In this episode, I chat with Jesse Myers, aka “Croesus” on X, a Bitcoin strategy advisor and former co-founder of OnRamp Bitcoin. With an MBA from Stanford and experience at Bain & Company, Jesse is now leading Bitcoin strategy at SmarterWeb and advising UTXO Management. We dive deep into the rise of Bitcoin treasury companies—how they’re reshaping capital markets, unlocking trapped fiat, and potentially becoming the most valuable companies in the world. ––– Offers & Discounts ––– Theya is the world’s simplest Bitcoin self-custody solution. Download Theya Now at theya.us/cedric Get up to $100 in Bitcoin on River at river.com/matrix The best Team Bitcoin merch is at HodlersOfficial.com. Use the code Matrix for a discount on your order. Become a sponsor of the show: https://thebitcoinmatrix.com/sponsors/ ––– Get To Know Today's Guest ––– • Jesse Myers on X: https://x.com/Croesus_BTC ––– Socials ––– • Check out our new website at https://TheBitcoinMatrix.Com • Follow Cedric Youngelman on X: https://x.com/cedyoungelman • Follow The Bitcoin Matrix Podcast on X: https://x.com/_bitcoinmatrix • Follow Cedric Youngelman on Nostr: npub12tq9jxmt707gd5vnce3tqllpm67ktr0mqskcvy58qqa4d074pz9s4ukdcs ––– Chapters ––– 00:00 – Intro 01:05 –Jesse Myers: background and focus 03:12 – Why Bitcoin treasury companies? The “elephant in the room” 04:05 – From maxi to treasuries: the journey and mindset shift 10:08 – Paying a premium for Bitcoin yield vs spot Bitcoin 14:00 – Small-cap dynamics: high MNAV bands in hypergrowth 16:24 – Meta Planet example: growing into the premium in 0.4 years 17:35 – Portfolio framing: cold storage vs risk capital slice 18:40 – Global thesis: a leader in each capital market 20:02 – New industry lens: BTC treasuries as conduits for trapped capital 23:05 – Endgame vision: refiners that hoover global fixed income 25:22 – “Is this a Ponzi?” Addressing the core critique 28:05 – Centralization tradeoffs and why cold storage still matters 32:05 – Smarter Web snapshot: 2,050 BTC, no debt, NAV lens 34:25 – Risk management: leverage across lifecycle stages 38:10 – UK context: no ETF access, retirement money tailwind 43:18 – Could BTC treasuries hold half of all Bitcoin? 48:40 – Will BTC treasuries issue stablecoins or partner on them? 52:20 – M&A and distress cycles among BTC treasuries 55:05 – Why Apple/Microsoft won’t be first movers 58:50 – Fundamentals vs price: adding BTC while prices consolidate 1:02:22 – Volatility as vitality vs TradFi’s downside skew 1:04:45 – Mindset shift: humans are volatile, Bitcoin is programmatic 1:05:40 – Closing toughts DISCLAIMER: All views in this episode are our own and DO NOT reflect the opinions/views of any of our guests or sponsors. I want to take a moment to express my heartfelt gratitude to all of you for tuning in, supporting the show, and contributing. Thank you for listening!