What Bitcoin Treasury Execs Won't Tell You (But I Will) | Parker Lewis
Mentor Sessions Ep. 088: Parker Lewis explains the hidden risks of Bitcoin treasury companies, perpetual preferred equity, market premiums, and Bitcoin as money.
Bitcoin treasury companies were sold as a smarter way to own Bitcoin. Parker Lewis argues the premiums are a mispricing of risk that will flip to a discount.
In this deep dive, Parker Lewis (author of Gradually, Then Suddenly) breaks down why any treasury company trading at a premium to the Bitcoin it holds is mispricing risk, why perpetual preferred equity is effectively lending fiat forever with no credit protections, and why the…
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