Let's be super clear. So a treasury company really doesn't mean shit.
Strategy, AI and the Start of the Bitcoin Bull Market | Cory Klippsten
I sit down with Cory Klippsten, CEO of Swan Bitcoin, to talk about where Bitcoin stands today. Cory explains why he thinks most Bitcoin treasury companies fell short of what they promised, and why he now recommends keeping at least 90% of your Bitcoin exposure in the real thing rather than stocks, ETFs, or other proxies. He also pushes back on the idea that AI agents will drive Bitcoin payments, arguing they'll mostl
- He also explains why his advice has hardened to keeping 90% or more of your exposure in real Bitcoin.
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2 How this started was a bunch of many sailors and only one company actually achieved it.
4 I do think over the long haul, it's very possible to likely that it outperforms Bitcoin, 5 but you're taking on excess risk to deliver those returns.
8 And that doesn't stop just because there's some pretty good financial engineering going on.
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How this started was a bunch of many sailors and only one company actually achieved it.
That's basically what I think kneecapped the rally in 2025.
I do think over the long haul, it's very possible to likely that it outperforms Bitcoin,
but you're taking on excess risk to deliver those returns.
They're not bedrock. They're not Bitcoin.
One BTC equals one BTC. Everything else is a trade.
And that doesn't stop just because there's some pretty good financial engineering going on.
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I sit down with Cory Klippsten, CEO of Swan Bitcoin, to talk about where Bitcoin stands today. Cory explains why he thinks most Bitcoin treasury companies fell short of what they promised, and why he now recommends keeping at least 90% of your Bitcoin exposure in the real thing rather than stocks, ETFs, or other proxies. He also pushes back on the idea that AI agents will drive Bitcoin payments, arguing they'll mostly pay in digital dollars, and that the stronger use case is censored humans who need money that can't be stopped.
He also explains why his advice has hardened to keeping 90% or more of your exposure in real Bitcoin.
