The Bitcoin Treasuries Podcast with Tim Kotzman The Bitcoin Journey with Adam Back
Oct 15, 2025
In a fascinating discussion, Adam Back, co-founder and CEO of Blockstream, shares insights on the evolution of Bitcoin treasury companies and their journey, highlighting lessons from MicroStrategy. He explores expectations for the current cycle's length and how Bitcoin resembles rugby in its resilience. Adam also delves into the necessity for treasury firms to keep pace with code changes and speculates on the future of developers in the Bitcoin space. Plus, discover his first encounter with the Bitcoin Whitepaper and the complexities surrounding the Taproot upgrade.
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Market Structure Is More Stable Now
- ETF and treasury demand make dips smaller and create a grind-higher market structure.
- Institutional and treasury buyers are sticky, reducing volatility versus past cycles.
MicroStrategy’s Iterative Treasury Journey
- Adam described investing in MicroStrategy early and following their public learning process.
- He highlighted MicroStrategy's iterative capital tools from bonds to converts and preferreds as an instructive journey.
Preferreds Offer Scalable, Tailored Capital
- Preferreds and ATM issuance let treasury firms scale capital raises with lower overhead.
- Structuring different preferred variants reduces interest-rate and duration-driven NAV volatility.