The Idealized Bitcoin Treasury
How the math works. Why execution matters. What happens when one company builds a perpetual Bitcoin accumulation machine.
Measure in Sats, Not Dollars
Most Bitcoin treasury analysis stops at “buy and hold.” That misses the entire point. The real question is whether a company can build a machine that accumulates Bitcoin faster than dilution erodes it—forever.
This book introduces the frameworks that matter: mNAV, Forever Cost, the atomic transaction model, and the math that separates accumulation machines from expensive HODL wrappers. Everything reduces to one inequality: g > d.
The frameworks that change everything
Why Fiat Fails
Fiscal dominance explained. $38+ trillion in debt, interest payments at #2 on the budget, and the arithmetic that guarantees continued debasement. Not politics—math.
mNAV & Forever Cost
The two numbers that tell you whether a Bitcoin treasury company creates or destroys value. Why paying a premium can be rational—and when it’s not.
The Atomic Transaction Model
How to model each preferred share as self-contained. Why infinite dividends have finite cost. The geometric series that makes it all work.
Accretive Dilution
The phrase that confuses everyone. How share count increases while value per share also increases. Why sats per share is the only metric that matters.
The Capital Structure Stack
Convertible notes, preferred stock, ATM offerings. How each instrument serves a different investor while feeding the same accumulation machine.
From Ideal to Real
Friction money. Execution risk. mNAV as report card. The spectrum from elite execution to extractive management—and how the market enforces discipline.
Inside the book
Part I: The Measuring Stick Problem
Why the dollar is a broken measuring stick. Bitcoin’s innovation as the first digitally provably scarce resource. The case for a new denominator.
Part II: The Fiscal Dominance Thesis
America’s arithmetic problem. Why debasement isn’t a prediction but the only remaining option. The structural floor for Bitcoin.
Part III: Corporate Bitcoin Treasuries
Cash as melting ice cube. Strategy’s evolution. ETFs vs. treasury companies. Why mNAV exists and how accretive dilution works.
Part IV: The Capital Structure
From convertible notes to the preferred stock stack. Stretch, fixed-dividend preferreds, and why this is amplification—not leverage.
Part V: The Atomic Transaction Model
Modeling each preferred atomically. The geometric series. Forever Cost. The double-accretion flywheel and the infinity engine.
Part VI: Putting It Together
From ideal to real. Risk analysis without hand-waving. The skeptic’s case. Comparing your options. What comes next.
What people are saying
“Endorsement coming soon.”
— Early Reader
“Endorsement coming soon.”
— Early Reader
“Endorsement coming soon.”
— Early Reader
Dave Lawler
Dave Lawler
Bitcoin Treasury Analyst · Founder, Velocity Point
Three decades in enterprise software architecture. Built an AI company. Studies monetary systems and fiscal policy. Applied the same systems-thinking rigor to understanding how companies can build sustainable Bitcoin accumulation machines.
The math is straightforward. The implications are profound.
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