Beyond the Token: Investing in the Backbone of Bitcoin-Slide handout

Slide handout

Pdf Summary

The presentation, “Beyond the Token: Investing in the Infrastructure,” was given by Seth Johnson and Kevin Hertz of Valiant Funds and focused on Bitcoin as both a digital asset and an investment infrastructure opportunity. It introduced the Valiant team and highlighted their background in alternative investments, tech entrepreneurship, and crypto mining, including Kevin Hertz’s experience building mining businesses and sustainable immersion-cooled facilities.<br /><br />The talk explained Bitcoin’s basics: it is a decentralized digital currency created in 2009, operates without banks or governments, and records transactions on a public blockchain. Key concepts included Bitcoin’s fixed supply cap of 21 million coins, cryptographic ownership, and the role of blockchain as a transparent, permanent ledger.<br /><br />A major section covered Bitcoin mining infrastructure. Mining was described as the “back office” of the Bitcoin network: miners use specialized ASIC machines to verify transactions, prevent double spending, and add new blocks through Proof of Work. The presentation emphasized that mining requires significant computational power and energy, making network attacks expensive and helping maintain decentralization.<br /><br />The economics of mining were also discussed. Mining revenue comes from block rewards and transaction fees, while major costs include electricity and equipment. Efficiency and power pricing are critical to profitability, especially through Bitcoin’s halving cycles, which reduce new issuance every four years.<br /><br />Finally, the presentation contrasted direct Bitcoin ownership with infrastructure-based exposure. Direct ownership depends on Bitcoin’s spot price and involves custody and volatility concerns, while infrastructure strategies may generate operational revenue and structured income. Advisors were urged to assess documentation, operational transparency, cost discipline, risk disclosure, and client suitability before recommending such investments.

Keywords

Bitcoin

investment infrastructure

Bitcoin mining

blockchain

Proof of Work

ASIC miners

block rewards

transaction fees

halving cycles

digital asset