98: Joe Burnett ON: The Playbook for Running a Corporate Bitcoin Treasury

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What if the smartest move your company could make right now isn’t launching a new product, but changing what sits on your balance sheet?

In this episode, I’m joined by Joe Burnett, Director of Bitcoin Strategy at Semler Scientific, the second American public company to adopt a Bitcoin standard.

We get into what it actually means to operate on a Bitcoin standard, how corporate treasury strategies for Bitcoin are emerging, and why adoption has moved from individuals to companies. Joe shares what his role involves day to day, how public and private companies think differently about Bitcoin, and the specific factors a small business owner might weigh before starting their own Bitcoin treasury.

You’ll Learn:

The difference between a company simply holding Bitcoin and operating on a true Bitcoin standardWhy Bitcoin’s monetary properties make it a contender for the “best form of money” ever discoveredHow metrics like BTC yield and market-to-net-asset-value (MNav) shape corporate Bitcoin strategyThe role “intelligent leverage” plays in amplifying Bitcoin returns for public companiesWhy Bitcoin treasury companies can be massively overcollateralized despite using debtThe factors that make adoption easier for individuals and private companies than public corporationsHow a small business owner might decide whether to start a Bitcoin treasuryThe trade-offs and challenges of proof of reserves for Bitcoin treasury companiesWhat a Director of Bitcoin Strategy actually does inside a public companyWhy skepticism toward Bitcoin treasury companies could signal an untapped opportunity

Timestamps:

[00:00] Introduction

[05:00] Why companies might choose to hold Bitcoin as an asset

[06:58] What it means to operate on a Bitcoin standard

[08:57] Key metrics for evaluating corporate Bitcoin treasuries

[11:55] How intelligent leverage can amplify Bitcoin returns

[15:00] The long-term outlook for Bitcoin treasury companies

[21:00] Inside the role of a director of Bitcoin strategy

[27:02] How small businesses can approach a Bitcoin treasury

[31:00] The challenges and trade-offs of proof of reserves

[37:58] Why Bitcoin remains the foundation beneath treasury strategies

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Resources Mentioned:

Semler Scientific | Website

If you want to learn more about Joe, follow him on LinkedIn, X and YouTube.

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