TIMESTAMPS: 00:00:00 – Introduction 00:06:03 – Nakamoto’s Merger 00:07:31 – Do We Really Need A Treasury Company In Every Jurisdiction? 00:18:52 – The Need For Bitcoin Business Models 00:22:09 – Paper Bitcoin Summer 00:27:17 – Treasury Companies In A Bear Market 00:33:54 – Bitcoin To A Million is The Hardest Trade 00:36:12 – MNAV Compression Risks 00:39:06 – Securitisation of Bitcoin Is Inevitable 01:02:49 – Small Treasury Companies In A Doom Loop 01:19:25 – The Morality Of Treasury Companies