Episode notes
In this episode, I chat with Jesse Myers, aka “Croesus” on X, a Bitcoin strategy advisor and former co-founder of OnRamp Bitcoin. With an MBA from Stanford and experience at Bain & Company, Jesse is now leading Bitcoin strategy at SmarterWeb and advising UTXO Management.
We dive deep into the rise of Bitcoin treasury companies—how they’re reshaping capital markets, unlocking trapped fiat, and potentially becoming the most valuable companies in the world.
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––– Get To Know Today's Guest –––
• Jesse Myers on X: https://x.com/Croesus_BTC
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––– Chapters –––
00:00 – Intro
01:05 –Jesse Myers: background and focus
03:12 – Why Bitcoin treasury companies? The “elephant in the room”
04:05 – From maxi to treasuries: the journey and mindset shift
10:08 – Paying a premium for Bitcoin yield vs spot Bitcoin
14:00 – Small-cap dynamics: high MNAV bands in hypergrowth
16:24 – Meta Planet example: growing into the premium in 0.4 years
17:35 – Portfolio framing: cold storage vs risk capital slice
18:40 – Global thesis: a leader in each capital market
20:02 – New industry lens: BTC treasuries as conduits for trapped capital
23:05 – Endgame vision: refiners that hoover global fixed income
25:22 – “Is this a Ponzi?” Addressing the core critique
28:05 – Centralization tradeoffs and why cold storage still matters
32:05 – Smarter Web snapshot: 2,050 BTC, no debt, NAV lens
34:25 – Risk management: leverage across lifecycle stages
38:10 – UK context: no ETF access, retirement money tailwind
43:18 – Could BTC treasuries hold half of all Bitcoin?
48:40 – Will BTC treasuries issue stablecoins or partner on them?
52:20 – M&A and distress cycles among BTC treasuries
55:05 – Why Apple/Microsoft won’t be first movers
58:50 – Fundamentals vs price: adding BTC while prices consolidate
1:02:22 – Volatility as vitality vs TradFi’s downside skew
1:04:45 – Mindset shift: humans are volatile, Bitcoin is programmatic
1:05:40 – Closing toughts
DISCLAIMER: All views in this episode are our own and DO NOT reflect the opinions/views of any of our guests or sponsors.
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Thank you for listening!
