TFTC: A Bitcoin Podcast #664: MicroStrategy's Perpetual Preferred Strategy Explained with Jeff Walton
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Sep 24, 2025 
Marty chats with Jeff Walton, a former reinsurance expert now at Strive, where he develops Bitcoin treasury strategies. Jeff shares insights on Strive's innovative cashless acquisition of Semler Scientific and why companies are pivoting to build Bitcoin reserves. He explains the appeal of perpetual preferred structures, discusses the long-term demand for Bitcoin from corporates, and predicts a significant shift in capital markets as Bitcoin adoption grows. The chat dives deep into how companies might value earnings in Bitcoin, reshaping corporate finance.
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From Reinsurance To Bitcoin Treasury
- Jeff Walton left a reinsurance capital-markets role to join Strive and focus full-time on Bitcoin treasury strategies.
- He found the skills directly transferable and joined a team to buy as much Bitcoin as possible using structured capital markets.
Corporate Bitcoin Will Be Ubiquitous
- Walton expects widespread corporate adoption of Bitcoin on balance sheets and diverse instruments built around it.
- He predicts every company will eventually hold Bitcoin and that treasury companies will offer different risk-flavored exposures.
Prioritize Bitcoin-Per-Share Accretion
- Structure M&A and combinations to maximize Bitcoin-per-share accretion and improve credit quality.
- Use combined balance sheets to access larger pools of capital and enable bigger perpetual preferred issuances.