The Hurdle Rate Podcast

Episode 45 - Preferred Equity Demand Thank you to our sponsor, Swan Bitcoin. We buy Bitcoin at Swan.com [00:00:00] Welcome Back to The Hurdle Rate [00:00:40] Does the Preferred Equity Present a Systemic Risk to Bitcoin? [00:21:42] Strive + Semler: The First M&A Transaction in Bitcoin Treasuries [00:33:30] IBIT Bitcoin Covered Call ETF [00:41:51] Gold & Silver Price Action [00:47:30] What is Japan Saying to the World Right Now? [00:58:54] Bitcoin in an Action-Packed 2026

Explore how digital credit could enhance retirees' income and reshape investment strategies. Delve into the implications of Coinbase's exit from the Clarity Act and the competition between tokenized stablecoin yields and traditional credit. Learn about the impact of credit spreads on sovereign risk, and why banks resist paying deposit yields. The hosts share insights on the tech stack behind their operations, emphasizing the importance of team culture and consistent communication in the fast-paced world of finance.

The hosts delve into Strategy's remarkable $1.25 billion Bitcoin purchase, exploring its implications for market dynamics. With a focus on digital credit, they discuss why these assets resonate more with high-net-worth investors than traditional Bitcoin messaging. Insights into market architecture reveal how liquidity and algorithmic trading attract institutional buyers. The implications of capping credit card interest rates and corporate Bitcoin treasuries strengthen the case for Bitcoin’s role in the future economy. Lastly, they critique Fed actions, connecting geopolitical risks to a bullish outlook for Bitcoin.

The hosts dive into a bullish outlook for 2026, focusing on a major push for digital credit and the resilience of perpetual preferred equity products amidst market fluctuations. They emphasize the significance of track records for institutional investments and discuss the challenges facing pension funds in adapting to new assets. With a light-hearted touch, they link Bitcoin to geopolitical maneuvers, highlighting the potential for new financial products to empower individuals, especially in a world influenced by AI growth and funding gaps.

The hosts reflect on significant milestones in 2025 for Bitcoin and finance, discussing industry changes and strategic pivots. They delve into Bitcoin's role as a risk hedge and its potential as a collateral asset. The conversation includes the remarkable $748M capital raise, the dynamics of supply and demand, and predictions on extreme price outcomes linked to corporate ownership. Lastly, they explore community building and the cultural shifts shaping the Bitcoin landscape.

Dive into the latest trends in Bitcoin and its evolving position against traditional finance. Explore the possibility of a decade-long supercycle, as experts analyze market volatility and strong fundamentals. Hear insights on how the OCC's approval of crypto bank charters paves the way for deeper institutional integration. The hosts also discuss the implications of quantum risks and the resilience of Bitcoin. Plus, discover strategies for portfolio construction to navigate market fluctuations while building on positive structural momentum.

Discover the electrifying atmosphere of the Bitcoin Meta Conference in Abu Dhabi and hear insights from Michael Saylor's bold pitches to sovereign funds. Explore why the Middle East is primed for Bitcoin's rise, driven by oil wealth and regulatory support. The hosts debate the relevance of the four-year cycle in crypto markets and discuss innovative strategies involving digital credit. With fresh takes on risk and yield, they make the case for viewing Bitcoin as a critical hurdle rate for investments.

Vanguard's move to offer crypto ETFs opens up exciting new avenues for institutional investors. The discussion about MicroStrategy's new USD reserve reveals how it bolsters credit ratings and dividend coverage. Foundational metrics for Bitcoin's performance paint a picture of its long-term potential amid macroeconomic shifts. Insights on generational interest in Bitcoin highlight its growing appeal as a viable alternative for wealth preservation. Overall, the conversation buzzes with optimism for increased Bitcoin adoption.

The hosts dive into market volatility and the implications of MSCI's exclusion of Bitcoin. They analyze recent trading activities, focusing on the October 10 market moves. The discussion shifts to how MSCI consultations can impact investment strategies and the classification of Bitcoin-related companies. They highlight the irony of regulatory progress amid criticisms of Bitcoin's financial benefits. Lastly, the hosts connect personal finance challenges with family formation trends, emphasizing the need for tailored Bitcoin education for those in financial distress.

The hosts dive into the contrasting cultures of Bitcoin communities observed at recent conferences. They examine the significance of volatility in prefs and discuss how various management strategies influence trading behaviors. The conversation shifts to the complexities of underwriting Bitcoin and the importance of long-term conviction in treasury strategies. Lastly, a lively debate ensues about whether Zcash can effectively hedge Bitcoin exposure, leaving listeners with thought-provoking insights on digital finance and investment.