Jim Chanos and Pierre Rochard face off on Bitcoin-native corporates, debating governance, valuation models, capital structure, and whether BTC on the balance sheet adds value or risk. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:27 - Why Jim Chanos is short BTC companies but long Bitcoin itself 05:44 - Pierre Rochard's view on using corporate debt/equity to acquire BTC 13:03 - Capital structure tools best suited for BTC-native companies 14:12 - Whether BTC treasuries offer more than just bull-market beta 19:23 - The risks of NAV premiums and misaligned management incentives 20:16 - Debate over proper valuation frameworks: NAV vs. cash flow 24:30 - Could BTC treasuries evolve into financial infrastructure—or stay niche? 26:25 - The systemic implications of too many firms holding BTC on balance sheets 36:22 - 2030 predictions: spot BTC vs. BTC-native equities vs. ETFs 40:17 - What a “responsible” BTC treasury strategy could look like Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. ?BOOKS AND RESOURCES Jim’s X Account. Pierre’s X Account. Related Episode: Bitcoin Energy Survey and the Speculative Attack w/ Pierre Rochard. Check out all the books mentioned and discussed in our podcast episodes????????? ????????here?????????????????. Enjoy ad-free episodes when you subscribe to our????????? ????????Premium Feed?????????????????. NEW TO THE SHOW? Join the exclusive ?????????????TIP Mastermind Community????????????? to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: ?????????????X (Twitter)????????????? | ?????????????LinkedIn????????????? | ?????????????Instagram????????????? | ?????????????Facebook????????????? | ?????????????TikTok?????????????. Check out our ?????????????Bitcoin Fundamentals Starter Packs?????????????. Browse through all our episodes (complete with transcripts) ?????????????here?????????????. Try our tool for picking stock winners and managing our portfolios: ?????????????TIP Finance Tool?????????????. Enjoy exclusive perks from our ?????????????favorite Apps and Services?????????????. Get smarter about valuing businesses in just a few minutes each week through our newsletter, ?????????????The Intrinsic Value Newsletter?????????????. Learn how to better start, manage, and grow your business with the ?????????????best business podcasts?????????????. SPONSORS Support our free podcast by supporting our ?????????????sponsors?????????????: SimpleMining Hardblock AnchorWatch Onramp Human Rights Foundation Unchained Intuit Vanta reMarkable Shopify Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm