Inspired by Michael J. Saylor and MicroStrategy (now Strategy), a group of Swedish entrepreneurs and investors are setting up a similar concept in Sweden. The plan is to IPO Bitcoin Treasury Capital AB under the ticker BTC before midsummer.
Kaupr has videointerviewed one of the initiators and CEO of the company, Christoffer De Geer, both about the business idea and the plans ahead. - The idea is very simple. We're just going to generate more Bitcoin per share,” De Geer says.
Unlike Strategy and other similar companies, Bitcoin Treasury Capital will have no other business. “We are probably the first “pure Bitcoin play” limited liability company in Europe, perhaps even in the world,” says De Geer, who believes that even then shareholders can choose whether they want to build a stock portfolio with exposures other than Bitcoin.
The starting point of the company's business model is the relationship between how the limited company is valued in the market and what are the underlying values, in this case the value of the company's Bitcoin holdings. According to De Geer, there is only one scenario where there is little the company can do, namely when the value of its shares is more or less identical to the value of its Bitcoin holdings.
-We believe that the stock is going to be traded at a premium, as is the case with Strategy. So when that's the case, we can make issues and thus get more Bitcoin per share. But also when the shares are traded at a value lower than the holdings, we can create added value by doing share repurchases,” De Geer says.
During the video interview, we challenge De Geer both on whether the company's development depends on the Bitcoin price rising and whether the company's business model is a scam. De Geer's answer to both is no. According to De Geer, the company will be able to create returns, or yield as he calls it, both when the Bitcoin exchange rate goes up and down. He also emphasizes that the company is set up with extremely low costs, and with incentive-based models for management rather than fixed labor costs. “In many ways we are a modern hedge fund,” De Geer says.
The company's four-person founders and management team consists of two with strong Bitcoin expertise and two with strong financial expertise, which De Geer says makes the company well equipped to be able to deliver on the somewhat unconventional business model.
De Geer also believes that the business idea is so extremely good that it is about doing to get started. Currently, therefore, the company has raised initial capital from a Bitcoin-interested network in Sweden. The plan is also to list the stock directly on a Swedish stock exchange before midsummer, without any issue, but with BTC as the planned ticker.
Watch the full video interview (in Norwegian / Swedish) with Christoffer De Geer below, where topics are indicated by time codes.
00:37 Welcome to Christoffer de Geer
01:26 The business idea of Bitcoin Treasury Capital
02:46 First with “Bitcoin pure play”?
04:35 Is this a risky business?
07:20 What assumptions does the case rest on?
09:57 The Importance of Experience and Execution
12:28 Why it's important to get started
15:25 Will challenge the ETF/ETP providers
18:13 Current investor groups
18:57 What if someone calls this a scam?
20:42 Uses the term yield without cashflow
22:23 A modern variant of hedge funds
25:24 “Not your wallet not your coin”?
28:15 More and more Bitcoin maximalist
30:25 Direct IPO with ticker BTC
32:10 No regulatory challenges
33:58 Integration Bitcoin and Traditional Finance
Inspired by Michael J. Saylor and MicroStrategy (now Strategy), a group of Swedish entrepreneurs and investors are setting up a similar concept in Sweden. The plan is to IPO Bitcoin Treasury Capital AB under the ticker BTC before midsummer.
Kaupr has videointerviewed one of the initiators and CEO of the company, Christoffer De Geer, both about the business idea and the plans ahead. - The idea is very simple. We're just going to generate more Bitcoin per share,” De Geer says.
Unlike Strategy and other similar companies, Bitcoin Treasury Capital will have no other business. “We are probably the first “pure Bitcoin play” limited liability company in Europe, perhaps even in the world,” says De Geer, who believes that even then shareholders can choose whether they want to build a stock portfolio with exposures other than Bitcoin.
The starting point of the company's business model is the relationship between how the limited company is valued in the market and what are the underlying values, in this case the value of the company's Bitcoin holdings. According to De Geer, there is only one scenario where there is little the company can do, namely when the value of its shares is more or less identical to the value of its Bitcoin holdings.
-We believe that the stock is going to be traded at a premium, as is the case with Strategy. So when that's the case, we can make issues and thus get more Bitcoin per share. But also when the shares are traded at a value lower than the holdings, we can create added value by doing share repurchases,” De Geer says.
During the video interview, we challenge De Geer both on whether the company's development depends on the Bitcoin price rising and whether the company's business model is a scam. De Geer's answer to both is no. According to De Geer, the company will be able to create returns, or yield as he calls it, both when the Bitcoin exchange rate goes up and down. He also emphasizes that the company is set up with extremely low costs, and with incentive-based models for management rather than fixed labor costs. “In many ways we are a modern hedge fund,” De Geer says.
The company's four-person founders and management team consists of two with strong Bitcoin expertise and two with strong financial expertise, which De Geer says makes the company well equipped to be able to deliver on the somewhat unconventional business model.
De Geer also believes that the business idea is so extremely good that it is about doing to get started. Currently, therefore, the company has raised initial capital from a Bitcoin-interested network in Sweden. The plan is also to list the stock directly on a Swedish stock exchange before midsummer, without any issue, but with BTC as the planned ticker.
Watch the full video interview (in Norwegian / Swedish) with Christoffer De Geer below, where topics are indicated by time codes.
00:37 Welcome to Christoffer de Geer
01:26 The business idea of Bitcoin Treasury Capital
02:46 First with “Bitcoin pure play”?
04:35 Is this a risky business?
07:20 What assumptions does the case rest on?
09:57 The Importance of Experience and Execution
12:28 Why it's important to get started
15:25 Will challenge the ETF/ETP providers
18:13 Current investor groups
18:57 What if someone calls this a scam?
20:42 Uses the term yield without cashflow
22:23 A modern variant of hedge funds
25:24 “Not your wallet not your coin”?
28:15 More and more Bitcoin maximalist
30:25 Direct IPO with ticker BTC
32:10 No regulatory challenges
33:58 Integration Bitcoin and Traditional Finance
