Corporate attorney Jesse Kobernick joins the OnRamp team to dissect the structural problems plaguing Bitcoin treasury companies, including why many are trading at or below net asset value and whether the model is fundamentally flawed. Michael Tanguma argues these companies will eventually trend below 1x MNAV because shareholders hold no direct claim on the underlying Bitcoin, while Brian Cubellis notes the layers of counterparty risk stack up without any redemption mechanism. The discussion broadens to examine why fiat-denominated venture capital is in terminal decline as Bitcoin's 60% CAGR makes it the true hurdle rate for capital allocation, fundamentally reordering how businesses should think about hiring, spending, and investment. Jesse provides the legal and market structure perspective on why most Bitcoin treasury companies outside of the largest names are likely to face significant headwinds.