Big news: Treasury launches with the ambition to become Europe’s largest Bitcoin treasury company. Backed by @winklevosscap & @nakamoto Treasury has: ⚡ Raised €126M ($147M) ⚡ Accumulated 1,000 BTC ⚡ Plans reverse listing on Euronext Amsterdam (ticker: $TRSR) We’re building Europe’s Digital Golden Age. 🌍💛 More: treasury-btc.com/news/press-…

The @mattkratter - @saylor dilution debate looks crypto-native. However, it's the oldest debate in finance. P/E is incomparable because everyone adjusts earnings. Covenant EBITDA in high yield has been stretched until leverage ratios across issuers aren't the same unit. Every metric ever invented was defined by issuers and it's for investors to criticize and discipline them. Bitcoin treasury metrics are living that cycle in 18 months, publicly and very transparently - and Saylor deserves full credit for promoting unprecedented transparency, for any public company. Two separate issues are being mixed. First: different metrics serve different objectives and stakeholders. Bitcoin-per-Share for $MSTR shareholders - quarterly, nobody underwrites on weekly. mNAV vs. the 1.22x breakeven for issuance discipline (1.20x today, which is why BTC Yield fired). Coverage (asset and dividend servicing) for the credit. @Strategy's raise last week was a credit action - and scoring a credit action with an accumulation metric produces exactly this dispute. Second: by Saylor's own admission, BTC Yield predates digital credit, i.e., the business model outran the metric. Definitions now diverge by issuer - @jackmallers' out-of-the-money convert point - and that's covenant EBITDA all over again. The treasury sector is still so young and continues to evolve as the market develops. What matters in the end is continued transparency, and that investors truly understand the metrics, can assess differences between companies and how it impacts each part of the capital stack. We'll get there.

Thanks for the great conversation!

Catch @khingoei's latest market commentary in @telegraaf

Back at Global ABS yesterday, almost 20 years after I started in credit. This time on Bitcoin. The highlight was @elerianm with Katie Martin of the @FT. His sharpest point: as the old pools of capital narrow, the answer is not to compete for the same capital but to expand the pool. That is what digital credit does. Great to share what we are building at @Treasury_BTC. More to come.

Why did Bitcoin really fall to the $60Ks? @Treasury_BTC CEO Khing Oei's take: it wasn't just Strategy's Bitcoin sale — the record-breaking SpaceX IPO pulled speculative capital out of crypto. Pristine capital, yes — but still a speculative asset. 🚀 ▶️ Full interview: youtu.be/CjG_rwHpXPg #Bitcoin #SpaceX #BTC #crypto

1,550 BTC funded entirely off the common ATM this week, prefs untouched. When the equity premium is there, you use it. The capital-stack flexibility is the point of the structure. Onwards.

Drawdowns are a great time to take a step back and look at first principles. On the destination I'm a Maximalist: Bitcoin is the best asset and dominant digital monetary network. On the route I'm a Capitalist: digital capital integrated through balance sheets, credit and listed equity. However, financialization done badly recreates the fragility Bitcoin was built to escape. The Capitalist needs to build with the benefit of learning from the mistakes made in TradFi.

Strategy sold Bitcoin for the first time and the timelines called it the end of the treasury experiment. @khingoei broke it down live at @money2020 Amsterdam @Cryptofocus_NL: 32 BTC out of 843,000 is balance sheet optimization, not a loss of faith. Still a net buyer.bThe only KPI that matters is Bitcoin-per-Share. Full interview: cryptofocus.nl/nieuws/crypto…

MicroStrategy sold Bitcoin for the first time ever this week — and the market panicked. A Bitcoin treasury CEO's take: they're still a net buyer. "Buy 1,000, sell 32 — you're still net 968. So what's the difference?" Khing Oei, founder of @Treasury_BTC, live at @Money2020 👇 ▶️ Full interview: youtu.be/CjG_rwHpXPg #Bitcoin #Money2020EU

Crypto is the fastest-growing talent pool in the world — and it keeps overlooking half of it. @laurapeijs walked onto a trading floor and saw almost no women. So she co-founded the @CryptoWomenCo. "We need new blood, fresh perspectives." Live at @Money2020 👇 ▶️ Full interview: youtu.be/sNvCTgIn3Hk #WomenInCrypto #Money2020EU

Day one at @proofoftalk in Paris. The whole room is talking institutional adoption and tradfi meeting crypto. That convergence is the entire reason Bitcoin treasury companies exist. But a new model owes the market something: education and accountability. The tough questions deserve real answers, not spin. That is why we are running The Trial. luma.com/so11k1kg

We're heading to Proof of Talk in Paris. June 2 and 3. @khingoei and @laurapeijs will be there to connect with institutions exploring Bitcoin as a long-term treasury asset. If you're attending and want to talk, find us or DM us ahead of time. We're hosting two sessions at the conference: A DAT roundtable in partnership with @ProofofTalk, and The Trial, a live debate on the most polarizing questions on the Bitcoin treasury model. See you in Paris.

Strategy said they'd never sell Bitcoin. Now? If it's accretive for the common stock shareholder, everything is on the table. That's a big shift. @JohanMBergman breaks it down on 21-ON.

We are tackling the polarizing questions in Paris!

21On: Bitcoin Treasury companies vs AI stocks x.com/i/broadcasts/1Xxyggkjz…

21 mins until we go live!

4/ June 2, 12:00. On Trial: The Bitcoin Treasury Company Model, by @Treasury_BTC. The model goes on the stand. 10 of the stickiest questions facing Bitcoin treasury companies today. No soft pitches. No cheerleading. An honest look at where the model goes from here. luma.com/so11k1kg

WATCH: Treasury's Khing Oei explains why European investors need a bitcoin treasury company, and how he plans to grow bitcoin:native per share through yield and consolidation. In a conversation with Jackson Hinkle @khingoei | @Treasury_BTC | @jacksonaltonh

The ten most polarizing questions on the Bitcoin treasury model. No softballs. We're hosting The Trial at @ProofofTalk in Paris on June 2, 12:00 to 13:00. Come ready to debate. Sign up on Luma. luma.com/so11k1kg