Lyn Alden and Andy Constan go deep on Bitcoin treasury companies like Strategy, debating whether they’re outright Ponzi schemes or legitimate vehicles for leveraged Bitcoin exposure.

We dig into how these companies actually generate returns, why premiums to NAV exist, and the conditions that could cause the model to unravel. Lyn lays out her cautiously bullish case for well-run treasuries, while Andy argues the structure depends on new capital in ways that can’t last forever.

In this episode:

- What makes a Bitcoin treasury company different from an ETF

- Why premiums to NAV exist

- How Strategy’s capital structure works

- Whether treasury companies can generate income without selling Bitcoin

- The “Ponzi-adjacent” problem

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Follow:

Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny

Lyn Alden: https://x.com/LynAldenContact

Andy Constan: https://x.com/dampedspring