103: Michael Dunworth ON: The Treasury Game That’s Crashing Bitcoin Stocks

Bitcoin hit $125,000 this week, and it felt like nobody cared.

In this episode, I’m joined by three-time guest Michael Dunworth. He’s a longtime Bitcoiner and builder who helped roll licensing, on-ramps, off-ramps, and banking partners into an API for others to use.

We dig into how Bitcoin treasury companies turned a smart idea into a dangerous illusion. Big promises, confusing language, and off-chain trades have investors thinking they’re buying Bitcoin when they’re really buying risk. Custodians hold too much power. Analysts still use the wrong metrics. And the people trying to shortcut their way to gains keep getting wrecked.

You’ll Learn:



[00:00] Introduction

[01:06] Why Bitcoin treasury companies copied the Saylor playbook, and why it backfired

[03:18] The reason “acquired” is used intentionally as opposed to “bought” when companies announce Bitcoin buys

[04:49] What happens when investors chase Bitcoin exposure through stocks instead of self-custody

[06:32] How traditional analysts miss the point by measuring treasuries in dollars, not SATs per share

[14:11] The risk no one’s talking about when custodians hold a fifth of all Bitcoin

[37:52] What OTC net settlement reveals about “price suppression” myths

[44:09] How off-chain trading hides real Bitcoin demand from the charts

[57:58] Why centralization could turn Bitcoin’s strength into its biggest weakness

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Resources Mentioned:

The Dao of Bitcoin by Scott Dedels | Book or Audiobook

The Bitcoin Standard by Saifedean Ammous | Book or Audiobook

Learn more from Michael by following him on X.

Find more from Scott:

Scott Dedels | X

Block Rewards | Instagram

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Block Rewards | Website

Block Rewards | LinkedIn