The Hurdle Rate Podcast

Episode 31 - The Digital Credit Landscape

Oct 14, 2025
The recent October 11 crypto crash unveils a complex web of leverage and automated liquidations. Hosts dissect how a stablecoin depeg triggered a domino effect in the markets. They explore Bitcoin's surprising resilience amid chaos and the potential longstanding impacts on altcoin liquidity. The conversation shifts to treasury companies, diving into funding mechanisms like PIPEs and the significance of SEC filings. Lastly, they reveal why digital credit is gaining traction, highlighting Bitcoin’s advantages as reliable collateral compared to opaque private assets.
Ask episode
Chapters
Transcript
Episode notes
1
Intro
00:00 • 20sec
2
What triggered the October 11 crypto crash?
00:20 • 2min
3
How did leverage drive the rapid liquidations?
02:05 • 2min
4
Why did timing with macro news matter?
03:58 • 2min
5
Why did Bitcoin show resilience during the crash?
05:37 • 1min
6
What did cross-exchange price dislocations reveal?
06:56 • 2min
7
How will the crash affect altcoin liquidity?
08:33 • 55sec
8
Does a major leverage flush clear the path for higher prices?
09:28 • 3min
9
How did a stablecoin's depeg trigger margin calls?
12:10 • 3min
10
What lessons for treasury companies on leverage?
14:42 • 1min
11
How should individuals approach leverage on Bitcoin?
15:48 • 1min
12
What did Binance leverage charts show after the event?
16:53 • 38sec
13
How does continuous marking affect liquidity perception?
17:31 • 2min
14
Will market makers remain cautious post-flush?
19:13 • 2min
15
How do PIPEs and reverse mergers launch treasury companies?
21:15 • 4min
16
What information do SEC filings reveal to investors?
24:59 • 2min
17
What happens when PIPE shares become registered?
26:43 • 2min
18
How do PIPE investor motives affect post-registration trading?
28:46 • 2min
19
How do PIPE pricing and investor protections work?
31:06 • 4min
20
How complex are S-4 and S-1 filings for treasury deals?
35:08 • 2min
21
Are capital markets open for new treasury companies?
36:52 • 6min
22
Ad break
43:00 • 50sec
23
What risks are hidden in private credit?
43:50 • 3min
24
Why is digital credit easier to underwrite?
47:01 • 2min
25
What lessons from past collateral frauds matter now?
49:22 • 1min
26
How do financing carry trades create yield?
50:40 • 4min
27
Why are margin-based financing trades risky?
54:20 • 48sec
28
How do perpetual preferred equities differ?
55:08 • 1min
29
Are private credit metrics deteriorating?
56:09 • 2min
30
Why is Bitcoin strong collateral for digital credit?
58:37 • 2min
31
Outro
01:00:30 • 14sec