The Bitcoin Treasury Podcast

Michael Sullivan joins the show to explain why he published the most bullish piece of his bear market at $63K, and why Bitcoin ripped 15% in 48 hours right after. Michael spent thirteen years as a fintech engineer and writes fiction on the side, and he's turned both into a methodology: measuring the emotion in how Bitcoiners actually talk, cohort by cohort, week by week. His argument is that when every trader is bored, fearful, and rotating into AI and quantum, that isn't a bear signal. TIMESTAMPS: 0:00 Intro 0:21 From boredom to a 15% move in 48 hours 2:34 Why apathy produces the biggest moves 5:27 The trader cohort and the rotation to AI and quantum 7:35 The price heat map: nobody talking about price 9:55 Bessent, liquidity, and why narratives get rewritten 12:26 From fintech engineer and novelist to language analysis 15:50 What he actually measures 19:13 Signal versus noise: bots, aggregators, and cohorting by hand 22:15 Why MSTR holders got more convicted 25:51 Fundamentalists versus capitalists 28:40 The treasury investor is a different investor 31:59 Modeling institutional sentiment 34:56 Why X is the highest-signal source 36:29 BIP 110 and the echo chamber 40:52 mNAV is sentiment 44:52 STRC narrative volatility 49:08 The bear case: what would flip him 50:38 Fading the four-year cycle 54:50 Is the four-year cycle dead? 57:14 Where to follow Michael 🎙️ Featured Guest: Michael Sullivan — author of Bitcoin Sentiment Weekly, fintech engineer, and novelist Kalshi Perps Sign up at https://kalshi.com/p/bitcointreasuries Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information. Leverage amplifies both potential gains and potential losses, and losses can exceed the amount deposited. Leverage limits are determined by KalshiEX LLC or the FCM based on its own risk assessment and each customer's individual risk profile, and are subject to change. Perpetual Futures are listed on Kalshi Ex LLC, a CFTC-regulated exchange, and may be traded directly as an exchange member or through an approved broker. This video is sponsored by Kalshi. 🤝 SUPPORT OUR SHOW: BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bit.ly/bitGo Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://bit.ly/archlending XCE Connecting Excellence Group is the UK's listed Bitcoin treasury recruitment company — placing senior talent into Bitcoin companies globally and helping operating businesses build on a Bitcoin standard. Learn more at https://bit.ly/XCEio Hemi — Activate compliant Bitcoin yield without leaving custody. Built by Bitcoin OG Jeff Garzik, Hemi is the only blockchain that embeds a full Bitcoin node inside an Ethereum node for true Bitcoin finality. Follow them at https://twitter.com/@hemi_xyz and learn more at https://hemi.xyz

Matt Tuttle is CEO of Tuttle Capital Management, an ETF issuer running roughly four to five billion dollars across thematic, options-based and event-driven funds. He has been on Wall Street since 1990 and came to Bitcoin through the ETF wrapper rather than through conviction. His argument is that the wrapper was the entire event: once BlackRock launched IBIT the skeptic case stopped being arguable, and his client portfolios now carry 6.25% Bitcoin against an industry standard of one to two percent. TIMESTAMPS: 00:00 Cold Open 00:52 Trading Since the Eighties 01:51 The iBit Turning Point 02:52 The Argument Wall Street Can No Longer Make 05:08 Why 1% Bitcoin Doesn't Move the Needle 06:30 The HEAT Formula 08:54 The Hard Money Hedge 10:58 What Actually Broke the Treasury Trade 12:30 Bitcoin Fell 50%, the S&P Fell 60% 15:24 How to Play Pre-Merger SPACs 20:44 Why He Hates Covered Calls 22:27 All of Bitcoin's Upside, Not Most of It 25:41 Partnering With Strive on Digital Credit 28:06 A Million Dollars and $40,000 a Year 30:02 Inside the Leveraged Credit ETF 34:58 Why Volatility Isn't Maturing Yet 38:01 Schiff, Pomp, and the Debate That Misses 45:27 Wiped Out at 21 48:15 Zero Percent Bonds at 57 50:14 The Longevity Problem Nobody Plans For 51:46 Grading Powell, Sizing Up Warsh 53:56 Guys Like You Are Screwed 56:36 Where to Find Matt 🎙️ Featured Guest: Matt Tuttle — CEO, Tuttle Capital Management Kalshi Perps Sign up at https://kalshi.com/p/bitcointreasuries Please carefully consider if it is appropriate for you in light  of your personal financial circumstances. Kalshi products are not available in all jurisdictions.  See kalshi.com/regulatory for more information.   Leverage amplifies both potential gains and potential losses, and losses can exceed the amount deposited. Leverage limits are determined by KalshiEX LLC or the FCM based on its own risk assessment and each customer's individual risk profile, and are subject to change.  Perpetual Futures are listed on Kalshi Ex LLC, a CFTC-regulated exchange, and may be traded directly as an exchange member or through an approved broker. This video is sponsored by Kalshi. 🤝 SUPPORT OUR SHOW: BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bit.ly/bitGo Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://bit.ly/archlending XCE Connecting Excellence Group is the UK's listed Bitcoin treasury recruitment company — placing senior talent into Bitcoin companies globally and helping operating businesses build on a Bitcoin standard. Learn more at https://bit.ly/XCEio Hemi — Activate compliant Bitcoin yield without leaving custody. Built by Bitcoin OG Jeff Garzik, Hemi is the only blockchain that embeds a full Bitcoin node inside an Ethereum node for true Bitcoin finality. Follow them at   / @hemi_xyz   and learn more at https://hemi.xyz

Matt Cole is back. The last time Strive's CEO sat down with Bitcoin Treasuries, they had roughly 6,000 Bitcoin. Today they're closing in on 20,000 — a top seven public holder — and they did it while Bitcoin fell close to 50%. He covers how the digital credit engine kept running through the bear market, the super cycle thesis, why the $60 trillion income market's structural breakdown created a permanent bid for SATA, the controlled burn that trapped a $100M+ short position, the investor protections institutions actually care about, his candid take on Saylor's missteps with the cash reserve, why the death of crypto is bullish for Bitcoin, and why every company without Bitcoin should be scared of AI. Follow Matt: ⁠https://twitter.com/@ColeMacro⁠ Learn more: ⁠https://strive.com⁠ 🎟️ Bitcoin Treasuries Conference — September 28, New York CitySave 10% on tickets: ⁠https://bit.ly/4f1kGV5⁠   TIMESTAMPS: ⁠00:00⁠ Cold Open⁠ 01:21⁠ Why This Bear Market Was Different ⁠05:03⁠ Income Investing Is Broken ⁠07:05⁠ When Matt Knew SATA Would Work⁠ 15:49⁠ Credit Risks Of Digital Credit ⁠18:40⁠ Strive's Capacity To Issue More Prefs ⁠21:04⁠ Building a Track Record & Institutional Trust ⁠26:57⁠ The Engine Behind Strategic Decisions⁠ 33:17⁠ Amplification & USD Runway⁠ 40:30⁠ M&A in the Bitcoin Space ⁠44:09⁠ Semler Merger Story & Industry Networking⁠ 47:24⁠ Criticism From Bitcoiners⁠ 53:14⁠ SATA's Controlled Burn Strategy⁠ 59:42⁠ Super Cycles, AI & Crypto's Death ⁠1:04:55⁠ Stay Orange   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.  

Jeff Garzik was one of Bitcoin's first core developers. He emailed patches directly to Satoshi, helped build the foundational software Bitcoin still runs on, and bought the domain that became BitcoinTalk.org. Now he's building Hemi — a Bitcoin-secured L2 — and he has a message for every Bitcoin treasury company: you're leaving money on the table. He covers the Great Slashdotting of July 2010, why the white paper almost didn't matter without the code, the early fear of being arrested for open source development, why 99% of crypto going to zero is actually great news, what Hemi is and why Bitcoin programmability has existed since the genesis block, the De-Genslerification that unlocked institutional Bitcoin, and why yield is the missing step every treasury company is skipping. Follow Jeff: https://twitter.com/@jgarzik Learn more: https://hemi.xyz 🎟️ Bitcoin Treasuries Conference — September 28, New York City Save 10% on tickets: https://bit.ly/4f1kGV5 CHAPTERS: 00:00 Cold Open 00:55 Bitcoin's Exciting Earliest Days 10:03 The Excitement of Early Bitcoin Days 15:58 Bitcoin Can't Be Stopped 21:50 Darwinian Competition In Crypto 28:02 Understanding Hemi: A New Layer for Bitcoin 38:30 Treasury Companies Are Missing Yield Opportunity 46:15 Is Centralization A Concern? 50:50 Stay Orange 🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Dylan LeClair is the first Metaplanet executive to speak publicly in English about Metaplanet Securities — the newly acquired Type 1 securities license that the company says changes everything about how Japan accesses Bitcoin. He joins Miller Cole for the full breakdown. They cover what a Type 1 license actually unlocks, $7 trillion in idle Japanese savings, why institutional career risk hasn't been stripped away in Japan yet and what flips it, the MSTR rerun Dylan sees playing out, Project Nova, the tokenization rails being built for daily dividends, the Mars and Mercury preferred instruments, and why 27 months of unwavering conviction through a bear market is the most important thing Metaplanet has built. Follow Dylan: ⁠https://twitter.com/@DylanLeClair⁠ Follow Miller: ⁠https://twitter.com/@medc3005⁠ Learn more: ⁠https://metaplanet.com⁠   🎟️ Bitcoin Treasuries Conference — September 28, New York CitySave 10% on tickets: ⁠https://bit.ly/4f1kGV5⁠   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.  

Tim Enneking has been in crypto for thirteen years and previously ran the best-performing hedge fund in the world in 2021. He joins Alec Beckman of Psalion for a conversation on the death of the four-year cycle, why Bitcoin is being mislabeled as a risk-on asset, and why Strategy's concentration may now be a risk to the very market it helped build. They cover Enneking's Law, the long squeeze risk in leveraged Bitcoin buying, what Strategy's endgame actually has to look like, the Clarity Act as the next major catalyst, and how Psalion generates Bitcoin yield through automated market maker liquidity — with self-custody preserved on the lending side. Learn more: https://psalion.com   CHAPTERS: 00:00 Cold Open 01:13 The End of the Four-Year Cycle 04:59 Bitcoin as a Risk-On Asset 13:16 Institutional Influence on Bitcoin 18:59 Bitcoin and Fiat's Runway 31:47 Saylor's Dilemma & Concentration Risk 37:22 Strategy Buying The Top Forever? 45:02 MSTR Endgame & BTC Yield   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Sponsored content produced in partnership with Psalion. Not financial advice. Do your own research.

Robbie Mitchnick is Managing Director and Global Head of Digital Assets at BlackRock — the world's largest asset manager. He led the launch of IBIT, the most successful ETF in Wall Street history. Now BlackRock has launched BITA, a covered call Bitcoin product targeting high teens yield while retaining 70% of Bitcoin's upside. Bitcoin Treasuries President and The Bitcoin Historian Pete Rizzo joins Tyler Rowe for the full conversation. They cover the IBIT inflow and outflow data, the hodler thesis ($48B of IBIT's $50B drop was Bitcoin's price, not outflows), why Bitcoin's narrative was badly mismanaged, the machine native money thesis, the debt and deficit catalyst, and why BlackRock now says the question isn't whether Bitcoin is too risky — it's whether it's risky not to hold any. Follow Robbie: https://twitter.com/@RMitchnick Follow Pete: https://twitter.com/@pete_rizzo_ 🎟️ Bitcoin Treasuries Conference — September 28, New York City Save 10% on tickets: https://bit.ly/4f1kGV5   CHAPTERS: 00:00 Cold Open 01:48 IBIT 2.5 Years In - Smashing ETF Records 07:15 IBIT Investors Are Hardcore HODLers 08:41 Bitcoin Portfolio Guidance 12:42 Demand For Institutional BTC Exposure 14:01 Bitcoin Yield & Investor Profiles 16:05 Bitcoin ETFs vs Strategy or Strive 17:37 Demand For Derivatives & Volatility 20:54 Onshoring BTC Options Market 22:22 BITA vs STRC, SATA & Digital Credit 23:14 What Robbie Thinks About Saylor's Strategy 24:43 How Larry Fink Evolved On Bitcoin 27:28 BTC Narrative Problems & Debt, Deficit & AI 37:03 BTC Infrastructure Maturity 39:10 BlackRock's Roadmap & Restraint 41:33 Tokenization & The Broader Ecosystem 44:05 When Does Crypto Cross The Chasm? 45:26 Is It Risky To NOT Hold Bitcoin? 47:37 Robbie's Message To The Institutional Skeptics 48:38 Stay Orange   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Strategy dropped a five-point digital credit framework on a Monday morning. By midweek MSTR was up 11% with Bitcoin flat. Alexandre Laizet of Capital B and Soleil of True North break down why — and why the story isn't that Saylor sold Bitcoin, it's that he built a balance sheet with more firepower than any traditional company has ever had. They cover the $2.55B USD reserve policy, the STRC dividend raise to 12%, the $2B in buyback programs, and the BTC monetization framework. Alexandre makes the case that June and early July 2026 marked the passage from a retail-driven digital credit market to genuine institutional participation. Soleil breaks down the SATA short squeeze mechanics, the 62% overnight borrow rate, and why the soybean analogy explains everything critics are getting wrong about Strategy selling Bitcoin. Follow Alexandre: https://twitter.com/@AlexandreLaizet | https://twitter.com/@_ALCPB Follow Soleil: https://twitter.com/@nithusezni   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Andrew Webley IPO'd The Smarter Web Company in April 2025 when nobody in the UK believed a Bitcoin treasury model would work. Fourteen months later, SWC has raised nearly a quarter of a billion pounds, holds 2,878 BTC, uplisted to the London Stock Exchange, achieved FTSE index inclusion, and acquired Squarebird Agency — and Andrew says the best is still ahead and he can't talk about it yet. He covers the full origin story, what Saylor told him when they met in London, why the UK is the perfect market for Bitcoin preferred equity, what he learned watching STRC and SATA get stress-tested, why FTSE 250 is in touching distance, and his one-sentence answer to every Bitcoin treasury critic. Follow Andrew: ⁠https://twitter.com/@ASJWebley⁠ Learn more: ⁠https://smarterwebcompany.co.uk⁠   CHAPTERS: 00:00 Cold Open 01:35 Andrew's Journey with Bitcoin and Smarter Web Company 09:06 The SWC IPO & Initial Challenges 14:07 Building A Strong Shareholder Base & Community 19:47 Optionality and Mergers & Acquisitions 29:23 Market Positioning In The UK (FTSE 250 & Beyond) 34:13 Preferred Equities In Europe 38:16 Learning From Michael Saylor & Strategy 46:27 The Evolution of STRC & Digital Credit 53:18 Competition Between Bitcoin Treasuries 56:53 Addressing Criticism in the Bitcoin Community 1:02:39 Stay Orange   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net   ⚠️ Not financial advice. Do your own research.   🟠 Stay Orange.  

Sam Callahan, Nick Payton, and Alexandre Laizet join Tyler Rowe to break down why STRC at $84 is a 13.7% yield opportunity, what caused the cascading peg breach, and why being bearish on Strategy means being bearish on Bitcoin. *In this episode:* ✅ Why STRC at $84 represents a 13.7% effective yield — and Sam Callahan's case for why the numbers say it recovers ✅ The cascading liquidation event explained — leveraged carry trades in traditional finance, not DeFi, hit the same level and broke the peg in a cascade from 90 to 82 ✅ Why Strategy retiring convertible debt actually improved credit quality — and why the market got it backwards ✅ If you're bearish on Strategy, you're bearish on Bitcoin over the next five to ten years — Sam Callahan makes the case ✅ Three buckets for Bitcoin investors — self-custody Bitcoin, digital equity (MSTR), digital credit (STRC/SATA) — and who each is for ✅ Alexandre's framework: Strike offers Bitcoin-backed loans, Strategy issues digital credit — different sides of the same trade ✅ Odell's tweet — "never put yourself in a position where you need Bitcoin price to go up in the short term" — and why four analysts think that's exactly what Strategy has avoided ✅ BitGo hits Fortune 500 at #273 — and how the inventor of Bitcoin's 2-of-3 multisig became the first infrastructure play to go public ✅ Orange BTC's World Cup campaign — buying 1 Bitcoin for every Brazil goal *TIMESTAMPS:* 00:00 Cold Open 01:58 Navigating BTC / MSTR Bear Market 02:34 STRC, SATA Digital Credit Price Shocks 18:29 Market (Over)Reactions To Strategy 20:24 The Role of Investor Relations 28:37 Durable Bitcoin Treasury Strategies 39:02 Bitcoiner Criticism of Treasuries 59:52 Competition vs. Collaboration in BTC 1:06:57 Expanding Leveraged BTC Exposure 1:10:02 Oranje's World Cup Promotion 1:12:48 BitGo's Impact on Bitcoin Adoption *🎙️ Featured Guests:* Sam Callahan — Director of Bitcoin Strategy and Research, OranjeBTC. Follow Sam at https://twitter.com/@samcallah OranjeBTC: https://oranjebtc.com Nick Payton — VP of Marketing, BitGo. Follow Nick at https://twitter.com/@NickDPayton BitGo: https://bitgo.com Alexandre Laizet — Board Director of Bitcoin Strategy, Capital B. Follow Alexandre at https://twitter.com/@AlexandreLaizet Capital B: https://cptlb.com/ *🤝 SUPPORT OUR SHOW:* BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bit.ly/bitGo COLDCARD is the industry-leading Bitcoin hardware wallet. Secure your Bitcoin at https://bit.ly/coinkiteStore — use referral code 6BT to get 6% off at checkout! Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://bit.ly/archlending XCE Connecting Excellence Group is the UK's listed Bitcoin treasury recruitment company — placing senior talent into Bitcoin companies globally and helping operating businesses build on a Bitcoin standard. Learn more at https://bit.ly/XCEio Hemi — Activate compliant Bitcoin yield without leaving custody. Follow them at https://twitter.com/@hemi_xyz and learn more at https://bit.ly/hemiXYZ *🔗 Resources:* 🔔 Follow Bitcoin Treasuries: https://twitter.com/@btctreasuries 🔔 Follow Tyler: https://twitter.com/@tylercompiler 🔔 Subscribe: https://youtube.com/@bitcointreasuriesnet 📊 Track every Bitcoin treasury company at https://bitcointreasuries.net *🎬 About the Show:* Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution. *⚠️ Disclaimer:* This podcast is for informational purposes only. Not financial advice. Always do your own research. 🟠 Stay Orange.

Soleil covers why Bitcoin bottoms in August when a hidden network war over blockchain spam reaches resolution, three hard fork scenarios and what Strategy does with 850K forked coins, why STRC is easier to short than SATA in a way that explains the current price divergence, Saylor's Bitcoin selling walkback and why it's giving haters legitimate fuel, and the tidal wave thesis — capital is receding before a Bitcoin tsunami. Follow Soleil: https://twitter.com/@nithusezni YouTube: https://youtube.com/@nithuseznisezni | True North: https://youtube.com/@btctruenorth CHAPTERS: 00:00 COLD OPEN 05:26 Spam War And Network Policy 13:20 BIP 110: Potential Outcomes 24:35 Game Theory & Bitcoin's Future 29:55 Community Divide On Treasury Companies 35:25 Saylor's Controversial Statements 42:24 Saylor's Impact on Bitcoin Adoption 45:14 mNAV Debates 52:36 Options Trading Strategies 1:02:32 AI & SpaceX Stealing The Spotlight   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Brian Phillips built the country's first Bitcoin-only Opportunity Zone fund. Tim Enneking ran his own OZ fund at a near ten-digit family office for nine years — and had never thought to combine the two. In this Psalion series episode, Tim and Alec Beckman sit down with Brian to walk through a structure that lets long-term Bitcoin holders exit completely tax-free after a 10-year hold, with a 30-year window, 30-day liquidity, and trust mechanics that pass the clock to heirs. They cover the One Big Beautiful Bill's rolling 5-year deferral, the wash-sale window Bitcoin holders can still exploit, Tim's advice for Saylor, and why Brian's synthesis of TradFi tax law and Bitcoin antithesis is — in Tim's words — the ultimate Hegelian synthesis fund. Institutional stack: Anchorage Digital, Morgan Stanley, HC Global, Deloitte. Follow Psalion: https://psalion.com Learn more about Psalion Yield and the groundbreaking Psalion Lend -- where you keep custody of your bitcoin at market-leading rates Follow Pearl Bitcoin Fund: https://thepearl.fund   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research.  

The most common mistake in a first Bitcoin allocation is not the price paid. It is assuming the execution will take care of itself. Teams make the buy decision, line up the approval, and then route a seven-figure order through the same retail venue they would use to buy a few hundred dollars of Bitcoin. The order fills, but not at the price they saw. The gap between the quoted price and what they actually paid can be significant, and on a large order it is real money. Buying Bitcoin is operationally straightforward. Buying it well, at size, is not. Michael Geraci, derivatives trader at Secure Digital Markets, covers the exchange, execution, and OTC relationships institutional Bitcoin holders need to understand before the first dollar moves. Will Reeves, CEO of Fold, joins with the operator’s view from running a public company that holds Bitcoin on its own balance sheet. “At a million dollars and up is really where the OTC markets offer depth and liquidity.”  — Michael Geraci, Secure Digital Markets What this session covers When a retail exchange stops being enough     Past a certain size, execution cost becomes real. Slippage becomes material around $250K in notional and is unambiguous past $1M, where retail order books cannot absorb the trade cleanly.     A $1M Bitcoin buy typically runs 5 to 60 bps in execution cost. On a single trade that looks small; across a recurring accumulation program it is the difference that decides your cost basis.     OTC desks exist to solve this, offering real depth, bilateral pricing, and a counterparty accountable on the other end of the phone. How a large order actually gets worked     Size is worked, not clicked. A meaningful order is sliced across venues and over time rather than dropped into a single book that it would move against itself.     Execution is benchmarked. Working an order against TWAP or VWAP lets it track the market instead of running ahead of it, which is the difference between a fill a treasurer can defend to a board and one they cannot.     Discretion matters. Bilateral pricing keeps a large order off the public tape, so the trade does not signal its own size to the rest of the market. The operational groundwork that makes execution clean     Tier-1 banking relationships matter. Fiat needs to move cleanly, and wires to crypto venues are routinely flagged or blocked at banks that are not set up for them. Established banking rails remove that friction.     Work with a firm that picks up the phone. Setting up to trade at size involves real onboarding, banking, and compliance questions, and the answers are specific to each entity. A client-centric desk walks you through them with a named person on the other end of the line, rather than leaving you to a support inbox or a contact form.     Settlement speed is an edge. Pre-funded trades that settle T+0 to T+1 reduce the window in which anything can go wrong, rather than leaving funds in transit for days.     Flexibility is the point of a desk. Bespoke, bilateral structuring gives a treasury options a public order book cannot, from how an order is filled to how a position is later hedged or financed. Get these pieces right and the first allocation stops being a leap of faith. The price you pay is defensible, the execution is clean, and you have a counterparty who answers when you call. From there, the same desk can help the position do more than sit, structuring yield, downside protection, and financing against Bitcoin you already hold, which is exactly the role a desk like SDM is built to play. About Secure Digital Markets SDM is a crypto-native institutional brokerage offering spot execution, derivatives, and structured lending. It specializes in bilateral transactions that give treasuries the depth, flexibility, and privacy a retail exchange cannot match, while clients retain custody of their own assets. You can learn more at SDM.co.

Brandon Quittem wrote some of the most widely read essays in Bitcoin — The Mycelium of Money, Bitcoin Is A Pioneer Species, Bitcoin In The Rhythms Of History — and spent six and a half years at Swan helping people understand Bitcoin from the ground up. He traces Bitcoin's roots through biomimicry and the cypherpunks, explains why the 21 million cap is arbitrary but "hard to change" is what actually matters, takes on Bitcoin's civil war between cypherpunk purists and treasury company buyers, covers Sean Bill's junk bond analogy for digital credit, asks whether Bitcoin could become BitTorrent, and closes with the Fermi Paradox, multiplanetary civilization, and Bitcoin on Mars. Follow Brandon: https://twitter.com/@bquittem Swan: https://swan.com | Swan Private: https://swan.com/private   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Strategy sold 32 Bitcoin. Then bought 1,550 the same week. X imploded anyway. Zynx BTC — the Sovereign Individual who tracks STRC and SATA every single day since inception — joins Alexandre Laizet to break down the STRC de-peg trade, why Bitcoin maxis criticizing digital credit are suffering from cognitive dissonance, why STRC already does more volume than every other preferred equity combined, and why institutions with 10–15% return targets are quietly circling. Follow Zynx: ⁠https://twitter.com/@ZynxBTC⁠ Follow Alexandre: ⁠https://twitter.com/@AlexandreLaizet⁠   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.  

Sam Callahan just closed the first Bitcoin-backed loan in Brazil with Itaú — the JP Morgan of Latin America. Five-year bullet, zero cash burden, 10-11% all-in cost, 13% leverage ratio. With Bitcoin down 50%. As Director of Bitcoin Strategy at Orange BTC, the largest Bitcoin treasury company in Latin America, Sam covers why Bitcoin could still go lower and why he's buying anyway, the false diversification hidden in traditional finance, why Saylor selling Bitcoin is actually brilliant, the Social Security insolvency timeline and what it means for Bitcoin, and why currency debasement at this point is math — not a prediction. Follow Sam: https://twitter.com/@samcallah | Orange BTC: https://oranjebtc.com 🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Strive just set four straight daily SATA records — funding an estimated 800 Bitcoin in a single day. Strategy retired $1.5 billion in converts at 92 cents on the dollar. And a 24-year-old analyst who worked three jobs to fund her own college education breaks down why Saylor is the most underrated marketing genius in Bitcoin. Halston Valencia of Bitcoin Quant covers daily dividends compressing STRC volatility, why banks are quietly white labeling STRC, why the next cycle forces stagnant treasury companies to offer more or get acquired, 21 Capital's cautious bull case, and why her grandmother's retirement struggle is exactly the problem STRC was built to solve. Follow Halston: https://twitter.com/@HalstonValencia 🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

STRC is down 5% while Bitcoin is down 50%. AI stocks are more concentrated than the dot-com peak. And BSTR is entering public markets with 25,000 Bitcoin and over $1.2 billion in capital. Sean Bill — 30-year hedge fund veteran who got Santa Clara pension fund into Bitcoin — joins Alexandre Laizet to cover BSTR's full capital structure and Berkshire Hathaway 2.0 vision, why digital credit is the high yield bond moment of this generation, why value investors at the Markel meeting were quietly sniffing around STRC, and Alexandre's closing case that Bitcoin historically does 8-90x from these drawdown levels. Follow Sean: https://twitter.com/@macrocrunch | https://bstr.com Follow Alexandre: https://twitter.com/@AlexandreLaizet | Capital B: https://bit.ly/XCEio   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Alex Leishman founded River to build the Bitcoin bank of the world — not a casino. Seven and a half years later, River has over $2 billion in Bitcoin under custody, proves reserves every month, and holds 437 BTC on its own balance sheet. He covers the self-custody framework most people get wrong, why more people lose Bitcoin from their own mistakes than from custodians failing, the orange-pilled dictator theory behind every Bitcoin treasury, why the regulatory ship has sailed regardless of who wins in 2028, and why rushing a quantum fix is more dangerous than the threat itself. Follow Alex: https://twitter.com/@Leishman Follow River: https://twitter.com/@river | https://river.com | Research: https://river.com/research   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Matthew Mezinskis has been tracking Bitcoin's power law and global monetary base since 2018. He's back with a chart showing 90% of all Bitcoin price history is higher than today — and another showing exactly when Saylor's 10% interest model hits a mathematical wall. He covers the power law end-of-year range ($85K–$185K), why the four year cycle may finally break in 2025, why nation state adoption fireworks start around 2035, and the biggest long-term risk no one is talking about — institutions centralizing enough BTC to fork regular holders off the network. Follow Matthew: https://twitter.com/@1basemoney | https://porkopolis.io CHAPTERS: 00:00 Cold Open 00:43 Did Bitcoin's Four-Year Cycle Die? 10:08 BTC Power Law Chart 16:54 Schelling Points In Bitcoin 24:50 Bitcoin Supply Shock 36:05 Bitcoin's Next Cycle Catalyst 44:54 Bitcoin's Role In USD Hegemony 52:37 Michael Saylor's Gambit 1:04:41 Economic Node Centralization Threat 1:13:20 Where To Follow Matthew Mezinskis 1:13:41 Stay Orange 🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Bitcoin's free float just hit all-time lows. Strive is paying daily dividends. And a brand new yield fund just launched with 4,000 BTC in demand on day one. Richard Byworth of BYZ Partners covers the put-selling strategy no Bitcoin treasury has executed yet, why daily dividends could trigger Lightning Network adoption, and why the supply vacuum means this can't go on much longer. Alexandre Laizet breaks down Saylor's Bitcoin selling pivot in five steps — and explains why Capital B at 1.3x mNAV is trading below its own bear market average. Follow Richard: https://twitter.com/@RichardByworth Follow Alexandre: https://twitter.com/@AlexandreLaizet  Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Ryan Lane raised $500 million in six weeks, bought back more stock than any Bitcoin treasury company by multiples, and grew BTC per share 30% — by doing something most Bitcoin companies won't touch: selling Bitcoin below NAV. Now Strategy is doing the same thing. Ryan, founder of Empery Digital and 25-year hedge fund veteran, breaks down the math, explains why Bitcoin treasuries without cash-flow-positive operating businesses won't survive, and makes the case that Kevin Warsh will cut rates faster than Powell ever did — because AI changes the deflation calculus entirely. Follow Empery Digital: https://twitter.com/@EMPD_BTC | https://www.emperydigital.com Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Strategy just completed an estimated 25,000 BTC purchase in a single week — funded primarily by STRC raising over $2 billion. Steven Lubka of Nakamoto and Alexandre Laizet of Capital B joined us live as it was happening. They cover why the STRC ATM surge before ex-dividend is sustainable, why Alexandre believes STRC will become the reference benchmark rate for all digital credit markets, the full Coffeezilla rebuttal, why AI is actually a Bitcoin wave, why Bitcoin miners pivoting to AI is bullish for decentralization, and Capital B's new 15M euro raise targeting 100M more in Bitcoin. 00:00 Cold Open 01:10 The Growth and Sustainability of STRC 09:54 Institutional Embrace of Bitcoin Vehicles 14:21 Bitcoin Has Fewer Adversaries 21:21 Future Of Investment In Uncertain Times 28:19 AI's Impact on Bitcoin and Economic Growth 31:41 The Role of the Federal Reserve in a Changing Economy 38:30 Global AI Economics & USD Dominance 48:14 Bitcoin Miner Pivot To AI 57:27 Capital B, Nakamoto & Paper Bitcoin Summer 2.0 Follow Steven: https://twitter.com/@stevenlubka | Nakamoto: https://nakamoto.com Follow Alexandre: https://twitter.com/@AlexandreLaizet Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at Arch Lending bit.ly/archlending 🏛️ Institutional custody & OTC at BitGo bit.ly/bitGo 💼 Bitcoin executive recruitment at XCE bit.ly/XCEio 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Mark Connors sat behind Michael Lewis at Salomon Brothers in 1986 as Liar's Poker was being written. Forty years later, as founder of Risk Dimensions and former Global Head of Risk at Credit Suisse, he's concluded there are no levers left to pull in the fiat system — and Bitcoin is terra firma. He breaks down why Kevin Warsh won't fix the Fed, why the SLR repeal is the real story, why Powell's rate hike campaign was indefensible from a risk management perspective, why a 3% Bitcoin allocation increases 60-40 portfolio returns by 35% with lower downside deviation, and why STRC could trade at 4.5% as Bitcoin mining decentralizes further — unlocking a tidal wave of institutional capital. TIMESTAMPS: 00:00 Cold Open 00:41 Mark's Story — Salomon Brothers & Liar's Poker 03:41 Kevin Warsh, The Fed & The SLR Repeal 10:22 Hedge Funds, Foreign Demand & Treasury Auction Risk 14:08 Bessent, Short-End Financing & The Debt Treadmill 16:52 Glass-Steagall's Repeal — The Moment Everything Changed 20:00 SVB, Powell's Rate Jihad & Unpriced Risk 29:53 Institutional Adoption of Bitcoin 35:02 Evaluating Digital Credit Strategies 43:07 Sovereign Bitcoin Reserves & The Game Theory 46:56 Resources & Stay Orange Follow Mark: https://riskdimensions.io Substack: The Macro Case For Bitcoin | Podcast: The New Barbarians Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Trey Sellers spent 15 years in finance before discovering that the FIRE movement and Bitcoin were pointing at the same destination. Now VP of Sales at Unchained and founder of the FIRE BTC newsletter, he joins Tyler Rowe to build the framework most Bitcoiners are missing: structure your savings, protect your custody, and know exactly when it's okay to sell. He covers the mNAV Madness warning he wrote at the top of the market, why STRC is actually a better swap for your stock allocation than most realize, why Bitcoin treasury companies should be pushing toward native multi-sig custody, and the right order to draw down assets in retirement. Follow Trey: https://twitter.com/@ts_hodl Newsletter: https://firebtc.io | Unchained: https://unchained.com Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Joe Burnett — VP of Bitcoin Strategy at Strive and host of The Mustard Seed podcast — joins Tyler Rowe to break down why digital credit is a completely different demand source for Bitcoin than anything that's come before, why zombie companies are the most logical next wave of Bitcoin treasury adopters, and why the distribution of Bitcoin through ETFs and passive index funds to people who don't even know they own it is one of the most important things happening in Bitcoin right now. He also covers the sustainable yield question, the bi-monthly dividend move, why SATA and STRC held their peg through a 50% crash, AI CapEx competing with Bitcoin for capital, and the K-shaped economy as proof that easy money makes Bitcoin inevitable. Follow Joe: https://twitter.com/@IIICapital | YouTube: https://www.youtube.com/@JoeBurnett27 Strive: https://strive.com | Dashboard: https://treasury.strive.com Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange. CHAPTERS: 00:00 Cold Open 01:35 Joe's Busy Year & Strive's BTC Strategy 04:58 Treasury Management & Selling BTC 10:59 SATA, STRC & Semi-Monthly Dividends 16:05 Demand & Maturity of Digital Credit 20:15 Cash & STRC Reserve For Dividends 25:25 Why BTC Price Hasn't Followed Saylor's Accumulation 34:11 The Evolving Bitcoin Holder/Investor 39:55 Volatility and Market Dynamics 43:54 Wall Street's Growing Interest in Bitcoin 47:44 The Bitcoin Treasury Explosion & Zombie Companies 53:59 Bitcoin As A Liquidity Sink 55:34 The Fiat System & the Macro Bitcoin Thesis 01:01:14 Regulatory Landscape and Bitcoin's Future 01:05:12 How To Follow Joe Burnett 01:05:52 Stay Orange

Parker White from Apyx reveals on the record that Strategy could've raised 50–100% more during its recent STRC mega-buy — and chose not to. On this Bitcoin Treasuries roundtable, Tyler Rowe sits down with Alexandre Laizet (Capital B), Ryan Lane (Empery Digital), Parker White (Apyx / DFDV), and Soleil (True North) to unpack the $2B+ STRC raise, debate whether smaller Bitcoin treasury companies should sell Bitcoin to buy back shares trading under NAV, and share their price targets for Bitcoin's next all-time high. Topics covered: Parker's insider account of Strategy's STRC capacity Bi-monthly dividend rollouts and the race toward daily income Ryan Lane on Empery Digital selling Bitcoin to grow BTC per share Alexandre on why French institutions now understand digital credit Managing MNAV multiples as a smaller treasury company Bitcoin's stability during the Iran-Israel-US conflict Capital B's target of 42,000 Bitcoin by 2029 Lightning round: when does Bitcoin hit a new all-time high? Follow the panel:Alexandre Laizet: ⁠https://twitter.com/@AlexandreLaizet⁠Ryan Lane / Empery Digital: ⁠https://twitter.com/@EMPD_BTC⁠Parker White: ⁠https://twitter.com/@TheOtherParker⁠_Soleil: ⁠https://twitter.com/@nithusezni⁠ Special thanks to @hemi_xyz — ⁠https://bit.ly/hemiXYZ⁠ 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio 📊 Track every Bitcoin treasury company at bitcointreasuries.net💬 Questions for the roundtable? ⁠[email protected]⁠ ⚠️ Not financial advice. Do your own research.🟠 Stay Orange. CHAPTERS: 00:00 Cold Open 02:34 Welcome & Intros To The Panel 03:38 Apyx & The Implications Of STRC Dividends Going Semi-Monthly 07:22 Saylor Leaving Money On The Table w/ STRC ATM? 09:06 Institutional Interest in Bitcoin Treasuries 14:44 Empery Digital's Willingness to Sell BTC to Increase BPS 22:31 Varying Strategies to Accumulate More BTC Long-Term 26:09 Double-Edged Sword of Paying Dividends 35:36 Lean Operations & Managing Costs of a Treasury 39:54 The Rise of Retail Investment and Accessibility 43:37 Market Dynamics and Treasury Management 45:27 Live Reaction To BTC Price Pumping 46:16 Bitcoin's Response to Geopolitical Events 01:03:43 When Will Bitcoin Reach New All-Time Highs? 01:05:43 Introduction to Bitcoin Treasury Coverage  

Joe Consorti — head of growth at Horizon and author of The Great Repricing — recorded this episode on April 20th, the day Strategy announced its third largest Bitcoin purchase ever, funded almost entirely by STRC raising $2 billion in a single week. He breaks down why STRC is a once-in-a-generation instrument, why Iran demanding Bitcoin for Strait of Hormuz passage is the first oil transaction outside the dollar in 80 years, why every major US bank is now rushing to build Bitcoin income products, and how Horizon converts dormant home equity into tax-free Bitcoin with no monthly payments. Follow Joe: https://x.com/@joeconsorti | joeconsorti.com Horizon: https://joinhorizon.com Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

BONUS EPISODE! Tim Enneking has been in bitcoin for 13 years. He ran what is believed to be the first crypto trading fund in the United States. He was CIO of a near-$10 billion family office for nine years. And in 2021, his fund was the best performing hedge fund in the world — not just the best crypto fund. The whole world. In this special episode of Psalion on BitcoinTreasuries.net, Tim breaks down where we are in the market cycle, why the four year cycle is dead, why Bitcoin's correlation to equities is largely a statistical illusion, and why Michael Saylor buying billions of dollars of Bitcoin doesn't move the spot price the way most people think. In this episode: Why the four year cycle is structurally dead — and why that's bullish for Bitcoin long term The statistical illusion of Bitcoin's correlation to equities — crypto is open 5.5x longer than fiat markets Why buying Bitcoin when everyone is screaming is the only strategy that consistently works Why Saylor buying billions of Bitcoin OTC doesn't hit spot price the way retail expects How generating yield on dormant Bitcoin treasury assets changes the math in bear markets Why this is a token pickers market — not a tide-that-lifts-all-boats market Why Korea's retail market quitting crypto is one of the best buy signals available How Psalion generates yield on Bitcoin, ETH and stablecoins through DeFi liquidity pools Why relative volatility — not absolute volatility — is the only honest way to measure Bitcoin risk 🎙️ Featured Guests: Tim Enneking — Managing Partner of Psalion, founding partner of one of the world's oldest crypto hedge funds, former CIO of a ~$10B family office. Alec Beckman — Partner at Psalion. FOLLOW on X: https://x.com/alecbeckman_AB Learn more at psalion.com 🙏 Special Thanks: @hemi_xyz — Activate compliant Bitcoin yield without leaving custody. Follow them at https://twitter.com/@hemi_xyz and learn more at https://bit.ly/hemiXYZ 🤝 SUPPORT OUR SHOW: BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bit.ly/bitGo COLDCARD is the industry-leading Bitcoin hardware wallet. Secure your Bitcoin at https://bit.ly/coinkiteStore — use referral code 6BT to get 6% off at checkout! Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://bit.ly/archlending XCE Connecting Excellence Group is the UK's listed Bitcoin treasury recruitment company — placing senior talent into Bitcoin companies globally and helping operating businesses build on a Bitcoin standard. Learn more at https://bit.ly/XCEio 🔗 Resources: 🔔 Follow Bitcoin Treasuries: https://twitter.com/@btctreasuries 🔔 Follow Tyler Rowe: https://twitter.com/@tylercompiler 🔔 Subscribe: https://youtube.com/@bitcointreasuriesnet 📊 Track every Bitcoin treasury company at https://bitcointreasuries.net 🎬 About the Show: Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution. ⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Always do your own research. 🟠 Stay Orange.

Parker Lewis wrote Gradually Then Suddenly to answer the logical questions every serious Bitcoiner has to work through. Today he joins Tyler Rowe to zoom out and land the plane on what every Bitcoin treasury investor and executive should understand. He breaks down why Bitcoin treasury companies are a speculative attack on fiat, why STRC makes sense if you understand Bitcoin and looks like a Ponzi if you don't, why fiat has about a decade of runway, and why only 1% of the world understands Bitcoin today while 100% are going to need it. He also covers Iran demanding Bitcoin for Strait of Hormuz passage, why Bitcoin miners pivoting to AI never understood Bitcoin, and what ZapRite is building for the circular Bitcoin economy. Follow Parker: https://twitter.com/@parkeralewis ZapRite: https://zaprite.com Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange. TIMESTAMPS: 00:00 Cold Open 02:14 The Genesis of Gradually Then Suddenly 07:11 Understanding Bitcoin's Value Proposition 13:31 Treasury Companies Are A Speculative Attack On Fiat 22:34 The Opportunity Cost Of STRC vs. Traditional Investments 28:22 Bitcoin Derivatives Are An Orange Pill 30:58 Do Legacy Institutions Understand Bitcoin Yet? 36:20 Fiat's Runway, Bitcoin's Inevitability & Game Theory 44:53 Bitcoin's Neutrality in Global Finance 49:00 Understanding Bitcoin: The Tipping Point 55:35 Michael Saylor's Impact on Bitcoin Adoption 57:47 STRC's Learning Curve 01:02:25 Building BTC Payments Infrastructure w/ Zaprite 01:09:00 Stay Orange

Strategy's STRC just crossed $5 billion in AUM — and now it's being tokenized for the 4 billion people who can never open a US brokerage account. At the same time, Morgan Stanley just launched the lowest-fee Bitcoin ETF in the market, threatening to pull billions away from BlackRock's IBIT. The Bitcoin capital stack is being rebuilt outside the US in real time, and the people doing it are on this week's roundtable. Two weeks ago Capital B became the first publicly listed Bitcoin treasury in Europe to have its shares tokenized on Liquid via Stoker. Three months ago a former Uber exec launched BuckToken — a dollar savings coin collateralized by Strategy's STRC paying 10% yield to non-US holders. These are not unrelated stories. This is the Bitcoin capital stack building and scaling outside the US, reassembling itself on Bitcoin rails for the rest of the world. *In this episode:* Why BuckToken — a single token starting at $1 that accrues to $1.10 over one year — solves the savings problem for 4 billion people without US brokerage access How Stokr tokenized Capital B shares on Liquid and why Bitcoin treasury companies trading against BTC pairs is the next unlock Why Morgan Stanley's new Bitcoin ETF with 14 basis point fees could be as important as all other Bitcoin ETFs combined — and why BlackRock will have to respond How STRC hit $5 billion in AUM faster than most consumer product launches in history Why the tokenization of STRC happened faster than any traditional financial asset tokenization — and what that signals Why Alexandre says digital credit is the answer for 90% of the population and 90% of corporations How tax loss harvesting between Bitcoin ETFs could drive massive capital rotation into Morgan Stanley's new fund Why Arnab sees a trillion dollar market in Bitcoin derivatives and structured products settling against stablecoins The macro case: ceasefire in Iran, Bitcoin at $70K, and why Alexandre says the bottom is in in gold terms *TIMESTAMPS:* 00:00 Cold Open 01:57 State of the Bitcoin Market & Geopolitical Winds 06:32 Tokenization and Its Impact on Bitcoin & Equities 11:18 The Rise of  Digital Credit Innovation & BuckToken 13:28 STRC: Can Saylor Harvest All Of The Demand? 15:25 A Bitcoin-Backed Tokenized Future? 26:22 Morgan Stanley's ETF MSBT & What It Means For BTC 36:12 Future of Digital Credit and Global Market Expansion 38:47 Who's Really Buying STRC? 41:25 Digital Credit's Affect On Treasury Company Risk Ratings 46:43 Bullish Short-Term Signals *🎙️ Featured Guests:* Dan Hillery — Co-founder of BuckToken (buck.io), former Uber exec and Bitcoin digital credit builder. Follow Dan at https://twitter.com/@hillery_dan Arnab Naskar — Co-founder of Stokr, Bitcoin asset tokenization platform with $1B+ in tokenized assets. Follow Arnab at https://twitter.com/@Arnab_Naskarr Alexandre Laizet — Board Director of Bitcoin Strategy at Capital B, Europe's Bitcoin treasury company. Follow Alexandre at https://twitter.com/@AlexandreLaizet *🙏 Special Thanks:* @hemi_xyz — Activate compliant Bitcoin yield without leaving custody. Follow them at https://twitter.com/@hemi_xyz and learn more at https://bit.ly/hemiXYZ *🤝 SUPPORT OUR SHOW:* BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bit.ly/bitGo COLDCARD is the industry-leading Bitcoin hardware wallet. Secure your Bitcoin at https://bit.ly/coinkiteStore — use referral code 6BT to get 6% off at checkout! Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://bit.ly/archlending XCE Connecting Excellence Group is the UK's listed Bitcoin treasury recruitment company — placing senior talent into Bitcoin companies globally and helping operating businesses build on a Bitcoin standard. Learn more at https://bit.ly/XCEio *🔗 Resources:* 🔔 Follow Bitcoin Treasuries: https://twitter.com/@btctreasuries 🔔 Follow Tyler: https://twitter.com/@tylercompiler 🔔 Subscribe: https://youtube.com/@bitcointreasuriesnet 📊 Track every Bitcoin treasury company at https://bitcointreasuries.net *🎬 About the Show:* Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution. *⚠️ Disclaimer:* This podcast is for informational purposes only. Not financial advice. Always do your own research. 🟠 Stay Orange.

Alan Mittleman spent 25 years trading fixed income derivatives on Wall Street before joining Secure Digital Markets as COO and Head of Global Derivative Trading. Now he works with Bitcoin treasury companies to do something most of them aren't doing: building an actual plan for the Bitcoin they hold. Buy at a discount. Earn yield. Protect the downside. Most treasuries skip all three. This is the playbook SDM runs for institutional clients navigating the accumulation phase. In this episode, we cover: ✅ Why most Bitcoin treasuries have no plan once they've bought their Bitcoin — and why that's a problem ✅ How to use covered calls to generate yield on your holdings without selling a single sat ✅ The Bitcoin accumulator strategy — how to buy BTC at a ~10% discount to spot with zero upfront cost ✅ Selling cash-secured puts as an accumulation tool: collecting premium while lowering your cost basis ✅ How to borrow against your Bitcoin for liquidity without triggering a taxable event or locking in a loss ✅ The zero-cost loan structure: pairing a Bitcoin-backed loan with a deep out-of-the-money covered call to offset 100% of your interest expense 🎙️ Featured Guest: Alan Mittleman — COO, Secure Digital Markets (SDM). Head of U.S. and Global Derivative Trading. Learn more at https://treasuries.sdm.co/ 🙏 Special Thanks: @hemi_xyz — powering Bitcoin-native infrastructure.  Follow them at / @hemi_xyz and learn more at https://hemi.xyz 🤝 SUPPORT OUR SHOW: BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bitgo.com COLDCARD is the industry-leading Bitcoin hardware wallet. Secure your Bitcoin at https://store.coinkite.com — use referral code 6BT to get 6% off at checkout! Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://archlending.com 🔗 Resources: 🔔 Follow Bitcoin Treasuries: / @btctreasuries 🔔 Follow Tyler: / @tylercompiler 🔔 Subscribe: / @bitcointreasuriesnet 📊 Track every Bitcoin treasury company at https://bitcointreasuries.net 🎬 About the Show: Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution. ⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Always do your own research. 🟠 Stay Orange.

Rajat Soni managed a $4.5 billion fixed income portfolio at TD Asset Management, earned his CFA, quit banking, drove Uber to fund his Bitcoin content business, and got reported to the CFA Institute for explaining how free markets work. Today he educates millions about Bitcoin. He breaks down the DCA math that proves buying $150 of Bitcoin every week since the 2021 all-time high would have beaten the S&P 500 by more than double, why STRC is the best savings product ever created, why the entire stock and real estate market will eventually flow into Bitcoin, and the honest bear case for why it might not happen as fast as we think. Follow Rajat: https://twitter.com/@Rajatsoni YouTube: https://www.youtube.com/@rajatsonifinance Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

OranjeBTC holds 3,700+ Bitcoin and is the largest Bitcoin treasury company in all of Latin America. Gui Gomes and Sam Callahan join Alexandre Laizet and Tyler Rowe to break down why MARA's Bitcoin sale was a mistake, why OranjeBTC was the first listed company to add STRC to their balance sheet, and why only five or six companies in the world have truly understood the digital credit playbook. They also cover AI agents and Bitcoin, the STRC flywheel mechanics, why 80% of STRC ownership is retail, and Alexandre's closing thesis that STRC will 100x in size over the next decade. Follow Gui: https://twitter.com/@guiamadogomes & https://twitter.com/@ORANJEBTC Follow Sam: https://twitter.com/@samcallah Follow Alexandre: https://twitter.com/@_ALCPB & https://twitter.com/@AlexandreLaizet Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Scott Ellam built a UK executive recruitment business from scratch at 24, quietly stacked Bitcoin on the balance sheet for four years, then took the whole thing public. Now he's launching the world's first truly Bitcoin-denominated convertible bonds — where the conversion price tracks Bitcoin's price — and building a dedicated Bitcoin executive recruitment division placing senior talent confidentially into the fastest growing sector in finance. He also breaks down why STRC is Saylor's iPhone moment, why his equity incentive structure attracts talent no traditional recruiter can compete with, and why every operating company will eventually face the same question: do you back your balance sheet with digital credit or Bitcoin? Follow Scott: https://X.com/@btconlyscott | XCE: https://xce.io   🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at store.coinkite.com 🏦 Borrow against your BTC from 8.49% at archlending.com 🏛️ Institutional custody & OTC at bitgo.com 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange. Special thanks to @hemi_xyz — https://hemi.xyz Activate compliant Bitcoin yield without leaving custody

SmarterWeb just became the first Bitcoin treasury company admitted to the FTSE All Share index — meaning Bitcoin is now quietly inside most UK pension portfolios. Andrew Webley and Jesse Myers of SmarterWeb join Alexandre Laizet of Capital B for the Bitcoin Treasuries Roundtable. Jesse lays out the capital pump thesis — how Bitcoin treasury companies are the plumbing of hyperbitcoinization, systematically pulling capital out of bonds, equities and money markets and channeling it into Bitcoin. Andrew explains why Morgan Stanley can't afford to ignore this anymore. And Alexandre makes the case that we are one bull market away from escape velocity. Follow Andrew: https://twitter.com/@asjwebley Follow Jesse: https://twitter.com/@Croesus_BTC Follow Alexandre: https://twitter.com/@AlexandreLaizet 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at store.coinkite.com 🏦 Borrow against your BTC from 8.49% at archlending.com 🏛️ Institutional custody & OTC at bitgo.com 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Adrian Morris of MSTR True North joins Tyler Rowe to make a data-backed case that most of the Bitcoin community is getting wrong. After modeling MSTR price action across every interval imaginable, Adrian concludes that Saylor's share issuance isn't hurting the stock, mNAV is pure sentiment that cannot be front-run, and MSTR's options volume now rivals the biggest names in tech. He also breaks down the USD cash reserve debate, why the convertible bonds were a necessary stepping stone to preferred equity, and why the current bear market is a narrative competition against AI and gold — not a Bitcoin failure. Follow Adrian: https://x.com/@_Adrian True North live every Wednesday at 10PM ET. 🏛️BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bitgo.com 🔒COLDCARD is the industry-leading Bitcoin hardware wallet. Secure your Bitcoin at https://store.coinkite.com — use referral code 6BT to get 6% off at checkout! 💵Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://archlending.com 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Yves Choueifaty, founder of TOBAM and the man who launched the world's first open-ended Bitcoin fund in 2017, joins Alexandre Laizet of Capital B for the Bitcoin Treasuries Roundtable — and immediately reframes the entire conversation. We are not in a bear market. This drawdown is less than one volatility deviation. The Bank of England did exactly what Saylor is doing, in 1694. Hal Finney predicted Bitcoin reserve banks in 2010. And STRC may be the most important savings product ever created for the billions of people without access to reliable savings. They also break down Capital B's innovative €3M warrant raise with zero share issuance, why mNAV below 1.0 is a gift, and why 100 million millionaires fighting over 21 million Bitcoin is not a question of if — only when. Follow Yves: ⁠https://twitter.com/@YChoueifaty⁠ | TOBAM: ⁠https://www.tobam.fr⁠ Follow Alexandre: ⁠https://twitter.com/@AlexandreLaizet⁠ Follow Tyler: https://twitter.com/@TylerCompiler 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at store.coinkite.com 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.  

Peter Duan (@BTCBULLRIDER), former Cantor Fitzgerald structured finance pro and founder of Bull Standard, joins Tyler Rowe to break down what most investors are getting wrong about Bitcoin treasury companies. They cover why most mNAV calculations are misleading for common shareholders, how STRC trading at par through a bear market is its own best marketing tool, what MetaPlanet is doing with cash-secured puts that nobody else is replicating, and why AI, robotics, and the long-term debt cycle are the three storms Bitcoin is built to outlast. Peter also introduces the CEBE ratio — a superior metric to Bitcoin per share — and makes the case that transparency and rigorous IR communication are the single biggest unlock for institutional Bitcoin treasury adoption. CHAPTERS: 00:00 Cold Open 01:05 Bull Standard: BTCTC Investor Relations 02:46 Learning From Michael Saylor's Communication Strategy 08:42 Navigating Market Challenges and FUD 10:51 The Role of Transparency & Community in Bitcoin Treasuries 12:29 Bear Market Accumulation & ATM Dilution 14:51 STRC's Innovation: Strategy's iPhone Moment 17:45 STRC Seasoning & Penetrating TradFi 23:55 Yield Opportunities in Bitcoin Treasuries 26:42 Peter's Personal Journey into Bitcoin and Treasury Companies 29:56 Openness & Intellectual Rigor In Bitcoin 35:06 The Future Of Bitcoin Treasury Companies 39:43 Upgrading Bitcoin Treasury Financial Metrics 43:29 Stay Orange Follow Peter: https://twitter.com/@BTCBULLRIDER | Bull Standard: https://www.bullstandard.com 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at store.coinkite.com 📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Yves Andre Graf of the One Chair Pod joins Tyler Rowe to break down a historic week in Bitcoin treasury: Strive's $50M STRC purchase, Strategy's 18,000 BTC acquisition funded 30% by STRC, and the digital credit flywheel that's quietly changing how institutions accumulate Bitcoin. They also cover the 20 millionth Bitcoin mined, the new IRS crypto mapping guidance, Bitcoin's role as a risk-off asset in a geopolitically unstable world, and why altcoin treasuries selling Bitcoin may be suppressing price more than anyone's talking about. Follow Yves: @GrafYves | One Chair Pod: @OneChairPod 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at store.coinkite.com Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research.

Bitwise's Gordon Grant details how IBIT quietly became the dominant Bitcoin options venue. When Bitcoin hit $126K with implied volatility falling, Gordon knew exactly what was coming. He breaks down the full anatomy of October 10 and what it means for Bitcoin treasury strategy going forward. Gordon Grant is Portfolio Manager and Head of Derivatives at Bitwise. He has been active in digital assets since 2013, built regulated derivatives trading at Genesis, and now runs institutional options strategies for accredited Bitcoin treasury clients. In this episode: How IBIT overtook Deribit in open interest and volume to become the primary Bitcoin options venue What Coinbase's acquisition of Deribit means for the future of institutional crypto derivatives Why the in-kind BTC-to-ETF creation mechanism is one of the most underappreciated unlocks in the market The secular compression of Bitcoin implied volatility from ~80% in 2021 toward a projected ~30% Why Bitcoin hitting $126K with vol flat or declining was the real warning sign before October 10 The cross-asset contagion story: silver's historic single-day candle, 500% IV in Iris Energy, and the APAC forced unwind theory CHAPTERS: 00:00 Cold Open 01:18 Gordon Grant, Legendary Trader & Portfolio Manager 02:25 The Evolution of Crypto Options Trading 08:11 The In-Kind Creation Unlock 10:54 Market Maturity and Bitcoin Volatility Dynamics 19:01 Catalysts Behind October 10 Leverage Wipeout 22:23 Market Inflection Points, Contagion & Body Bags 28:04 The Role of On-Chain Analytics in Trading 28:27 On-Chain Analysis As A Bayesian Prior 35:20 Risk Management and De-risking in Bitcoin Trading 43:36 Bitwise & Institutional Strategies 46:12 Stay Orange 🤝 SUPPORT OUR SHOW: COLDCARD is the industry-leading hardware wallet. Secure your Bitcoin at https://store.coinkite.com. Use referral code 6BT to get 6% off at checkout! 🔗 Resources: 🔔 Follow Bitcoin Treasuries: https://twitter.com/@btctreasuries 🔔 Follow Tyler: https://twitter.com/@TylerCompiler 🔔 Subscribe: https://youtube.com/@bitcointreasuriesnet 📧 Questions/Feedback: Interviews: [email protected] 🎬 About the Show: The BitcoinTreasuries.net Podcast features in-depth interviews with executives, analysts, and investors at the frontier of corporate Bitcoin adoption. Hosted by Tyler Rowe, we go deep on treasury strategy, capital markets, and the future of Bitcoin as a reserve asset. Get in touch with Gordon: https://bitwiseinvestments.com  https://X.com/@Bitwise ⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Markets are volatile. Always do your own research. Stay orange 🟠

Bitcoin and digital credit's biggest institutional barrier isn't price volatility, it's Basel III, a post-2008 banking rule blocking banks from holding Bitcoin. Strive's Jeff Walton joins Pierre Rochard and Alexandre Laizet to break down why it matters, what's already working around it, and how the regulatory dominoes are falling. Chapters: 00:00 Introduction to the Bitcoin Roundtable 01:59 Highlights from Strategy World & True North Event 08:14 The Role of Traditional Finance in Bitcoin Ecosystem 15:21 Bitcoin vs. Digital Intelligence: Future Perspectives 19:02 Kraken's Fed Master Account & Regulatory Environment 24:08 Understanding Basel III and Its Impact on Bitcoin 28:41 Listener Question: Regulatory Workarounds & US Influence 31:52 Innovative Strategies for Bitcoin Treasuries 36:49 Risk Management in Bitcoin Treasury Operations 40:53 The Breadth of Bitcoin Data Analytics 46:39 Insurance & Actuary Future In Digital Credit 51:37 The Future of Bitcoin Regulation and Investor Engagement   🤝 SUPPORT OUR SHOW: COLDCARD is the industry-leading hardware wallet. Secure your Bitcoin at https://store.coinkite.com. Use referral code 6BT to get 6% off at checkout! [email protected] | https://bitcointreasuries.net Stay orange 🟠

Grain of Salt — the analyst behind True North who has followed Strategy for 5+ years — sits down with Tyler Rowe to break down what nobody expected: how Michael Saylor added 500,000 Bitcoin in just two years, why STRC is Strategy's iPhone moment, and when the institutional waterfall into Bitcoin preferred equity finally arrives. Mike Flaum (@Z06Z07) is featured on True North, one of the most-watched weekly Bitcoin treasury calls with 15,000+ listeners per episode. He was skeptical of Saylor's preferred equity strategy at first. Here's what changed his mind. In this episode: Why Saylor acquiring 500K BTC in 2 years was "impossible" until it wasn't The perpetual liability argument against STRC (and why Mike reversed course) How Strategy raised $23 billion in 2025 and whether they can do it again What a JP Morgan STRC white-label product would mean for the space Why the credit rating is the one thing holding institutional capital back MetaPlanet vs Strategy: who's doing capital markets better right now The "step function" price prediction and why you won't buy the dip in time 00:00 Cold Open 01:05 Intro To Grain of Salt (Mike Flaum) 02:38 MSTR True North & Grain of Salt's Involvement 03:03 Velocity of Michael Saylor's Bitcoin Accumulation Via Microstrategy 06:58 Saylor's Pivot To Preferred Equities As Leverage 10:33 Grain's Prediction of Saylor Raising $50B on the Preferreds 12:11 Bitcoin's Going To $1 Million or It's Going To Zero 16:04 Ratings Agencies & Other Challenges for BTCTCs 20:56 Capital Inflows To STRC & USD Dividend Reserve 23:26 Bitcoiners Who Hate On Treasuries 28:06 Stay Orange 🎙️ Featured Guest: Mike Flaum aka Grain of Salt - Bitcoin educator, MSTR trader, and conviction merchant. Known for MSTR True North & Going Long Bitcoin and MSTR Options. Mike Flaum's Book is The Rise, Fall and Reemergence of Bitcoin Treasury Companies — available on Amazon Kindle Follow Mike at https://twitter.com/@Z06Z07 About True North: True North is a weekly Bitcoin treasury investment podcast streaming live every Wednesday at 10PM EST. One of the most-watched grassroots calls in the MSTR community. Watch at https://www.mstrtruenorth.com https://Youtube.com/@BTCTrueNorth 🤝 SUPPORT OUR SHOW: COLDCARD is the industry-leading hardware wallet. Secure your Bitcoin at https://store.coinkite.com. Use referral code 6BT to get 6% off at checkout! 🔗 Resources: 🔔 Follow Bitcoin Treasuries: https://twitter.com/@btctreasuries 🔔 Follow Tyler: https://twitter.com/@tylercompiler 🔔 Subscribe: https://Youtube.com/@bitcointreasuriesnet 📊 Track every Bitcoin treasury company at https://bitcointreasuries.net 🎬 About the Show: Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution. ⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Always do your own research.

🔥 British HODL just predicted Bitcoin hitting $340,000 this year and called out Bitcoiners for "shitting themselves" while institutions stack sats. Here's why the gold & silver PsyOp took your Bitcoin and what's coming next. In this Bitcoin Treasuries exclusive, British HODL reveals: ✅ Why $340K Bitcoin is coming in 2026 (±15%) - and the liquidity cycle that gets us there 💰 The "Gonadal Model" that's 100% accurate: Bigger zeal = Better Bitcoin returns 📊 How private banks are offering $100M IBIT financing deals at 50% LTV (central bank + 70bps) 🎯 The master PsyOp: Gold & silver rallied to take your Bitcoin - then silver dumped 41% in one day ⚡ Why IBIT holders have 94% HODL rate while small wallets panic-sold everything 🚨 MSTR's preferreds will be wrapped by banks and sold as their own products (coming soon) 💎 Kevin Warsh = "Who wants to lower rates the most?" (That's how Fed chair was selected) THE GAME-CHANGING INSIGHT: British HODL explains why "Bitcoin must rally" - not hopium, but math. Private bankers told him directly: "If Bitcoin only generates 16% CAGR but continues 50-80% drawdowns, we can't expose clients in size." Translation: Bitcoin HAS to deliver massive upside to justify the volatility. Otherwise institutions stay at 1% allocation forever. The ISM breaking 50 after 40 months, $8-10 trillion refinancing this year, and Kevin Warsh lowering rates = perfect setup for $340K. KEY MOMENTS: 00:00 Intro To British HODL 01:37 Bitcoiner's Conviction Is Horrible This Cycle 04:56 The Retail Era Of Bitcoin Is OVER 07:46 HODL's Hilarious GONADAL Model & Why Bitcoin Must Go Up 10:31 The Psy-Op That Made Bitcoiners Sell Their Bitcoin 15:38 Gold & Silver Rallies Show BTC Can Easily Triple Overnight 20:04 New Fed Chair Kevin Warsh Is Bullish For Bitcoin 21:19 Fear, FOMO, Gold & Jeffrey Epstein FUD 26:18 Saylor's Pivot To Preferred Equities 31:44 Why We Got Rekt On Bitcoin Treasury Trades 37:08 Building A Bitcoin Treasury Company That Will Last 39:26 Do Bitcoin Treasuries Learn or EARN Conviction? 40:54 Bitcoin to $340k & Central Bank Tricks 47:26 Packaging Bitcoin For The Wealthy 54:06 Stay Orange BEST QUOTES: 💎 "Everyone is bullish on Bitcoin besides Bitcoiners. Make that make any sense." - British HODL ⚠️ "The gold & silver PsyOp was a master stroke. They convinced you Bitcoin was wrong, you sold, then silver dumped 41% in a day. Structural issues my ass." - British HODL 🔥 "Your conviction is earned, never learned. Saylor earned it. These new treasury companies borrowed it from him. Now they're having to earn it." - British HODL MSTR STRATEGY DEEP DIVE: Preferreds (STRC/SATA) = foundation for continued accumulation Banks will wrap STRC and offer it as their own product to clients Takes time for compliance, training, institutional understanding Saylor is educating banks/countries while building the products they'll use Long-term shareholders understand: Speculative platform on top of Bitcoin If Bitcoin +10%, MSTR must go +15%. If Bitcoin -10%, MSTR -15%. That's the value. 🎙️ Featured Guest: British HODL - Bitcoin educator, content creator, and conviction merchant. Known for calling out retail weakness and reading institutional signals. Follow British HODL: https://twitter.com/@BritishHodl YouTube: https://www.youtube.com/@UCBGncGsI7pIDP64RYoM6rEg  🤝 SUPPORT OUR SHOW: COLDCARD is the industry-leading hardware wallet. Secure your Bitcoin at https://store.coinkite.com. Use referral code 6BT to get 6% off at checkout! 🔗 Resources: 🔔 Follow Bitcoin Treasuries: https://twitter.com/@BTCtreasuries 🔔 Follow Tyler: https://twitter.com/@TylerCompiler 🔔 Subscribe: https://youtube.com/@BitcoinTreasuriesNet 🎬 About the Show: Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution. ⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Always do your own research. Is British HODL right about $340K Bitcoin this year? 👇

In this Bitcoin Treasuries Roundtable, Alexandre reveals: ✅ Why Strategy accumulated 200%+ of mined supply in 2026 (even in a bear market) ✅ The Nakamoto defense: Why David Bailey deserves credit despite 99% drawdown ✅ Abu Dhabi sovereign wealth fund DOUBLED iBit holdings during the dip ✅ How Bitcoin treasury companies raise capital (and why bear markets test conviction) ✅ The MetaPlanet income generation strategy earning tens of millions from volatility ✅ Why institutions will own 70% of Bitcoin (and that's actually bullish) ✅ Europe's unrealized gains tax disaster (even Christine Lagarde says it's wrong)

Wealth manager Matt Golliher called Bitcoin "digital Beanie babies" in 2017. Today he's co-founded Orange Horizon Wealth and has the MAJORITY of his clients off zero. Here's what changed his mind. In this Bitcoin Treasuries exclusive, the partner at Vista Investment Partners and co-founder of Orange Horizon Wealth reveals: ✅ Why he was WRONG to dismiss Bitcoin as "digital Beanie Babies" in 2017 (Saylor changed everything) 💰 The "Price of Tomorrow" framework that breaks through advisor skepticism 📊 Why MAJORITY of Vista clients now have Bitcoin allocations 🎯 The career risk reality: Why advisors at top firms still won't touch Bitcoin in 2026 ⚡ Two categories every Bitcoiner needs: Savings vehicle vs portfolio enhancer 🚨 Why baby boomers sometimes get Bitcoin FASTER than millennials 💎 The estate planning question every 7-figure Bitcoiner must answer

"Bitcoin Treasury Companies Are DEAD." | Pierre Rochard & Alexandre Laizet Fight Back Bitcoin dropped 50% and the consensus says Bitcoin treasury companies are dead. Pierre Rochard (Director at Strive) and Alexandre Laizet (Director at Capital B) reveal what's actually happening behind the scenes during treasury companies' first major bear market since the sector exploded. In this inaugural Bitcoin Treasuries Roundtable episode, Pierre and Alexandre break down: ✅ Why MSTR already survived a worse bear market in 2022 (and what changed) ✅ The real reason Bitcoin fell while gold and Nvidia soared ✅ How Saylor accumulated 276% of mined supply in 2025 ✅ Why banks still can't hold Bitcoin (and the Fed rule that needs to change) ✅ The crypto industry meltdown nobody's talking about ✅ Why stablecoins killed Ethereum's investment thesis overnight ✅ What "investment grade STRETCH" would mean for institutional capital ✅ The speculative attacks theory: Why there will be multiple waves, not one   🎙️ Featured Panelists: Pierre Rochard - CEO of Bitcoin Bond Company, Director at Strive, Bitcoin OG and longtime podcaster. Follow Pierre: https://x.com/@BitcoinPierre Alexandre Laizet - Director at Capital B (Europe's first Bitcoin treasury company). Follow Alexandre: https://x.com/@AlexandreLaizet 🤝 SUPPORT OUR SHOW: COLDCARD is the industry-leading hardware wallet. Secure your Bitcoin at https://store.coinkite.com. Use referral code 6BT to get 6% off at checkout!   🔗 Resources: 🔔 Follow Bitcoin Treasuries: https://x.com/@BTCtreasuries 🔔 Follow Tyler: https://x.com/@TylerCompiler 🔔 Subscribe for weekly roundtables: https://youtube.com/@BitcoinTreasuriesNet 📧 Questions/Feedback: [email protected]   🎬 About the Show: The Bitcoin Treasuries Roundtable brings together executives, investors, and industry leaders navigating the Bitcoin treasury company revolution. Hosted by Tyler Rowe, Head of Video at BitcoinTreasuries.net. We analyze corporate Bitcoin adoption strategies, market dynamics, and institutional capital flows.   ⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Markets are volatile. Always do your own research.

Tyler Rowe sits down with professional options trader Soleil to explore why MicroStrategy's STRC preferreds are revolutionizing Bitcoin exposure—and why $8 trillion in money market capital can't access them yet. They break down the mechanics of Bitcoin digital credit (STRC, SATA), explain how covered call strategies work on volatile treasury stocks, and reveal the institutional barriers keeping financial advisors from allocating client funds to 11% yielding Bitcoin preferreds. Plus: the Saylor vs What Bitcoin Did debate on "pure play" companies, amplification ratio management, and why the shift from convertible bonds to preferreds was necessary for responsible leverage. Learn how options traders are navigating MSTR volatility, what the Strive reverse split means for premiums, and why Bitcoin treasury companies have permanent structural advantages over 99% of traditional equities. Featured: Soleil (https://x.com/@nithusezni) - Orange Pill Investor, True North analyst Follow the show: Twitter: https://X.com/@BTCtreasuries YouTube: https://YouTube.com/@BitcoinTreasuriesNet Host: https://X.com/@TylerCompiler