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🤩 Bitcoin Standard Treasury Company to go Public

Bottom line: Later this year, a new Bitcoin holding company will go public as BSTR. OGs and whales will transfer 30,000 Bitcoins to the company in exchange for equity. The company will also raise an additional $1.5 billion for new purchases.

My take: If successful, BSTR will compete with other funds for institutional money. Good for them! What’s in it for the OGs who transfer their Bitcoins? Why HODL though a “HODLing” company instead of your personal wallet?

Simple: shares offer liquidity, leverage, and potential upside that raw BTC doesn't.

• Instead of selling into the market, they can build their exit through equity.

• If demand is strong, BSTR could trade at a premium to its BTC holdings—creating additional upside for early contributors.

• BSTR can leverage its balance sheet to finance further BTC purchases—something an individual can’t easily do—potentially giving it flexibility in downturns.

I’m not sure how many contributors thought about that. They may have simply wanted to help the cause or give themselves an alternative to market-selling the peak.

The bigger concern: What if BTSR can’t raise funds, service its debt and/or operations, or keep shareholders happy? It’ll have to sell Bitcoin or liquidate the fund.

That’s not a hypothetical thing. With so much competition for institutional capital, we may get to a point where not every fund can attract inflows or engineer growth. Without inflows or growth, a Bitcoin treasury company is essentially a wallet with overhead.

Why you should care: While this is positive news, remember the flip side. As new Bitcoin treasury funds emerge, new risks do, too.

 😏 The crypto industry got what it paid for

Damn right.

In arguably the most accurate headline ever written by a crypto skeptic (and there aren't many to choose from), The Verge calls out crypto for buying political influence in its article The Crypto Industry Got What it Paid For.

Such is life. In the US political system, you have to pay to play.

I have long questioned whether governments help or hurt crypto. I got into crypto because I liked the idea of self-sovereign money that does not depend on your government for its value, durability, and functionality. A separation of money and the state. One source of wealth protected by your government, another protected from your government.

This is not how the US political establishment has chosen to approach crypto.

It's nice that people in the industry can work without fear of getting sued, thrown in jail, or unbanked.

That said, it's fair to question whether they're working on something lasting, durable, and useful. When the US government ignored or hated crypto, we got amazing financial protocols, an explosion of wallets and apps, and big investment gains.

Now that the US government has embraced crypto, we have SPACs, Bitcoin treasury companies, and presidential memecoins. The biggest wave of adoption involves stablecoins—literally your government’s money. 

Pay careful attention once the hype dies down.

In previous cycles, the builders dominated the bear market. Despite the surge in casual interest this year, venture funding and new project formation has fallen. Many builders have started to cash out and look for other industries or retired.

What does this mean for the next bear market?

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Relax and enjoy the ride!

— Mark