What Bitcoin Did The Future of Bitcoin Treasuries | Jeff Walton
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Dec 10, 2025 
Jeff Walton, a corporate executive and Bitcoin treasury specialist, dives into the evolving landscape of Bitcoin treasuries and institutional adoption. He discusses the survival strategies of treasury companies, the potential for yield through Bitcoin-backed finance, and the rise of digital credit. Walton forecasts explosive growth in corporate adoption, alongside the risks facing smaller treasuries. The conversation also explores Strive's innovative strategies, including their perpetual preferred equity product and the impact of market dynamics on treasury firms.
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Bitcoin On Balance Sheets Preserves Optionality
- There will be room for different treasury strategies; not all must become lenders.
- Bitcoin on the balance sheet provides optionality for operating businesses or financial services.
Strive's Bitcoin Position And M&A
- Jeff Walton reports Strive holds 7,525 Bitcoin (~$650M) and ranks among the largest public holders.
- Strive's pending Similar acquisition would push it into the top 10 holders.
Below-NAV Stocks Still Hold Value
- Trading below 1× MNAV doesn't erase a company's Bitcoin assets or optionality.
- Such companies can be acquisition targets or liquidate Bitcoin to return value to shareholders.