Proof of Pain

In this episode of Proof of Pain, Tony sits down with Alexandre Laizet, Director of Bitcoin Strategy at Capital B, a Bitcoin treasury company building in Europe.

We talk about maximizing Bitcoin per share, why Alexandre believes you do not sell Bitcoin, and how the treasury flywheel evolves across market regimes, including equity, converts, and preferred style structures. We also get into mNAV premiums, maturity risk, and the Core vs Knots debate.

What we cover• Bitcoin per share as a north star• The treasury flywheel across bull and bear markets• mNAV premiums: what drives them and what could return• Capital B’s Bitcoin denominated convertible structure• Maturity risk, duration, and dilution tradeoffs• Why selling Bitcoin to buy back shares is the wrong reflex• Core v30 vs Knots, spam, and decentralization tradeoffs

Chapters0:00 Intro0:55 Background and Capital B13:58 Institutions pre and post ETF28:14 Underperformance, dilution, and “is the flywheel broken”37:18 How the flywheel evolves: equity, converts, preferreds43:46 Capital B’s structure explained53:28 mNAV premiums59:38 Defending mNAV and buybacks1:12:00 Core vs Knots1:18:30 US ticker update and timing1:21:57 Is Bitcoin per share still the metric

Follow
@AlexandreLaizet on X

@_ALCPB on X

@tonycarrera on X

@ProofOfPainBTC on X

Video of this episode on Youtube:

https://www.youtube.com/watch?v=KAT4LxOfAGE

Not financial or tax advice. For entertainment only.

In this episode of Proof of Pain, Tony sits down with Pierre Rochard for a deep Bitcoin conversation that connects economics, investing, and Bitcoin’s design.

We cover Bitcoin Treasury Companies and why the market is starting to group them into Digital Asset Treasury Companies (DATs), why Strategy (MicroStrategy, MSTR) behaves differently than spot Bitcoin, and the Core vs Knots debate around OP_RETURN, ordinals, and what Bitcoin is really for.

What we cover
• Austrian vs Keynesian economics, explained simply• Why value investors fixate on cash flow, and how Bitcoin reframes it• The “yield” of holding money• Bitcoin for small businesses: inventory, vendors, and taxes• BTC Treasury Companies vs DATs• MSTR’s structural edge vs spot• Core vs Knots, OP_RETURN, ordinals, Taproot• Rapid fire questions: inheritance access, CBDCs, taxes

Chapters0:00 Background9:00 Austrian vs Keynesian22:00 The yield of holding money36:30 MSTR and the moat46:15 Core vs Knots / OP_RETURN59:50 Rapid fire questions

Follow

@BitcoinPierre on X
@tonycarrera on X
@ProofOfPainBTC on X

Video of this episode on Youtube:

https://www.youtube.com/watch?v=E28fmBFTV5Y

Not financial or tax advice. For entertainment only.