Grain of Salt SF

Research Library

Two paths. One framework.

Two related bodies of research: a treasury-company framework with an interactive dashboard, and a Digital Credit technical note with an interactive amplification calculator.

RESEARCH & DASHBOARD

Bitcoin Treasury Analysis

The Rise, Fall, and Reemergence of Bitcoin Treasury Companies — Second Edition by Mike Flaum

The Rise, Fall, and Reemergence of Bitcoin Treasury Companies

Second Edition · 2026

A framework for analyzing Bitcoin treasury companies through four distinct lenses: ownership, amplification, leverage, and valuation. The Rise, Fall, and Reemergence of Bitcoin Treasury Companies develops that framework through Strategy, Strive, and other treasury-company case studies.

Explore the book alongside an interactive capital-efficiency dashboard comparing Bitcoin holdings, basic shares, sats per share, and equity-only mNAV. The book preserves a dated snapshot; the dashboard pairs refreshing Bitcoin prices with individually dated company disclosures and manually verified quote snapshots—not an automatic stock feed. Sources are available for each figure.

Read the BookBitcoin Treasury Dashboard →
TECHNICAL NOTE & SCENARIOS

Digital Credit & Amplification

Digital Credit technical note title page

Digital Credit: A New Category of Corporate Finance

Technical Note · v1.7

Examine how debt and preferred financing change common shareholders’ exposure to Bitcoin. Digital Credit: A New Category of Corporate Finance explains the mathematics of amplification and how Bitcoin growth, financing costs, and starting capital structure interact.

The Technical Note connects equations to visual scenarios, including a Bitcoin rally followed by a drawdown. An amplification calculator lets readers enter their own assumptions and compare modeled outcomes. These scenarios illustrate mechanics rather than predict stock prices.

Read the Technical NotePreferreds & Amplification →
Actual first page of Do you really want a Magic Mirror + I am Root by Mike Flaum, Grain of Salt (@GrainofSaltSF)

Do you really want a Magic Mirror + I am Root

Mike Flaum · Grain of Salt (@GrainofSaltSF) · 57-page PDF

In January 2026, I wrote about AI’s ability to compress the distance between understanding and execution. GrainofSaltSF.com became a practical example when I connected AI-assisted content generation to a specialized AI publishing engine. Original ideas became explanations, infographics, interactive calculators, and published resources in one connected workflow. With years of research and much of the static material already prepared, I brought the platform together across one calendar week, using less than three days of concentrated work and under $100 in incremental tool costs by my estimate. Magic Mirror and I Am Root explain the thinking behind that force multiplier.

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