Bitcoin Magazine Podcast Steven Lubka: Let the Super Cycle Begin | Bitcoin for Corporations Ep. 17
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Oct 2, 2025 In a captivating discussion, Steven Lubka, VP of Investor Relations at Nakamoto and former head of private wealth at Swan Bitcoin, shares his insights on the evolving Bitcoin landscape. He explores the notion of a potential supercycle for Bitcoin, emphasizing its uniqueness in today’s market. Topics include the strategic leverage of treasury companies, the advantages of international markets, and the vital role of regulations in Bitcoin adoption. Steven also critiques alternative treasuries and discusses how corporate strategies may reshape the future of Bitcoin finance.
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UTXO's MetaPlanet Win Sparked Nakamoto
- David and Tyler's hedge fund UTXO backed MetaPlanet early and helped turn it into a multi-billion dollar treasury company.
- That success inspired scaling the strategy into Nakamoto to replicate deals globally.
Treasury Sector Is Under‑Levered
- Treasury companies remain generally under-levered and seek more long-term, non-callable financing.
- Preferred shares offered by large holders exemplify intelligent leverage by being perpetual and non-callable.
Model Dilution Versus Selling Bitcoin
- Accept dilution as a tool to service obligations if Bitcoin appreciates over time instead of selling BTC.
- Evaluate preferred/dividend structures by modeling Bitcoin's expected returns vs. dilution impact.