The Bitcoin Treasuries Podcast with Tim Kotzman Tad Smith One Year Later: Does He Still Like the Stock (MSTR)?
Oct 23, 2025
Tad Smith, a partner at 50T Funds and an NYU Stern lecturer, returns to share his insights on Bitcoin and the stock MicroStrategy (MSTR). He discusses the impact of AI on Bitcoin's scarcity and its market dynamics. Tad reflects on the current liquidity cycle and sentiment from the Bitcoin Alpha Conference, expressing cautious optimism. He also shares thoughts on OGs selling Bitcoin, the challenges in Bitcoin treasury management, and future tech threats posed by quantum computing. It's a deep dive into a rapidly evolving financial landscape!
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MicroStrategy Exposure Via Yielding Securities
- Tad Smith still holds MicroStrategy and related securities, seeing value in its Bitcoin-backed assets and yield products.
- He bought convertible preferred and cash-management shares to earn yield while waiting for sentiment to improve.
Optimistic But Liquidity‑Cautious Market View
- Tad doesn't call the current market a bear and expects liquidity and macro factors to stay supportive.
- He remains optimistic but cautious because liquidity cycles are long in the tooth and could shift.
Conference Takeaway: Bullish Structural Drivers
- The Bitcoin Alpha conference left Tad very bullish on structural and macro drivers for Bitcoin.
- He distinguishes traders from long-term holders, saying long-term theses make Bitcoin compelling.