The Milk Road Show Bitcoin’s Golden Bull Run: Treasury Companies, Institutions & Macro Analysis w/ Charles Edwards
Aug 14, 2025
Charles Edwards, founder of Capriole Investments, shares his insights into Bitcoin's current bull run. He discusses how over 150 treasury companies, including MicroStrategy, are shifting their strategies to include Bitcoin as a core asset. The conversation dives into the macroeconomic forces propelling institutional demand for Bitcoin, how quantitative analysis can forecast trends, and the evaluation metrics influencing these companies. With an eye on potential record highs, Charles emphasizes the critical role of adaptive investment strategies in this volatile landscape.
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MicroStrategy Sparked Corporate Adoption
- Michael Saylor's MicroStrategy playbook catalyzed corporate Bitcoin treasuries by proving the strategy survived deep drawdowns.
- Regulatory and policy shifts have further unlocked institutional adoption and legitimized treasury strategies.
Treasury Company Hype Has Limits
- The surge of treasury companies is likely a near-term hype cycle that will saturate as differentiation becomes necessary.
- Expect this pure bitcoin-treasury model to face competition within months to a couple years as saturation occurs.
Institutional Demand vs Miner Supply Signal
- Capriole's metric compares institutional daily buying to miner daily supply to measure supply-demand squeezes.
- When institutional demand exceeds miner supply, Bitcoin historically experiences rapid multi-month rallies.