PAPER BITCOIN SUMMER: THE TRUTH ABOUT BITCOIN TREASURY COMPANIES (full episode) In this episode of THE Bitcoin Podcast, @WalkerAmerica is joined by Steven Lubka (@DzambhalaHODL) — founder of Vibes Capital Management (@VibeCapitalMgmt) and VP of Investor Relations at @nakamoto — for a high-signal conversation on Bitcoin treasury companies, paper Bitcoin summer, and how institutional financial engineering is accelerating Bitcoin adoption. They unpack what “paper Bitcoin summer” really means, why Bitcoin-focused public companies are not scams, and how financial tools like equity, preferred shares, and corporate debt are being leveraged in a speculative attack on fiat. Steven shares why these companies are not just “paper” proxies but key infrastructure for integrating Bitcoin into global capital markets — especially for institutions and jurisdictions where holding spot Bitcoin is not feasible. He breaks down the MNAV premium, the rise of MetaPlanet, and how Nakamoto is building the future of Bitcoin financial infrastructure. Plus, they riff on walking in the sun, health as proof-of-work, OTC misconceptions, ETH copycats, and why Sailor’s open-source playbook changed the game forever. 0:00 – Intro: Sunshine, walking meetings & shirtless productivity 3:45 – Health is Proof-of-Work: Movement, sunlight & modern malaise 7:30 – Weight loss, Ozempic vs. walking, and reclaiming agency 11:00 – Depression, anxiety, and the underestimated power of movement 13:20 – What is “Paper Bitcoin Summer”? 14:45 – PSA for newcomers: Get real Bitcoin, cold storage > everything 17:00 – Advanced Bitcoin conversations vs. beginner advice 19:00 – Why Treasury Companies are inevitable in Bitcoin’s success 21:30 – Who are these treasury products really for? (Hint: Not plebs) 24:00 – What does “Paper Bitcoin” actually mean? 26:00 – Owning the insult: Memes, maximalism, and financial engineering 27:30 – ICO vibes? How this is not like shitcoin scams 30:00 – The role of financial manias in technological adoption 32:30 – What Treasury Companies unlock that individuals cannot 34:45 – Regulatory arbitrage and the power of public market tools 36:30 – MNAV (Multiple to Net Asset Value) explained 38:50 – Premiums, equity dilution, and growing Bitcoin per share 41:00 – Why these vehicles trade at a premium – and when they shouldn’t 43:10 – breakdown: How early are we really? 47:00 – MetaPlanet, DJT, and the actual numbers behind the hype 50:15 – Stacking sats enters government reports (?!?) 52:15 – OTC desk myths and market impact explained 55:30 – The real speculative attack is here — but it’s not what you think 58:00 – Fiat finance vs Bitcoin: Public markets and asymmetric bets 1:02:00 – Can anyone catch MicroStrategy? 1:03:45 – Building the Bitcoin financial infrastructure layer 1:05:00 – Nakamoto’s unique strategy and global expansion plans 1:07:15 – Integrating Bitcoin into global markets: It’s happening 1:09:25 – Biggest risks to Treasury Companies and why we’re still early 1:13:30 – Forced selling fears, bear market survivability, and long-term thinking 1:15:50 – How Nakamoto plans to scale international Bitcoin access 1:20:00 – MetaPlanet’s success and why it’s not just about taxes 1:22:50 – ETH treasury companies? Why it doesn’t compare 1:24:45 – Final thoughts: You don’t have to buy, but you should understand