The Mark Moss Show This Business Strategy Could Outpace Bitcoin Quicker Than You Think | Brandon Quittem
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Nov 29, 2025 Brandon Quittem, an author and longtime Bitcoiner at Swan, discusses how Bitcoin is transforming the financial landscape and corporate treasury strategies. He reveals the intriguing dynamics of companies like MicroStrategy unlocking capital through Bitcoin and the impact of institutional demand on market structure. The conversation touches on the evolving metrics for evaluating companies in the Bitcoin era, and whether some Bitcoin treasury firms could outperform BTC itself in the coming years. Dive into the exciting intersection of finance and crypto!
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Treasury Firms Unlock Trapped Capital
- Capital is trapped in mandate-constrained pools that can't buy Bitcoin directly.
- Treasury companies unlock those pools by packaging securities that route fiat into Bitcoin.
Three Treasury Company Archetypes
- There are three business models: pure-play treasuries, Bitcoin-forward operating firms, and ops with a Bitcoin treasury.
- Markets price these types differently; pure-play treasuries receive the largest premium.
Dinner With Michael Saylor Reframes Strategy
- Mark Moss recounts a three-hour dinner masterclass with Michael Saylor that reframed his view on treasury firms.
- Saylor said he'd avoid convertible debt and prefer preferred equity when raising capital for Bitcoin accumulation.