The Bitcoin Treasuries Podcast with Tim Kotzman Seizing the Bitcoin Future with Richard Byworth
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Aug 18, 2025 
Richard Byworth, Partner at Syz Capital and host of Seize the Future, dives into the financial landscape of Bitcoin treasuries. He shares insights on navigating recent earnings calls, the urgency for treasury companies to adopt aggressive growth strategies, and the operational models for Bitcoin treasury firms. Byworth emphasizes Bitcoin's role in protecting wealth amid AI disruptions and discusses innovative investment and custody solutions for secure asset management in the crypto world.
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Personal Journey Into Bitcoin
- Richard Byworth describes his path into Bitcoin from 2017, becoming a maxi by late 2018 and stepping down from a crypto company in 2021.
- He joined Seize Capital, launched Bitcoin-denominated funds, and hosts the Seize the Future podcast.
Aggression And Preferreds Drive Accretion
- Aggression in Bitcoin treasury strategies accelerates accumulation and signals conviction to markets.
- Preferred equity offers a cleaner fiat-denominated alternative to convertible bonds for scaling accumulation.
Move Fast To Build MNAV Premium
- Move fast early to generate MNAV premium because higher MNAV makes equity dilution more accretive.
- Target a sizable market cap before issuing preferreds; pensions likely need larger issuers to participate.