This most recent bull market was inarguably defined by one dominant narrative: the rise of Bitcoin treasury companies and their dramatic retracement as crypto "DATs" flooded markets.

David Bailey, former CEO of Bitcoin Inc. (Bitcoin Magazine, Bitcoin Conference) — raised $760M for treasury company Nakamoto , which catapulted to a peak valuation of 33X MNAV before sliding down below MNAV after a seeming burst in treasury mania last year.

David joins me and newly appointed CEO of Bitcoin Inc. Brandon Green to share the history of one of the most influential companies in Bitcoin history (Bitcoin Inc.), how their treasury play changed everything, and what we can expect from Bitcoin treasury companies moving through 2026 and beyond.

In this episode, the three of us discuss:

• The history of Bitcoin Inc., and the rise of Bitcoin Magazine and Bitcoin Conference empire.
• The role of UTXOmgmt (VC and trading fund) in the team's strategy over time
• How the fund’s entry into Metaplanet and their subsequent seeding of nearly a dozen Bitcoin Treasury companies since
• The rise of Nakamoto and its subsequent 99% slide in price from ATHs
• How David sees the Treasury thesis playing out from here… and projected winners and losers when/if these companies rebound.

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