In case you missed it, we had @Leishman (CEO & CTO of @River) at PubKey to discuss the "Bitcoin as a corporate treasury asset" trend... ...and yes, people are still overlooking things about the dominant narrative of this cycle. 🧵 (1/6)

"I'm just desensitized to hearing about XYZ state having a Bitcoin treasury strategy... do they really have THAT much capital lying around?!" -@_drewarmstrong_ Alex Leishman has seen some weird things traveling around the country for @River. (2/6)

"The problem with the Bitcoin treasury playbook is that your product becomes your stock." -@Leishman Just 10 minutes of raw, unfiltered debate on Bitcoin treasury companies... and how they might fail. (3/6)

"Bitcoin is a hot potato you're not even paid to hold." -@_drewarmstrong_ If having Bitcoin on the balance sheet is so great, why aren't all the banks doing it already? Well, there's a very good reason. (4/6)

"The mNAV premium might last 5-10 years... but if enough people do that trade, it collapses." -@tpacchia ETFs, treasury companies, & massive leverage—welcome to the insane world of Bitcoin financial engineering. (5/6)