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Stephan Livera, head of education and podcast host at Swan Bitcoin, examines the dynamics of Bitcoin treasury companies in a new episode featuring Adrian Morris of Tnorth.
The discussion considers whether MSTR and STRC have reached their limits, explores the sustainability of market net asset value premiums, and analyzes the impact of leverage within these companies.
Livera has tracked activity by bitcoin treasury companies in prior coverage. He reported that Strategy sold 32 BTC, describing it as minimal compared to the firm's 704 BTC sale in December 2022. In a separate post, he observed continued growth in bitcoin lightning network volumes despite a 50% decline from peak levels.