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.
Full transcript
Brian Cubellis (00:00.11)
Oh yeah, could cut this. But does this work? Welcome back to Tales from the Crypt! YOOOO! got a little mistake. Should we do drinks or no? Beers?
You're cool. You can always steal whatever you want. Yeah, man, I don't know.
I just feel like it'll be more casual if everyone has
you get it? Huh? Yeah. No. No? Should we test it one more time? Just see if it sounds good or no. No, it sounds good. Like, cause I tested it, but then I exported it. finally came through. I had this in my office the whole time. I exported it and did like, remove background noise and it was like, pretty crystal.
Brian Cubellis (00:55.16)
Right.
Brian Cubellis (00:58.51)
to ourselves. like I'm gonna do something. And we get the drinks. People decide to drink them. Alright. So we have to do Marty's part. Just like get them all and then if you decide, then you decide. So nobody has to drink. It's kind of a nice little layout. Right? Pretty good. Does anybody want a beer? Yeah, I'll take a beer. Yeah, I'll take a beer too.
Balding is considered pretty good impromptu. This looks great. this looks good. Couldn't tell we just decided to do this. Well run production. Look, we look all professional with like the little, I'm reading them all. This placement 101 right here. All right. Let's try to do like a nice 45 to 60 minute, 60 minute deal.
Brian Cubellis (01:51.778)
Brian Cubellis (01:58.414)
Ready?
Brian Cubellis (02:02.778)
Can we move that closer? Well, the cord is doing a lot of work right now.
Brian Cubellis (02:15.982)
I looked for an extension cord. I found an extension cord but it didn't have three prong. Yeah, I'm gonna look for it in the behind seat real quick. Okay.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.