Bitcoin Magazine Podcast The Nakamoto Flywheel Strategy for Scaling a Bitcoin Treasury with BTC Inc | BFC Show Ep. 28
Mar 3, 2026
Tyler Evans, Bitcoin entrepreneur who built BTC Media and UTXO Management and now leads Nakamoto. He explains why current market drawdowns forge stronger Bitcoin treasuries. He discusses Nakamoto’s info-to-capital flywheel, evolving capital structures like yield-bearing preferreds, and scaling Bitcoin-native businesses and conferences globally.
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Origins Of BTC Media And Bitcoin Magazine
- Tyler Evans started BTC Media and acquired Bitcoin Magazine from Vitalik in 2015 to educate newcomers and scale Bitcoin publishing.
- They began with a print guide Why Bitcoin and expanded into digital, podcasts, and conferences to create a lasting educational shelling point.
Operating Businesses Amplify Bitcoin Balance Sheets
- Nakamoto combines a Bitcoin balance sheet with operating businesses to amplify upside beyond pure BTC appreciation.
- Operating businesses like custody, media, and custody fee income scale with Bitcoin price, multiplying returns on the corporate stack.
Bear Market As Financial Forging For Treasury Firms
- Recent MNAV compression is a 'forging in the fire' phase repeating post-FTX compressions; survivors will emerge stronger.
- Tyler compares current compression to Strategy's earlier years when trading below book forced better capital and financing design.