Live from the Bitcoin 2025 conference, Adam Back and Sean Bill of Blockstream break down the quiet but massive shift underway as institutions, pensions, and sovereign funds begin allocating to Bitcoin. They discuss Blockstream's mining investment strategies, institutional Bitcoin income funds, and the rise of Bitcoin treasury companies like MicroStrategy. They explain how institutions are navigating custody, risk management, and public sentiment, while warning of potential excesses in debt-fueled Bitcoin accumulation strategies. Enjoy!

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Join us at Permissionless IV June 24th - 26th. Use code SUPPLY10 for 10% OFF! https://blockworks.co/event/permissionless-iv

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Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com.

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Timestamps:

(00:00) Introduction

(01:59) Blockstream

(04:29) New Wealth Coming to Bitcoin

(05:56) Ledger Ad

(06:42) New Wealth Coming to Bitcoin

(09:29) What’s Holding Back Institutions?

(19:15) Bitcoin Treasury Companies

(22:57) Ledger Ad

(23:43) Bitcoin Treasury Companies

(33:42) Merging Blockstream Tech with Institutions

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

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