Bell Curve Everything You Need to Know About Crypto Treasury Companies With Jeff Park | Roundup
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Jul 25, 2025 
Jeff Park, Head of Alpha Strategies at Bitwise, shares insights into the world of Bitcoin treasury companies. He delves into the innovative financial structures like convertible debt and preferred equity that are reshaping the crypto landscape. The conversation touches on market dynamics, volatility risks, and tax implications. Park also discusses strategic management of crypto securities and emphasizes the importance of on-chain analysis for better investment decisions. This is a deep dive into the complexities of corporate finance within the vibrant world of cryptocurrency.
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Saylor's Capital Structure Innovation
- Michael Saylor pioneered combining convertibles and preferred equity to create a unique capital structure for Bitcoin treasury companies.
- This approach enables retail investor access to preferred equity which historically was inaccessible and illiquid.
Convert Investors' Impact on Volatility
- Convertible debt investors seek a yield that exploits Bitcoin's high volatility with collateral backing.
- However, this can mute stock volatility due to convert investors' hedging practices, which Saylor manages carefully.
Growing Convertible Debt Market
- The convertible debt market isn't saturated; new Bitcoin treasury companies are emerging with innovative convertible structures.
- Diversification is key for investors due to the idiosyncratic risks of operating companies versus ETFs.