In this episode of Over The Horizon, I sit down with Jesse Myers, Head of Bitcoin Strategy at The Smarter Web Company, for one of the most comprehensive breakdowns yet of what’s really happening inside Bitcoin treasury companies.

We dig into:

• Why SmarterWeb now holds 2,664 BTC, making it the UK’s largest Bitcoin treasury

• How the tide went out on Bitcoin treasuries over the last four months

• The hedge-fund short trade (the “Chanos trade”) and how it distorted valuations

• How PIPE deals created toxic incentives — and why retail holders paid the price

• The difference between SmarterWeb’s model and the wave of copycat structures

• What sub-1× MNAV really means and why buybacks become extremely powerful there

• Why Bitcoin measured in gold terms shows we haven’t had a real bull market yet

• OG whales vs. the new institutional bid (ETFs, sovereign entities, fixed-income allocators)

• Why Bitcoin treasury companies will become pipelines for TradFi capital

• The coming rise of Bitcoin-powered fixed-income and “digital credit” markets

Jesse lays out how Bitcoin treasury companies actually work, how they access capital market tools unavailable to individuals, and why this is only the first year of a decades-long shift in how global capital allocators buy bitcoin.

If you want to understand the mechanics, risks, and future trajectory of Bitcoin treasury companies, this is the episode.

Follow Jesse on X → https://x.com/Croesus_BTC

Stack Bitcoin using your home equity → https://joinhorizon.com

See your home's Bitcoin potential → https://joinhorizon.com/calculator

Schedule a 1-on-1 consultation → https://calendly.com/d/cryw-39y-2j4/horizon-consultation

Follow Joe on X → https://x.com/JoeConsorti

00:00 Introduction to Bitcoin Strategy and Smarter Web

01:37 Current State of Bitcoin Treasury Companies

04:22 Market Sentiment and Bitcoin Valuation

07:21 Impact of Hedge Funds on Bitcoin Treasury Companies

09:50 The Role of PIPE Deals in Market Dynamics

11:59 SmarterWeb's Unique Approach to Bitcoin Treasury

14:27 Share Buybacks and Their Implications

17:05 Future Outlook for Bitcoin and Treasury Companies

19:26 Bitcoin's Current Market Dynamics

25:47 Institutional Influence on Bitcoin

32:18 Understanding Bitcoin Treasury Companies

39:13 Future Trends in Bitcoin and Finance

Disclaimer: Horizon is a technology company that helps users buy and custody their Bitcoin and does not directly provide financial or investment services. Horizon connects homeowners with licensed home equity investment providers but does not act as an agent or broker for the homeowner or any third party. Homeowners should consult their financial, tax, or legal advisor before making any investment decision. For additional information, please refer to our FAQ, terms and conditions, and our preferred providers' websites.

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