The $10 Billion Bitcoin "Put Wall" Nobody Is Ready For | Michael Mescher

Michael Mescher, Founder and CIO of Gammon Capital, joins the show to discuss the looming $10 billion 2027 "Put Wall" in corporate debt, building a playbook for sideways and down markets, and how Bitcoin treasuries can attract institutional capital.Disclaimer: NOT FINANCIAL ADVICE - For entertainment purposes only.Tim Kotzman on X: https://x.com/TimKotzmanMichael Mescher on LinkedIn: https://www.linkedin.com/in/michaelmescher/0:00 - Intro 0:40 – Michael’s background in volatility trading and derivatives3:18 – What a 50% collateral haircut actually means for a corporate balance sheet11:15 – The looming $10 billion 2027 "Put Wall" in corporate debt13:21 – Why Bitcoin treasuries are grossly overpaying for loans15:02 – Derivatives as "balance sheet armor" vs. yield-generation tools16:55 – Building a playbook for sideways and down markets19:05 – Financial engineering: What Michael Saylor gets right22:15 – What separates mid-tier Bitcoin treasury companies from one another24:42 – Why hasn't a free market solution built a better credit facility?26:54 – How Bitcoin treasuries can attract institutional capital29:04 – Managing asset-liability mismatches in corporate reserves32:38 – Capital-efficient strategies to manage downside volatility34:46 – How to pitch a hedging strategy to a "long-only" Bitcoin executive37:17 – What a 90-day engagement with Gammon Capital looks like38:18 - Where to connect with Michael online#podcast #bitcoin #microstrategy #investing #mstr #btc #treasury