What Bitcoin Did The Future of Bitcoin Treasuries | Jeff Walton
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Dec 10, 2025 
Jeff Walton, a corporate executive and Bitcoin treasury specialist, dives into the evolving landscape of Bitcoin treasuries and institutional adoption. He discusses the survival strategies of treasury companies, the potential for yield through Bitcoin-backed finance, and the rise of digital credit. Walton forecasts explosive growth in corporate adoption, alongside the risks facing smaller treasuries. The conversation also explores Strive's innovative strategies, including their perpetual preferred equity product and the impact of market dynamics on treasury firms.
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Treasury Playbook Needs New Tools
- The initial treasury playbook (issue equity, buy Bitcoin) was a one-shot tool that now needs complements.
- Yield-generation, operating businesses, and digital credit are emerging as necessary additional tools.
Monetize Bitcoin Through Yield Products
- Explore yield and lending options to monetize Bitcoin rather than relying solely on appreciation.
- Use custodial, over-collateralized lending and insurance products to reduce margin-call risk.
Scale Enables Unique Capital Access
- Scale unlocks capital-market opportunities like perpetual preferred equity issuance.
- You generally need thousands of BTC and ~$150–200M issuance to attract that market.