What Bitcoin Did The Bitcoin Treasury Playbook | Preston Pysh
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Aug 21, 2025 
Preston Pysh, a Bitcoin analyst and investment expert, dives deep into Bitcoin treasury mechanics in this discussion. He unpacks Michael Saylor’s strategic prowess and why it has eclipsed Bitcoin returns since 2020. Key topics include the engineering of preferred stock and convertible debt, the fallout from the fixed-income market's decline, and the significance of self-custody for investors. Pysh raises concerns over the risks of treating treasury companies as Bitcoin proxies and highlights potential threats like government nationalization.
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Keep Your Bitcoin In Your Own Custody
- Self-custody your Bitcoin; nobody can take it from you.
- Use hardware or multi-sig custody to avoid centralization and political risk.
Three Lenses To Judge Treasury Firms
- Understanding treasury firms requires three lenses: Bitcoin, security analysis, and fixed-income dynamics.
- Missing any of these creates large blind spots when assessing treasury companies.
Preferred Stock Behaves Like Bonds
- Preferred stock and debt sit above common equity and don't share operating upside unless convertible.
- Non-convertible preferreds act like fixed-income, paid dividends regardless of earnings.