Treasury

Emerging euro-denominated Bitcoin treasury backed by @tyler and @cameron. Acquired Europe's largest Bitcoin event, @BitcoinConfEUR.

[Treasury @Treasury_BTC]

21On: Jesse Shrader x Tycho Onnasch https://t.co/gjBzMsZCVs

[Treasury @Treasury_BTC]

Live in 21 minutes! Tune in.

[Treasury @Treasury_BTC]

Bitcoin has two stories running at once. One is the price. The other is what is being built underneath it.

@TychoOnnasch sits down with @Jestopher_BTC , Co-Founder of @ambosstech, on Lightning, Bitcoin-native yield and the infrastructure layer most of the market never looks at.

🟠21ON Ep 08
🟠27 August, 17:21 CEST
🟠Live on X

[Treasury @Treasury_BTC]

Bitcoin has two stories running at once. One is the price. The other is what is being built underneath it.

@TychoOnnasch sits down with @Jestopher_BTC , Co-Founder of @ambosstech, on Lightning, Bitcoin-native yield and the infrastructure layer most of the market never looks at.

🟠21ON Ep 08
🟠27 August, 17:21 CEST
🟠Live on X

[Treasury @Treasury_BTC]

The conversation around Bitcoin treasury companies is shifting from financial engineering to whether these are real, durable businesses.

@khingoei takes that to @Bitcoinconfasia 2026 in Hong Kong, on stage twice:

🟠 27 Aug: Network, Custody, and Infrastructure Resilience
🟠 28 Aug, @nakamoto Stage: The Bitcoin Treasury Reckoning

Come find us in Hong Kong.

[Khing Oei @khingoei]

A month ago this framework said $STRC at 85.29 was pricing 17 years of dividends and then nothing, against a 29 year flat-Bitcoin runway. The sensitivity table put the recovery path at 96 by $75k BTC and par at $80k.

BTC trades at $76.8k and STRC closed Friday at 96.18. The table is tracking within a point.

The second print also upgrades the framework. In July the market charged roughly 990bp of spread at 28.7% leverage, 35bp per point. Friday it charged 850bp at 20.7%, 41bp per point. A higher charge per point of leverage, on $MSTR's cleaner balance sheet, with buybacks running – that at first sight doesn't make sense. The reason is that the initial analysis only had one data point and forced the line through zero. Two prints allows the analysis to fit a line, and the market's actual rule turns out to be about 480bp of fixed spread plus 18bp per point of leverage. The fixed part is the charge for the instrument itself – perpetual, no covenants, coupon at board discretion, thirteen months of history. Leverage, the axis the July article ran everything through, explains only 370bp of Friday's spread.

The analysis prices the road to par. Par needs a spread of roughly 800bp against Friday's 850. On the Bitcoin axis alone the updated table below crosses par around $87k. The shorter road runs through the fixed 480: a charge decays with track record, and the track record arrives biweekly.

[Bitcoin For Corporations @BitcoinForCorps]

📣 PANEL ANNOUNCEMENT: Join us at Bitcoin Asia for the "Network, Custody, and Infrastructure Resilience" panel at the BFC Symposium

[Khing Oei @khingoei]

My first post ever was TradFi colliding with Bitcoin – eight years later I'm building a company at the same intersection.

Weight Watchers has since been through Chapter 11. JPMorgan now accepts Bitcoin as loan collateral.

The Overweight went on the wrong name.

[Bitcoin For Corporations @BitcoinForCorps]

ANNOUNCEMENT: We’re welcoming Treasury's Khing Oei to speak at the BFC Symposium. 🟠

Catch Khing on August 27th at the Hong Kong Convention & Exhibition Centre.

[Treasury @Treasury_BTC]

Full episode below.

[Treasury @Treasury_BTC]

Building Bitcoin Treasury Companies in a bear market https://t.co/lgIVOCoKgZ

[Treasury @Treasury_BTC]

The next shift in Bitcoin allocation: diversification within the custody setup.

Cold storage as cash. Treasury allocations that add BTC to the stack over time. @RichardByworth lays it out on 21ON

[Khing Oei @khingoei]

The dollar bridge has both ends built: over $300 billion of stablecoins on one side, STRC and a $4.65 billion reserve on the other. Euro stablecoins passed $810 million under MiCA, and Europe's digital credit market is one instrument old. The euro end gets built by European Bitcoin treasury companies.

[Treasury @Treasury_BTC]

Watch the full 21 minutes:

[Treasury @Treasury_BTC]

Building Bitcoin Treasury Companies in a bear market https://t.co/lgIVOCoKgZ

[Treasury @Treasury_BTC]

"I would say we've bottomed."

@RichardByworth on 21ON with @TychoOnnasch talking through the $17bn in BTC moving into cold storage and six weeks of higher lows.

Full episode below.

[Khing Oei @khingoei]

A new asset class only arises once in a while. When I joined the Goldman Sachs trading floor, ETFs were just starting. I had done a project on them and could see the product market fit, but I wasn’t ready to do anything with it.

This time is different.

[Bitcoin For Corporations @BitcoinForCorps]

ON THE BFC STREAM ☀️ THURSDAY, AUGUST 6TH 📺

ON THE RUNDOWN:

9a: @Strategy Q2 Earnings Call with Strategy Executives
11:35a: BFC Live — @michelleweekley of @ByteFederal sits down with @TracyHoyosLopez of @KrakenInsto and @jakefentonBTC
12:49p: Is digital credit the foundation for bitcoin's next phase? Featuring @MasonFoard, @khingoei, @Treasury_BTC & @BitcoinPowerLaw

AND DON’T MISS:

1:43p: @1markmoss on the number the wealthy actually use

All times Eastern. All things Bitcoin. 👇
https://t.co/nClQZ7TXXC

[Richard Byworth ∞/21M @RichardByworth]

Live with @TychoOnnasch from @Treasury_BTC

[Treasury @Treasury_BTC]

Building Bitcoin Treasury Companies in a bear market https://t.co/lgIVOCoKgZ

[Treasury @Treasury_BTC]

Live tomorrow joining @TychoOnnasch and @RichardByworth on 21ON - discussing the current market dynamics and building Bitcoin treasury companies

Live on X | YouTube | 17:21 CEST

[Khing Oei @khingoei]

Continuing to execute on the communicated capital markets strategy. Positive to see the USD reserve increased again, and further $STRC buybacks.

[Khing Oei @khingoei]

Hard to overstate the importance of the US/Japan yen intervention. One element to stress: per the FT, the US didn't sell dollars to buy yen. The New York Fed sold euros. Washington defended its own bond market & its own currency, and Europe's currency was the funding leg.

If you are long euros through your income or savings, that means your currency was sold into another government's intervention, with no European in the room.

Bitcoin is the one reserve asset no finance ministry can sell against you & no central bank can print. Europeans should be able to hold it at scale, in euro capital markets. The reason for @Treasury_BTC to exist.