San Francisco
Why treasury companies traded above, then below, intrinsic value, and why the answer is capital structure, not Bitcoin volatility. First edition December 2025; second edition now on Kindle.
Two books in one: Magic Mirror, an accessible account of what AI is and why it feels destabilizing, and I Am Root, a deeper exploration of agency, judgment, and becoming an AI superuser.
The technical companion to the book: the math behind amplification and why digital credit behaves differently from traditional leverage.
We help boards, executives, and investors evaluate Bitcoin Treasury strategy through capital structure, per-share value, and governance. Our work connects financing decisions and shareholder outcomes with clear market communication and practical execution.
Explore Mike Flaum’s interactive research platform. Compare Bitcoin Treasury companies through a four-layer framework: per-share metrics, amplification, leverage, and valuation. Updated dashboards and transparent calculations bring the framework to life.
