Digital scarcity and the treasury complex

Bitcoin is a monetary asset with a fixed supply. The companies that hold it have become credit structures. Both need the earlier steps to read.

Why this matters

Bitcoin is the first asset with a supply schedule that no committee can change. That makes it a monetary asset before it is anything else — which is why it belongs after the money and rates steps, not before them. Its price is a claim on future liquidity and the cost of holding the alternative.

The corporate treasury complex is the second layer. Companies that buy bitcoin with equity, convertible debt and perpetual preferred have effectively built credit structures on top of a volatile reserve asset. Amplification is how hard the common equity moves when the reserve moves; convexity is why each successful turn makes the next one cheaper.

This is the step where the whole course pays off. To read a company like Strategy you need money creation (Step 2), duration and the cost of capital (Step 3), credit structure and ranking (Step 8), and the sovereign backdrop (Step 9). None of it works alone, which is the point of studying in order.

Watch

• Preston Pysh — Bitcoin Fundamentals / The Investor's Podcast ↗
  Macro plus treasury-company structure, with direct interviews. The best bridge from bitcoin to capital structure.
• Coin Bureau ↗
  Didactic, no-hype crypto basics. Use it for the asset layer, and treat the primary filings as the authority on the companies.

Read — our own explanation

• Amplification and Convexity, in Plain English
• Five Names, One Ladder
• Buying a Dollar for 98 Cents

Verify at the source

• SEC EDGAR — company filings (8-K, DEF 14A) ↗

← Step 9: Sovereigns and governance · Step 11: Read the horse's mouth →