The Mark Moss Show Microstrategy is up 2,988%... here's what we learned from them | Dan Hillery
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Oct 18, 2025 Dan Hillery, a fund manager and Bitcoin strategist, dives into the cutting-edge evolution of Bitcoin-native treasury companies. He explores their innovative use of Bitcoin as collateral to disrupt traditional capital markets. Dan discusses key topics such as the importance of Bitcoin yield and the distinctions between secured and unsecured convertible notes. He highlights the potential for treasuries to gain mainstream traction and emphasizes the need for durable yields in a volatile market. Whether you're a crypto enthusiast or a market analyst, Dan's insights are both enlightening and forward-thinking!
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Bigger Bitcoin Treasuries Gain Optionality
- The more Bitcoin a company holds, the more its valuation directly correlates with Bitcoin price movements.
- Large Bitcoin capital gives firms optionality to use BTC as a base for future financial products and leverage.
Bitcoin Isn't Automatically Usable As Collateral
- Bitcoin as collateral is not guaranteed; true leverage requires lenders to accept BTC as pristine capital.
- Without collateral acceptance you can't unlock deeper capital-market products using Bitcoin.
Assess Yield And Capital-Structure Evolution
- Evaluate both Bitcoin-per-share growth and total Bitcoin on the balance sheet when valuing treasuries.
- Prefer firms that can evolve beyond equity issuance into fixed-income and credit markets.