6ix Figs: Bitcoin Treasury Szn
Friday May 9th, 2025 - Issue # 104
(Any views expressed below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.)
Okay, seriously, who is selling BTC right now? We’re over $100K and it still feels cheap. How we’re not already at a bajillion dollars per coin is beyond me.
This week brought executives and investors together for Strategy World — an annual conference put on by the king of BTC, Michael Saylor, and his company Strategy (formerly MicroStrategy — I guess they're not so “micro” anymore…)
This week’s newsletter goes hand in hand with the last one from a couple of weeks ago called War — but not as we know it. That one focused on the increasingly intense war to accumulate BTC by corporations who are fomo’ing into Strategy’s…this one? More of the same +++. Let’s dig in to some highlights (reminder: everything is clickable).
Yeah, this is actually real. I started this off with Fidelity because they should be looked at as one of the most “sober” in the room. Although they’ve been bitcoin bulls for many years — when I was there, there were tales of CEO Abby Johnson mining BTC in her office since 2014 — they are one of the most respected investment management firms on the planet.
Chris Kuiper, VP of Research, posed a tough question: is your company actually generating shareholder value?
Bitcoin’s average annual return over the last five years? 65%. So Kuiper asks: what’s your return on invested capital? What’s your cost of capital? What are you doing with excess cash — and does it outperform just holding Bitcoin?
As someone with tradfi roots, I’ll admit…this line of questioning made me uncomfortable. And maybe it should. At Satstreet, Bitcoin makes up a big part of our treasury — but we’re bitcoiners, privately owned, and already deep in the digital asset game. For most execs in the room, this was probably a mirror moment they’ll be thinking about at their next board meeting.
Strive Asset Management, co-founded by Vivek Ramaswamy (a huge voice in U.S. politics and markets), just announced its transformation into a Bitcoin treasury company. They’re aiming to list on Nasdaq via a merger with Asset Entities, and they’re going all-in on a strategy that looks a lot like MicroStrategy’s Bitcoin-first playbook — the same one that sent MSTR stock up over 3,100% since 2020.
But this isn’t a copy-paste move. Strive’s taking it further: swapping shares for BTC, buying cash-rich zombie companies to funnel into bitcoin, and even using BTC as a benchmark for every business decision. If it won’t outperform holding bitcoin, they won’t do it. This is a bold move and I like it a lot because there are a lot of zombie companies lurking and Strive is planning to go full Daryl Dixon.
In plain terms: Strive wants to scoop up companies that are sitting on piles of cash but doing nothing with it. If the market values them below what’s in the bank, they’ll buy them cheap, drain the cash, and convert it into Bitcoin. It’s like buying a dusty toy at a garage sale for $5, knowing it’s worth $10 — then flipping it and stacking sats.
Clearly the market likes the strategy.
There are many more clips from Strategy World that I want to post but I’m reaching the Substack limit so I’ll just end this segment with Saylor being Saylor with Saudi State TV. Gotta watch it haha this guy cracks me up. And by cracks me up I mean fires me up to buy more BTC.
Here’s his full keynote and I also included the deck he used which is downloadable below.
Okay, last thing I want to touch on that should really be the focal point of another letter but it’s just happening now so I have to tell you — it’s becoming clear that the window to front-run governments buying Bitcoin is closing. If the U.S. is getting involved, you better believe others are too.
New Hampshire was first. But not last.
And in second place…
I’m already hearing rumblings of more dominoes falling. Texas? Yeehaw.
I’ve got fomo. Big time.
And I’m packing it with me for Italy after Consensus next week. If you don’t hear from me for a bit, just assume I’m sipping limoncello somewhere on the Amalfi Coast — watching the charts between spritzes.
Till then, stay bullish my friends.