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![AdamBLiv Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1881193918206758912.png) Adam Livingston [@AdamBLiv](/creator/twitter/AdamBLiv) on x 47.4K followers
Created: 2025-07-10 20:21:16 UTC

With Swan Bitcoin, they launched the most elegant capital stack ever designed for recursive Bitcoin acquisition.

🚨 $384M
🔥 X% coupon convert
💣 90-day warrants
🏦 Custody split between Coinbase Prime & Swiss deep cold vaults

But they only bought XXX BTC at first. Why?


XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1943405179417825367/c:line.svg)

**Related Topics**
[$384m](/topic/$384m)
[acquisition](/topic/acquisition)
[stack](/topic/stack)
[swan bitcoin](/topic/swan-bitcoin)
[bitcoin](/topic/bitcoin)
[coins layer 1](/topic/coins-layer-1)
[coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem)
[coins pow](/topic/coins-pow)

[Post Link](https://x.com/AdamBLiv/status/1943405179417825367)