Bitcoin Treasury Companies After the Bloodbath: What Survives and Why

Swan Signal Live - A Bitcoin Show

• Ben and Jeff break down Strive’s reverse merger and rapid acquisition of Similar Scientific—completed in just four days.
• The deal strengthens balance sheet credit quality, improves leverage capacity, and positions the combined entity for perpetual preferred securities.
• Connection to Vivek Ramaswamy’s background in healthcare and politics creates potential synergies for future spin-offs.
• Bitcoin Treasury Company sector has faced a steep correction, but consolidation may create stronger, scalable firms.
• Ben emphasizes scale—5,000+ BTC balance sheets—as key for accessing institutional preferred markets.
• Treasury companies are experimenting with innovative financing structures (ATM issuance, convertible bonds, perpetual preferreds).
• Discussion on investor psychology: short-termism in equities vs. the long-term thesis of Bitcoin.
• Jeff presents historical math showing 4-year holding periods in Bitcoin and MicroStrategy always produced positive returns.
• Broader economic commentary: mispriced bond risk, housing affordability crisis, and wealth inequality.
• Hosts stress that Bitcoin itself should remain the foundation of portfolios, with treasury companies and credit products as higher-risk layers.

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