Who is Funding These Bitcoin Treasury Companies?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 3 June 2025

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin treasury companies are multiplying fast—some with billions in backing, others chasing quick gains. Today’s episode examines who’s funding these firms, how the Michael Saylor playbook is evolving, and whether we’re watching the rise of a sustainable trend or the start of a new crypto bubble. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit Grayscale.com -- https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.3	What's going on, guys? It is Monday, June 2nd, and today we are talking about who is actually
0:23.5	funding all these Bitcoin treasury companies. Before we get into that, however, if you are
0:27.7	enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you
0:31.5	want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in
0:35.6	the show notes or go to bit.ly slash breakdown pod.
0:38.8	All right, friends. Last week was all about the Bitcoin conference and really the Bitcoin
0:42.9	conference was all about the Michael Saylor strategy. So it is appropriate that the man himself
0:48.0	had the closing keynote. In that closing keynote, he said that he believes that Bitcoin
0:52.9	is the ultimate form of capital.
0:55.1	Quote, every thoughtful individual everywhere in the world is going to want perfected capital.
0:59.5	Every one of your enemies is going to want incorruptible capital, and all of the AIs are going
1:03.4	to want programmable capital. Repeating as usual orange-tinged rallying cry, Sailor said,
1:08.2	Bitcoin is engineered to outperform everything. Take your fiat currency, trade it for Bitcoin. Take your long-term capital, trade it for Bitcoin, sell your
1:14.2	bonds, trade them for Bitcoin, sell your inferior equity, sell your inferior real estate property,
1:18.7	buy Bitcoin. However, this speech was noteworthy because Saylor is no longer just selling
1:23.4	the world on Bitcoin exposure. He's representing a new category of investments in the form of
1:27.6	Bitcoin Treasury companies. Now, if you listen to The Friday Show, Scott Melker mentioned that
1:32.6	one of his big takeaways from the conference was that Bitcoin treasury companies are sprouting
1:36.1	up everywhere. He said that he was pitched something like 25 deals as soon as he hit the conference
1:40.6	floor. Saylor was selling this category hard, adding a new section to his
	...

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