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.

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.

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.

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.

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.

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.

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.

*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.

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.

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.

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.

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.

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.

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.

📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

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.

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.

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.

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.

📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

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.

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.

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

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? ⁠roundtable@bitcointreasuries.net⁠

⚠️ 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

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.

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.

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

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.

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.

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.

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

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.

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.

🟠 Stay Orange.

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.

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.

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: hello@bitcointreasuries.net

  🎬 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 🟠

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!

roundtable@bitcointreasuries.net | https://bitcointreasuries.net

Stay orange 🟠

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? 👇

✅ 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)

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

✅ 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: roundtable@bitcointreasuries.net

🎬 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.

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