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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