Proof of Pain

In this episode of Proof of Pain, Tony sits down with Alexandre Laizet, Director of Bitcoin Strategy at Capital B, a Bitcoin treasury company building in Europe.We talk about maximizing Bitcoin per share, why Alexandre believes you do not sell Bitcoin, and how the treasury flywheel evolves across market regimes, including equity, converts, and preferred style structures. We also get into mNAV premiums, maturity risk, and the Core vs Knots debate.What we cover• Bitcoin per share as a north star• The treasury flywheel across bull and bear markets• mNAV premiums: what drives them and what could return• Capital B’s Bitcoin denominated convertible structure• Maturity risk, duration, and dilution tradeoffs• Why selling Bitcoin to buy back shares is the wrong reflex• Core v30 vs Knots, spam, and decentralization tradeoffsChapters0:00 Intro0:55 Background and Capital B13:58 Institutions pre and post ETF28:14 Underperformance, dilution, and “is the flywheel broken”37:18 How the flywheel evolves: equity, converts, preferreds43:46 Capital B’s structure explained53:28 mNAV premiums59:38 Defending mNAV and buybacks1:12:00 Core vs Knots1:18:30 US ticker update and timing1:21:57 Is Bitcoin per share still the metricFollow@AlexandreLaizet on X@_ALCPB on X@tonycarrera on X@ProofOfPainBTC on XVideo of this episode on Youtube: https://www.youtube.com/watch?v=KAT4LxOfAGENot financial or tax advice. For entertainment only.