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

––– Socials –––

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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!