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Joe Burnett reflects on his experience joining Semler Scientific, later acquired by Strive, in 2025. He notes that a public company holding a bitcoin treasury offered a unique structure where borrowing capital to increase bitcoin exposure seemed economically rational.
However, Burnett cautions that combining bitcoin holdings with short-duration debt introduces significant danger.
Burnett previously analyzed Strategy's balance sheet, highlighting its $51.5 billion in bitcoin alongside $10.5 billion in outstanding STRC tokens in a comparison to the Luna/UST collapse structure. In a separate article, he described bitcoin as a protocol that operates above companies and governments, changing how money functions at a fundamental level (source). These writings provide context for his perspective on corporate bitcoin treasuries and associated risks.