Bitcoin OGs Propose $1,000,000 SPAC-Like Scheme

On June 24, 2025, a blogger using the Pledditor handle published a post on X, stating that Bitcoin had reached $1,000,000 during the current cycle, but the value was not captured by the general public. Instead, it was captured by early Bitcoin holders, referred to as "Bitcoin OGs." Pledditor explained that these early holders could securitize their substantial Bitcoin holdings through a process similar to a Special Purpose Acquisition Company (SPAC), allowing them to trade Bitcoin at $1,000,000 without fully departing with their bitcoins.

Pledditor, known for criticizing Bitcoin treasury companies and advocating for self-custody, detailed a scheme where early Bitcoin holders could launch a treasury company and hype up people on social media to buy their stocks. Once the market net asset value (mNAV) reaches ten, the company founder could exit the common stock while keeping preferred shares. This would technically allow them to sell their bitcoins at $1,000,000 while retaining ownership of the preferred shares.

Pledditor's post compared Bitcoin treasury companies to SPACs, which are shell companies created to raise capital via IPOs to merge with or acquire a public company. SPACs have no operations and are often seen as an attractive way to release shares without the normal disclosures required for companies going public. However, two waves of SPAC popularity ended poorly for retail investors, with most seeing negative return rates for years. The comparison between SPACs and treasuries suggests a lack of real, practical purpose behind companies like Strategy and Metaplanet, which do not produce anything and have only speculative value.

While some Bitcoin enthusiasts find Michael Saylor’s lack of interest in Bitcoin adoption disturbing, others see his strategy as a way to sell MSTR stocks without exposing investors to direct Bitcoin ownership. Pledditor's post raises concerns about the risks associated with Bitcoin treasuries, particularly if the BTC price goes below a certain threshold, which could trigger liquidations and affect bigger treasuries. As regulation allows companies to hold BTC self-custody, Bitcoin ETFs and stocks of Bitcoin treasuries may lose their attraction for corporations.

Several companies, including GameStop and Nakamoto, have mNAV rates above the 10 mark, while others like Metaplanet and Strive are near this value. GameStop leads the charge mostly because it had a substantial market cap before allocating Bitcoin, and the BTC share of GameStop’s reserve is relatively small. The amount of criticism towards Bitcoin treasuries grows with the number of companies following the footsteps of Strategy, and time will show who is right.