Alexandre Laizet (Capital B): Bitcoin Per Share, mNAV, Treasury Flyweel, and “You Don’t Sell Bitcoin”

Alexandre Laizet (Capital B): Bitcoin Per Share, mNAV, Treasury Flyweel, and “You Don’t Sell Bitcoin”

Author: Tony Carrera February 16, 2026 Duration: 1:25:18

In this episode of Proof of Pain, Tony sits down with Alexandre Laizet, Director of Bitcoin Strategy at Capital B, a Bitcoin treasury company building in Europe.


We talk about maximizing Bitcoin per share, why Alexandre believes you do not sell Bitcoin, and how the treasury flywheel evolves across market regimes, including equity, converts, and preferred style structures. We also get into mNAV premiums, maturity risk, and the Core vs Knots debate.


What we cover• Bitcoin per share as a north star• The treasury flywheel across bull and bear markets• mNAV premiums: what drives them and what could return• Capital B’s Bitcoin denominated convertible structure• Maturity risk, duration, and dilution tradeoffs• Why selling Bitcoin to buy back shares is the wrong reflex• Core v30 vs Knots, spam, and decentralization tradeoffs


Chapters0:00 Intro0:55 Background and Capital B13:58 Institutions pre and post ETF28:14 Underperformance, dilution, and “is the flywheel broken”37:18 How the flywheel evolves: equity, converts, preferreds43:46 Capital B’s structure explained53:28 mNAV premiums59:38 Defending mNAV and buybacks1:12:00 Core vs Knots1:18:30 US ticker update and timing1:21:57 Is Bitcoin per share still the metric


Follow
@AlexandreLaizet on X

@_ALCPB on X

@tonycarrera on X

@ProofOfPainBTC on X


Video of this episode on Youtube:

https://www.youtube.com/watch?v=KAT4LxOfAGE


Not financial or tax advice. For entertainment only.


Hosted by Tony Carrera, Proof of Pain digs into the tangible sacrifices and strategic decisions required in an economy increasingly shaped by sound money principles. This isn't about abstract theory; it's a close examination of the real-world costs and the consequential opportunities that emerge from this financial shift. While the core of the podcast is firmly rooted in Bitcoin-exploring its ecosystem, mining operations, treasury strategies, and derivative markets-the conversation often finds compelling parallels elsewhere. Carrera brings on guests from diverse fields like professional sports and traditional business, individuals who understand fundamental incentives and high-stakes tradeoffs in their own arenas. Through these discussions, the show builds a broader narrative about value, risk, and commitment. You'll hear detailed analysis on specific Bitcoin-focused investment vehicles and company strategies, balanced with wider reflections on how the mindset of sound money applies far beyond digital assets. For anyone navigating the complexities of modern investing, this podcast offers a grounded, often provocative perspective on what it truly takes to build and preserve wealth in a changing world. New episodes are released on a regular schedule.
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