Coin Stories with Natalie Brunell

Adam Back Part 1: From Cypherpunk to Corporate Bitcoin Treasury Leader

48 snips
Sep 30, 2025
Guest
Adam Back
In a compelling discussion, Adam Back, a pioneer in cryptography and CEO of the Bitcoin Standard Treasury Company, shares insights on launching his Bitcoin treasury venture. He delves into how corporate treasury companies like MicroStrategy influence Bitcoin investments. Adam argues that Bitcoin should serve as a benchmark for long-term investing, while also exploring trading strategies linked to corporate treasury valuations. He emphasizes the importance of responsible Bitcoin stacking and addresses criticisms of corporate involvement in the Bitcoin ecosystem.
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INSIGHT

Why Companies Can Beat Individual Holding

  • Treasury companies can outperform because few firms historically match Bitcoin's long-term returns.
  • Public companies can use corporate structures and limited leverage to amplify Bitcoin exposure over time.
ADVICE

Trade Treasury Shares Around MNAV

  • Use MNAV cycles to time trades: sell shares when the premium is high and buy Bitcoin when the premium is low.
  • Exploit corporate MNAV swings to end up with more Bitcoin after round-trip trades.
ANECDOTE

MetaPlanet's Volatile MNAV Story

  • Adam described how MetaPlanet's high MNAV and Japan's retail leverage made its shares hyper-volatile.
  • He used that volatility and market mechanics to buy, sell, and increase Bitcoin-per-share effectively.
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