Bitcoin Treasuries are COLLAPSING and That's Bullish! (Here's Why) | Simply Originals

**SPEAKER_1** (0:00)
So there is a body count, a Bitcoin treasury company body count, and it is growing. I want you to picture something. You wake up, you got a beautiful idea, you're gonna start a company, raise a pile of other people's money, buy Bitcoin with it, slap a ticker on it, and ride off into the orange sunset. Genius. Bulletproof. What could possibly go wrong? Everything. Everything could go wrong, and it did for some people. Jack Maulers is out, Satsuma is being liquidated, Atomback's BSTR spec, Terminated, Nakamoto Incorporated just closed their healthcare clinics.
Because providing goods and services and generating cash flow is a horrible business model. That's why.
Duh. And I know what you're thinking right now, Rustin. This is bad. This is bearish. Should I panic? Should I sell? Look down the bottle. Let me walk you off the ledge, my friend, because here's what nobody on financial Twitter is telling you. The massacre is the bull case. Dead serious big show today. We got bodies to count. And more importantly, we got a thesis.
Here's what you're going to understand by the end of this video. One, why these treasury companies were always going to fail and it had nothing to do with Bitcoin or who the PR face sticker was. Two, why Parker Lewis has been right about this for years and why the market is finally catching up to him. And three, why while all this paper Bitcoin is burning, the real thing, actual Bitcoin, spot Bitcoin, your keys, your coin, is winning. Quietly, relentlessly, as it always has. Welcome back. I'm Rustin. We got a big show today.

**Jack Mallers** (1:43)
I've heard that rhetoric a lot of without the ETFs and without treasury companies, Bitcoin wouldn't be s***. That is so offensive. And it couldn't be further from the truth. No one entity, no one Wall Street vehicle makes Bitcoin what it is. It is a collective movement. Period. ETFs have dumped 120,000 Bitcoins on our head in the last two months. And treasury companies are not eating all of that supply. In fact, recently, they've become sellers.
And guess what? Bitcoin bounced off 58k. So who the f*** bought that? Come on. Don't let anybody else tell you that you don't matter. We're the only thing that matters. Us the people are the only thing that matters in this asset class. Satoshi found a way to distribute all the Bitcoins, all the Sats to all of us before the rest of the world figured it out. The supply is gone.
There's only a million Bitcoin left to be mined. It's gone.
It's already in the hands of the people. So sellers get exhausted when all the Bitcoins are concentrated in the hands of people like you and I that have jobs, that produce cash flow, that earn more than they spend, don't take on too much leverage and hold the line. I'm not selling anything right now.

**Parker Lewis** (3:03)
I'm a buyer.

**SPEAKER_1** (3:04)
Let's start at the top. July 20th, 2026, Jack Mallers, the man who stood on stage in El Salvador and made grown big corners openly weep. That was one of them. The guy who built Strike basically from nothing in his bedroom that's empty. Jack Mallers stepped down as CEO of 21 Capital. This resignation of sorts is effective immediately to focus full time on Strike, his payments company. The thing he's actually, and I say this with all due respect, totally brilliant at. Jack stepping away from the suit corners is the sign of people returning to first principles in a way. And that's a beautiful thing. Let's go ahead and see what Jack had to say about stepping down himself.

**Jack Mallers** (3:47)
Hey, everyone. I have decided to step down as the CEO of 21 Capital. I wanted to tell you that myself in my own words, because you deserve to hear it from me directly.
When I helped start 21, I thought we had an opportunity to build something very specific. Not only a company built on Bitcoin, not only a company built with Bitcoin on its balance sheet, but also a company with Bitcoin businesses producing cash flow built alongside of it. That was the vision that I believed in. That is still the vision that I believe in. However, over time, it became clear that the board and I did not agree on the path toward building for that vision.
Not in bad faith, not because anyone was wrong. The people involved in 21 are immensely talented and committed to what they believe.
But sometimes people can look at the same opportunity and arrive at different conclusions as to how to build it. And that's okay. But something had to change. And ultimately I made the decision to step down as the CEO and exit myself from the business.