The Hurdle Rate Podcast

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.

Hosts dive deep into the booming market for digital credit IPOs, exploring strong demand and strategic launches. They discuss the structural advantages of perpetual preferred equity over convertibles, alongside behind-the-scenes negotiations for investor protections. The episode highlights substantial growth in Bitcoin holdings and the implications of accumulating this digital asset. Additionally, insights on retail participation in the IPO market and Bitcoin's long-term compounding ability drive an engaging conversation.

The discussion kicks off with Strive's IPO announcement and dives into Strategy's Q3 earnings, emphasizing the evolving landscape of Bitcoin-backed credit. The hosts compare Stream’s fixed dividends to other European credit options, while debating its launch potential. They highlight the importance of ROC dividends for tax benefits and retirement planning. Bitcoin is positioned as the gold standard for collateral in crypto-backed credit. Finally, they explore how Strategy's choices could shift market dynamics and enhance capital flexibility.

Discover the implications of S&P's new credit rating for digital assets and how it could reshape the insurance industry. The hosts delve into why lower ratings can unlock institutional investments and the importance of Bitcoin's treatment by rating agencies. They discuss factors influencing credit ratings, explore how payment frequency builds trust, and examine the role of banks in promoting market confidence. With insights on macroeconomic influences and market momentum, this conversation is packed with intriguing ideas for the future of digital capital.

This discussion dives into the dynamics of Bitcoin treasury companies and their strategic role in managing risk. The hosts explore the importance of consistent messaging during market downturns and the impact of drawdowns on new investment opportunities. They analyze the evolution from convertible debt to perpetual preferred equities, emphasizing how these changes affect investor behavior. Finally, insights on the current interest rate environment highlight the attractiveness of preferred yields and speculate on the future of the market.

The recent October 11 crypto crash unveils a complex web of leverage and automated liquidations. Hosts dissect how a stablecoin depeg triggered a domino effect in the markets. They explore Bitcoin's surprising resilience amid chaos and the potential longstanding impacts on altcoin liquidity. The conversation shifts to treasury companies, diving into funding mechanisms like PIPEs and the significance of SEC filings. Lastly, they reveal why digital credit is gaining traction, highlighting Bitcoin’s advantages as reliable collateral compared to opaque private assets.

Ben Workman, the newly announced Chief Investment Officer at Strive, shares insights from his experience in building treasury companies focusing on Bitcoin. He discusses the importance of maintaining a calm decision-making environment under pressure. The conversation highlights how institutional adoption of Bitcoin is accelerating, and he explains the potential of digital credit to improve retirement portfolios. Ben also addresses Bitcoin tribalism and the evolution of corporate treasury strategies, suggesting we are still in the early stages of this market.

Tim declares he's fully committed to Bitcoin, igniting a vibrant discussion about the cryptocurrency's position as a bearer asset compared to traditional investments. The hosts dive into the concept of a Bitcoin supercycle, linking historic dollar declines to potential price surges. They explore the implications of the UK's digital ID rollout and the importance of self-custody for financial freedom. Featured insights also cover Bitcoin's political sway and its undervalued status in the current market. A stimulating blend of finance and philosophy awaits!

In this discussion, Joe Burnett, a member of the Semler team with expertise in Bitcoin treasury strategy, shares insights on the recent Strive-Semler merger. He highlights the cultural fit between the teams and how this strategic move harnesses Bitcoin for long-term capital allocation. The conversation dives into how in-person events, like the NYC Unconference, catalyzed the acquisition talks. Joe also emphasizes the importance of maintaining a long-term mindset in Bitcoin investments and the shift toward perpetual preferred equity for sustainable financing.