Trade-offs: Perpetual Preferreds vs Convertible Bonds

In this episode of the Bitcoin for Corporations Show, host Pierre Rochard is joined by Khing Oei, Founder and CEO of Treasury, to unpack one of the most important macro theses in modern finance: how Bitcoin is evolving beyond "digital gold" to become the capital base layer of the global economy — and why that shift could disrupt credit markets at their core.

Oei shares his expertise in credit markets and distressed asset investing, breaking down why Bitcoin treasury companies exist while gold treasury companies never emerged, and how equity issuance, regulatory arbitrage, and balance sheet engineering are accelerating institutional Bitcoin adoption. The conversation explores how securitized Bitcoin products and corporate treasury structures could unlock a massive wave of demand — creating a reflexive feedback loop that transforms balance sheets, yield curves, and global capital flows.

You’ll also learn how Europe’s regulatory landscape and tax treatment are shaping the next phase of Bitcoin-backed credit, why companies like MicroStrategy pioneered this model, and how future corporate issuers could become engines of structural demand far larger than ETFs or retail investors.

Chapters:

00:00 – Intro: Bitcoin vs. Gold – The Treasury Debate

00:55 – Treasury: Going Public in Amsterdam

01:23 – From Goldman Sachs to Bitcoin: Khing Oei

03:04 – Why Bitcoin Treasury Companies Exist — And Gold Never Will

07:45 – Scaling the Bitcoin Treasury Model: Balance Sheet Engineering Explained

14:12 – Preferred Shares, Perpetuals, and the Rise of Bitcoin-Backed Credit

21:38 – Equity vs. Debt: Strategic Capital Structure on a Bitcoin Standard

28:04 – Investor Appetite and Yield Dynamics in Bitcoin-Backed Instruments

34:52 – Building a Bitcoin Ecosystem: Media, Events, and Network Effects

41:10 – Corporate Treasuries: Driving Reflexive Demand

48:03 – The Path to Institutional Maturity: From Treasury Strategy to Financial Products

54:45 – Macro Shifts: European Pension Funds and Fixed Income Culture

1:02:00 – Regulatory Arbitrage in Europe?

1:04:03 – Europe’s Fiscal Health and Bond Yields: Macro Forces Fueling the Bitcoin Era

🔶 Connect with Khing Oei on X: https://x.com/khingoei

🔶 Learn more about Treasury: https://x.com/Treasury_BTC

🔶 Follow Bitcoin For Corporations X: https://x.com/BitcoinForCorps

🔶 Learn more about Bitcoin For Corporations — the executive network for corporate bitcoin adoption: https://b.tc/corporations

⭐ Join us November 13-14 at Bitcoin Amsterdam 2025 presented by Treasury to connect with Bitcoiners and the leaders shaping the next phase of Bitcoin adoption! Tickets on sale now: https://www.bitcoin.amsterdam/

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DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, Bitcoin for Corporations, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.