Intro

This chapter explores the intersection of Bitcoin and traditional banking, highlighting the concept of 'torque' in capital management. The discussion also touches on regulatory shifts, including the OCC's tweet on banks engaging with crypto, signaling a pivotal moment for the crypto market.

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Episode notes

Andy Edstrom unpacks whether Bitcoin is truly the last asymmetric bet for companies, diving into MicroStrategy's model, capital structure risks, and Bitcoin's rising institutional role.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:40 - Why Michael Saylor calls Bitcoin a lifeline for “zombie companies”

05:20 - How Bitcoin’s returns compare to traditional assets over the last decade

07:10 - The strategic and accounting evolution enabling Bitcoin treasury allocations

12:00 - MicroStrategy’s premium-to-NAV strategy and its replicability

15:40 - Risks and rewards of BTC-backed leverage and convertible notes

18:05 - The logic behind “torque” metrics in Bitcoin-financed capital structures

21:10 - If preferred shares like STRK and STRF are innovative or dangerous

23:05 - Wall Street’s changing views on Bitcoin-leveraged equity plays

27:20 - Legal and governance hurdles in corporate Bitcoin adoption

29:10 - What a BTC-heavy balance sheet should do during a major drawdown

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Andy’s X Account.
Microstrategy Shareholders’ Meeting: Q1 2025 Earnings Call.
Michael Saylor’s speech at Strategy World: Bitcoin for Corporations 2025 Keynote Speech.
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