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Q&A with Brian Brookshire, Head of Bitcoin Strategy at H100 | OTC Nordic Investor Day 2025
OTCID:HOGPF M. Marin: Bitcoin volatility. You talked a little bit before about, that there's volatility, but that can work to your advantage. If you're a commodities company, you have instruments to sub-hedge against volatility. I'm guessing that this is so early in the evolution of Bitcoin that you don't have hedging instruments, but that you talked about cyclicality. So, is one of your treasury
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[{"type":"text","content":"OTCID:HOGPF","length":11,"tagName":"p"},{"type":"text","content":"M. Marin: Bitcoin volatility. You talked a little bit before about, that there's volatility, but that can work to your advantage. If you're a commodities company, you have instruments to sub-hedge against volatility. I'm guessing that this is so early in the evolution of Bitcoin that you don't have hedging instruments, but that you talked about cyclicality. So, is one of your treasury strategies maintaining liquidity to jump in when you see opportunities, or how do you think about opportunistically acquiring Bitcoin?","length":538,"tagName":"p"},{"type":"text","content":"Brian Brookshire: So on the way up, it's much easier because you can just sell equity, you can issue a convertible bond, all financial instruments work better on the way up. On the way down, I think it is more about how you are doing relative to your competitors. In a bear market, you can imagine a situation where some companies are trading significantly below their net asset value. That's an opportunity where accretion might come from different means, as mergers and acquisitions.","length":493,"tagName":"p"},{"type":"text","content":"And a scenario like that, we just saw one of the first all-stock deals done between two Bitcoin treasury companies here in the United States, a company called Strive acquired a company called Semler Scientific. And that was really the first example of one of these acquisitions being done. I expect to see a lot more of them, and our CEO is a former M&A lawyer, so we're well-positioned to take advantage of such opportunities should they present themselves.","length":466,"tagName":"p"},{"type":"text","content":"M. Marin: So, M&A could be a good and accretive way to increase your Bitcoin position. But, given the way there's often a very large gap between buyers and sellers, can you give us a little bit more color on that acquisition and where you see the market at this point?","length":276,"tagName":"p"},{"type":"text","content":"Brian Brookshire: Yeah, for the acquisition to be accretive, really all that is necessary is that the Bitcoin per share of your company is greater than the Bitcoin per share of the other company. Even if you're trading at a discount. Say your company is trading at 0.7 times net asset value, the other c...