

How to benefit from digital credit powered by Bitcoin!
8 snips Oct 2, 2025
Johan Bergman, a former commercial real estate mortgage banker turned Bitcoin analyst, shares his insights on Bitcoin investments and treasury strategies. The conversation dives into Michael Saylor's innovative strategies with Bitcoin and the appeal of preferred shares in attracting institutional investors. Johan explains the importance of credit ratings and the intricate dynamics of convertible debt. They also discuss future opportunities in Bitcoin for traditional finance and strategic reserves for managing market volatility.
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Saylor's Funding Evolution
- Michael Saylor's funding strategy evolved from buying Bitcoin with cash to convertible debt to preferred shares that behave like debt without maturity.
- Preferreds act as tokenized bonds with par value and cumulative dividends, letting MicroStrategy raise capital while avoiding maturity risk.
Why Credit Ratings Matter
- Credit ratings matter because pension funds and large fixed-income buyers require rated instruments to participate.
- Convertible debt above preferreds would lower preferreds' creditworthiness, so MicroStrategy avoids senior debt to protect ratings.
Tiered Preferred Structure Explained
- MicroStrategy issued multiple preferred series with different protections and convertibility terms to serve varied investor appetites.
- 'Strive' is the most senior with cumulative dividends; 'Stride' is the lower, non-cumulative, higher-yield tranche.