The Bitcoin Treasuries Podcast with Tim Kotzman Bitcoin-Backed Credit: Rethinking Risk with Michael Saylor, Matt Cole, & Jeff Walton
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Sep 27, 2025 
Michael Saylor, Founder of MicroStrategy, leads a captivating discussion with Matt Cole, CEO of Strive, and Jeff Walton, Chief Risk Officer at Strive. They explore the potential of Bitcoin-backed credit and its implications for existing credit markets. The guests analyze how perpetual preferred equity aligns with Bitcoin's structure, assess risks in insurance markets, and speculate on the future of digital credit as an asset class. They also discuss the likelihood of traditional indices needing to outperform Bitcoin amid evolving financial landscapes.
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Match Bitcoin With Long-Duration Liabilities
- Bitcoin is effectively an infinite-duration asset that pairs best with very long-duration liabilities like perpetual preferred equity.
- Matching Bitcoin's long duration with perpetual instruments aligns asset and liability risk and creates scalable credit opportunities.
Design Programmable Preferred Instruments
- Design preferred instruments as programmable containers that can be tailored for duration, conversion, and yield characteristics.
- Seek public listing and broad distribution to maximize liquidity and institutional uptake.
Rating Ecosystem Will Evolve Two Ways
- The market will evolve via both new rating startups and incumbent agencies responding to asset-manager demand.
- Greater issuance and asset-manager adoption will pressure traditional agencies to create credible frameworks for Bitcoin-backed credit.