have the money. Like, give me money so I can buy better money.
0:34.6	On a rolling one-year basis, MSR has outperformed the MAG7 stocks
0:39.4	on every single day over the past year.
0:44.0	That's just a fact.
0:49.5	Welcome back to Bitcoin Season 2.
0:53.4	We're talking Bitcoin Treasuries with the Bitcoin Treasuries guys, Ed and Tim.
0:58.4	Welcome to the show, Ed and Tim.
1:01.4	Thank you, Charlie.
1:02.6	Thanks for having us.
1:03.9	So it is a big summer for Bitcoin Treasury companies, digital asset treasury companies broadly,
1:09.9	call them gaps, call calling Bitcoin Treasury Coes.
1:12.5	You guys both like double down on covering the space this summer in the past year.
1:18.0	What are each of you up to and focusing on right now?
1:22.7	Yeah, we're neck deep in our September 17th, Bitcoin Treasury's Unconference.
	...

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