On today's Long Read Sunday, NLW explores two critiques of the growing phenomenon of Bitcoin treasury companies. First, Bloomberg columnist Lionel Laurent argues that corporate Bitcoin purchases signal a frothy market frenzy reminiscent of past speculative bubbles. Then, K33’s Torbjørn Bull Jenssen warns that without an actual operational strategy beyond simply buying Bitcoin, these companies' market premiums are doomed to collapse. NLW dissects where these critiques land—and where they miss the mark—in a thoughtful discussion about the real financial engineering at play and what might come next for Bitcoin treasury firms.

Sources:

https://www.coindesk.com/opinion/2025/07/07/without-operational-alpha-bitcoin-treasury-company-premiums-will-collapse

https://www.bloomberg.com/opinion/articles/2025-07-09/bitcoin-buying-and-coffee-are-too-frothy-a-mix?sref=qUxVp6JU

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