The Rise, Fall and Reemergence of Bitcoin Treasury Companies

Liquidity is the enemy of convexity.
Scarcity is the friend of convexity.

This book explains why the first wave of Bitcoin treasury companies failed—not because Bitcoin failed, but because capital structure did. Traditional valuation metrics focused on growth, yield, and scale while ignoring the denominator: shares outstanding.

By introducing a capital-efficiency framework—Shares per $1M of Bitcoin Market Cap and Shares per $1M of Equity Market Cap—the book shows how dilution, float mismanagement, and reverse-split optics destroyed convexity across Bitcoin Treasury 2.0, and what disciplined issuers must do differently in the next cycle.

This is not a price forecast or a trading guide. It is a structural analysis of how Bitcoin treasury companies actually work, why equilibrium broke, and how it can be rebuilt.

Available now on Kindle.