The Hurdle Rate Podcast Episode 32 - Strategic Risk Taking
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Oct 22, 2025 This discussion dives into the dynamics of Bitcoin treasury companies and their strategic role in managing risk. The hosts explore the importance of consistent messaging during market downturns and the impact of drawdowns on new investment opportunities. They analyze the evolution from convertible debt to perpetual preferred equities, emphasizing how these changes affect investor behavior. Finally, insights on the current interest rate environment highlight the attractiveness of preferred yields and speculate on the future of the market.
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Duration Beats Short-Term Noise
- Bitcoin treasury companies must endure volatility and act with long-duration conviction.
- Consistent execution in both up and down markets separates winners from short-term traders.
Use Drawdowns To Scout Winners
- Do research during drawdowns because they reveal which teams secured capital and structured their balance sheets well.
- Use these periods to identify companies poised to capture long-term value.
Strategy's Conviction Since 2020
- Matt recalls Strategy's August 2020 start to show what conviction looks like across cycles.
- Strategy often lagged Bitcoin short-term yet still outperformed over the multi-year horizon.