4.8 • 689 Ratings
🗓️ 13 August 2025
⏱️ 55 minutes
🧾️ Download transcript
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.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
**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
-
👋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? [email protected]
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Click on a timestamp to play from that location
0:00.0 | Searching for a romantic summer getaway. Escape with Rich Girl Summer, the new Audible original |
0:05.2 | from Lily Chew. The exquisitely talented Philippa Sue, returning to narrate her fifth |
0:10.2 | Lily Chew title. This time, Philippa is joined by her real-life husband, Stephen Pasquale, |
0:15.5 | set in Toronto's wealthy cottage country, aka the Hamptons of Canada, rich girl Summer follows the story of Valerie, |
0:22.1 | a down-on-her-luck event planner posing as a socialite's long-lost daughter, while piecing |
0:26.5 | together the secrets surrounding a mysterious family and falling deeper and deeper in love with the |
0:31.7 | impossibly hard to read and infuriatingly handsome family assistant, Nico. Caught between pretending to belong |
0:38.2 | and unexpectedly finding where she truly fits in, |
0:41.3 | Valerie learns her summer is about to get far more complicated |
0:44.0 | than she ever planned. |
0:45.8 | She's in over her head and head over heels. |
0:48.5 | Listen to Rich Girl Summer, now on Audible. |
0:51.2 | Go to audible.com slash rich girl summer. |
0:53.8 | When there's a ton of potential in a new technology, the natural adaptable function of |
0:59.2 | capital markets is let's put as much capital there as efficiently as possible. |
1:04.1 | Let's find the boundaries. Let's find what works. Let's find what doesn't work. |
1:07.6 | It's also historically true with financial structure innovations. You saw |
1:12.2 | this with investment trusts, mortgage trusts, leverage buyouts. There's a number of examples in |
1:18.2 | history where you actually have these financial structures that traded a premium to the underlying |
1:23.6 | asset, and they use that premium to acquire more and more of those assets. Those |
1:28.8 | structures have generally produced bubbles that generally eventually pop. However, they also |
1:35.1 | created financial infrastructure that we still use today. Much of private equity is rooted in |
... |
Transcript will be available on the free plan in 6 days. Upgrade to see the full transcript now.
Disclaimer: The podcast and artwork embedded on this page are from CoinDesk, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of CoinDesk and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.