Bitcoin Magazine Podcast Digital Capital Theory & Analysis w/ Allard Peng | BFC Show Ep. #22
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Jan 12, 2026 Allard Peng, a research analyst focused on Bitcoin corporate finance, discusses how Bitcoin is transforming corporate treasury strategies and banking. He highlights the role of perpetual preferreds in accessing a larger market and the importance of Bitcoin as a preferred form of collateral. The conversation delves into the risks and benefits of Bitcoin-backed credit, the future of digital credit in banking, and the implications of regulatory environments. Allard also assesses the potential for Bitcoin's identity to evolve and emphasizes the ongoing innovation in the space.
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Bitcoin As Best Form Of Collateral
- Bitcoin functions as superior collateral because it lacks many risks of traditional assets.
- The industry is nascent and has a long runway to discover financial applications for Bitcoin.
Preferreds Versus Converts Explained
- Perpetual preferreds raise short-term cost of capital compared with converts, compressing equity margins.
- Converts sell volatility and lower short-term cost of capital, creating bigger profit spreads for treasury firms.
Why Firms Use Perpetual Preferreds
- Preferreds access a much larger fixed-income market and can scale fundraising beyond convertible demand.
- Perpetual structure smooths cashflow by removing lump-sum repayment risk and extends fundraising longevity.