The Bitcoin Treasury Podcast

Michael Sullivan joins the show to explain why he published the most bullish piece of his bear market at $63K, and why Bitcoin ripped 15% in 48 hours right after. Michael spent thirteen years as a fintech engineer and writes fiction on the side, and he's turned both into a methodology: measuring the emotion in how Bitcoiners actually talk, cohort by cohort, week by week. His argument is that when every trader is bored, fearful, and rotating into AI and quantum, that isn't a bear signal.

TIMESTAMPS:
0:00 Intro
0:21 From boredom to a 15% move in 48 hours
2:34 Why...

Matt Tuttle is CEO of Tuttle Capital Management, an ETF issuer running roughly four to five billion dollars across thematic, options-based and event-driven funds. He has been on Wall Street since 1990 and came to Bitcoin through the ETF wrapper rather than through conviction. His argument is that the wrapper was the entire event: once BlackRock launched IBIT the skeptic case stopped being arguable, and his client portfolios now carry 6.25% Bitcoin against an industry standard of one to two percent.

TIMESTAMPS:
00:00 Cold Open
00:52 Trading Since the Eighties
01:51 The iBit Turning Point
02:52 The Argument...

Matt Cole is back. The last time Strive's CEO sat down with Bitcoin Treasuries, they had roughly 6,000 Bitcoin. Today they're closing in on 20,000 — a top seven public holder — and they did it while Bitcoin fell close to 50%.

He covers how the digital credit engine kept running through the bear market, the super cycle thesis, why the $60 trillion income market's structural breakdown created a permanent bid for SATA, the controlled burn that trapped a $100M+ short position, the investor protections institutions actually care about, his candid take on Saylor's missteps with the cash reserve, why the death of cryp...

Jeff Garzik was one of Bitcoin's first core developers. He emailed patches directly to Satoshi, helped build the foundational software Bitcoin still runs on, and bought the domain that became BitcoinTalk.org. Now he's building Hemi — a Bitcoin-secured L2 — and he has a message for every Bitcoin treasury company: you're leaving money on the table.

He covers the Great Slashdotting of July 2010, why the white paper almost didn't matter without the code, the early fear of being arrested for open source development, why 99% of crypto going to zero is actually great news, what Hemi is and why Bitc...

Dylan LeClair is the first Metaplanet executive to speak publicly in English about Metaplanet Securities — the newly acquired Type 1 securities license that the company says changes everything about how Japan accesses Bitcoin. He joins Miller Cole for the full breakdown.

They cover what a Type 1 license actually unlocks, $7 trillion in idle Japanese savings, why institutional career risk hasn't been stripped away in Japan yet and what flips it, the MSTR rerun Dylan sees playing out, Project Nova, the tokenization rails being built for daily dividends, the Mars and Mercury preferred instruments, and why 27 months of unwavering conviction th...

Tim Enneking has been in crypto for thirteen years and previously ran the best-performing hedge fund in the world in 2021. He joins Alec Beckman of Psalion for a conversation on the death of the four-year cycle, why Bitcoin is being mislabeled as a risk-on asset, and why Strategy's concentration may now be a risk to the very market it helped build.

They cover Enneking's Law, the long squeeze risk in leveraged Bitcoin buying, what Strategy's endgame actually has to look like, the Clarity Act as the next major catalyst, and how Psalion generates Bitcoin yield through automated...

Robbie Mitchnick is Managing Director and Global Head of Digital Assets at BlackRock — the world's largest asset manager. He led the launch of IBIT, the most successful ETF in Wall Street history. Now BlackRock has launched BITA, a covered call Bitcoin product targeting high teens yield while retaining 70% of Bitcoin's upside.

Bitcoin Treasuries President and The Bitcoin Historian Pete Rizzo joins Tyler Rowe for the full conversation. They cover the IBIT inflow and outflow data, the hodler thesis ($48B of IBIT's $50B drop was Bitcoin's price, not outflows), why Bitcoin's narrative was badly mismanaged, the machine native mo...

Strategy dropped a five-point digital credit framework on a Monday morning. By midweek MSTR was up 11% with Bitcoin flat. Alexandre Laizet of Capital B and Soleil of True North break down why — and why the story isn't that Saylor sold Bitcoin, it's that he built a balance sheet with more firepower than any traditional company has ever had.

They cover the $2.55B USD reserve policy, the STRC dividend raise to 12%, the $2B in buyback programs, and the BTC monetization framework. Alexandre makes the case that June and early July 2026 marked the passage from a retail-driven digital credit ma...

Andrew Webley IPO'd The Smarter Web Company in April 2025 when nobody in the UK believed a Bitcoin treasury model would work. Fourteen months later, SWC has raised nearly a quarter of a billion pounds, holds 2,878 BTC, uplisted to the London Stock Exchange, achieved FTSE index inclusion, and acquired Squarebird Agency — and Andrew says the best is still ahead and he can't talk about it yet.

He covers the full origin story, what Saylor told him when they met in London, why the UK is the perfect market for Bitcoin preferred equity, what he learned watching STRC and SA...

Sam Callahan, Nick Payton, and Alexandre Laizet join Tyler Rowe to break down why STRC at $84 is a 13.7% yield opportunity, what caused the cascading peg breach, and why being bearish on Strategy means being bearish on Bitcoin.

*In this episode:*
✅ Why STRC at $84 represents a 13.7% effective yield — and Sam Callahan's case for why the numbers say it recovers

✅ The cascading liquidation event explained — leveraged carry trades in traditional finance, not DeFi, hit the same level and broke the peg in a cascade from 90 to 82

✅ Why Strategy retiring convertible debt actually improved credit quality —...

Soleil covers why Bitcoin bottoms in August when a hidden network war over blockchain spam reaches resolution, three hard fork scenarios and what Strategy does with 850K forked coins, why STRC is easier to short than SATA in a way that explains the current price divergence, Saylor's Bitcoin selling walkback and why it's giving haters legitimate fuel, and the tidal wave thesis — capital is receding before a Bitcoin tsunami.

Follow Soleil: https://twitter.com/@nithusezni YouTube: https://youtube.com/@nithuseznisezni | True North: https://youtube.com/@btctruenorth

CHAPTERS:
00:00 COLD OPEN
05:26 Spam War And Network Po...

Brian Phillips built the country's first Bitcoin-only Opportunity Zone fund. Tim Enneking ran his own OZ fund at a near ten-digit family office for nine years — and had never thought to combine the two.

In this Psalion series episode, Tim and Alec Beckman sit down with Brian to walk through a structure that lets long-term Bitcoin holders exit completely tax-free after a 10-year hold, with a 30-year window, 30-day liquidity, and trust mechanics that pass the clock to heirs. They cover the One Big Beautiful Bill's rolling 5-year deferral, the wash-sale window Bitcoin holders can still exploit, Ti...

The most common mistake in a first Bitcoin allocation is not the price paid. It is assuming the execution will take care of itself.

Teams make the buy decision, line up the approval, and then route a seven-figure order through the same retail venue they would use to buy a few hundred dollars of Bitcoin. The order fills, but not at the price they saw. The gap between the quoted price and what they actually paid can be significant, and on a large order it is real money.

Buying Bitcoin is operationally straightforward. Buying it...

Brandon Quittem wrote some of the most widely read essays in Bitcoin — The Mycelium of Money, Bitcoin Is A Pioneer Species, Bitcoin In The Rhythms Of History — and spent six and a half years at Swan helping people understand Bitcoin from the ground up.

He traces Bitcoin's roots through biomimicry and the cypherpunks, explains why the 21 million cap is arbitrary but "hard to change" is what actually matters, takes on Bitcoin's civil war between cypherpunk purists and treasury company buyers, covers Sean Bill's junk bond analogy for digital credit, asks whether Bitcoin could become BitTorrent, and closes with...

Strategy sold 32 Bitcoin. Then bought 1,550 the same week. X imploded anyway.

Zynx BTC — the Sovereign Individual who tracks STRC and SATA every single day since inception — joins Alexandre Laizet to break down the STRC de-peg trade, why Bitcoin maxis criticizing digital credit are suffering from cognitive dissonance, why STRC already does more volume than every other preferred equity combined, and why institutions with 10–15% return targets are quietly circling.

Follow Zynx: ⁠https://twitter.com/@ZynxBTC⁠ Follow Alexandre: ⁠https://twitter.com/@AlexandreLaizet⁠

🏛️ Institutional custody & OTC at bit.ly/bitGo

🔒 Secure your Bitcoin with COLDCARD —...

Sam Callahan just closed the first Bitcoin-backed loan in Brazil with Itaú — the JP Morgan of Latin America. Five-year bullet, zero cash burden, 10-11% all-in cost, 13% leverage ratio. With Bitcoin down 50%.

As Director of Bitcoin Strategy at Orange BTC, the largest Bitcoin treasury company in Latin America, Sam covers why Bitcoin could still go lower and why he's buying anyway, the false diversification hidden in traditional finance, why Saylor selling Bitcoin is actually brilliant, the Social Security insolvency timeline and what it means for Bitcoin, and why currency debasement at this point is math — not a prediction.

Strive just set four straight daily SATA records — funding an estimated 800 Bitcoin in a single day. Strategy retired $1.5 billion in converts at 92 cents on the dollar. And a 24-year-old analyst who worked three jobs to fund her own college education breaks down why Saylor is the most underrated marketing genius in Bitcoin.
Halston Valencia of Bitcoin Quant covers daily dividends compressing STRC volatility, why banks are quietly white labeling STRC, why the next cycle forces stagnant treasury companies to offer more or get acquired, 21 Capital's cautious bull case, and why her grandmother's retirement struggle is exactly the problem ST...

STRC is down 5% while Bitcoin is down 50%. AI stocks are more concentrated than the dot-com peak. And BSTR is entering public markets with 25,000 Bitcoin and over $1.2 billion in capital.

Sean Bill — 30-year hedge fund veteran who got Santa Clara pension fund into Bitcoin — joins Alexandre Laizet to cover BSTR's full capital structure and Berkshire Hathaway 2.0 vision, why digital credit is the high yield bond moment of this generation, why value investors at the Markel meeting were quietly sniffing around STRC, and Alexandre's closing case that Bitcoin historically does 8-90x from these drawdown levels.

Follow Sean...

Alex Leishman founded River to build the Bitcoin bank of the world — not a casino. Seven and a half years later, River has over $2 billion in Bitcoin under custody, proves reserves every month, and holds 437 BTC on its own balance sheet.

He covers the self-custody framework most people get wrong, why more people lose Bitcoin from their own mistakes than from custodians failing, the orange-pilled dictator theory behind every Bitcoin treasury, why the regulatory ship has sailed regardless of who wins in 2028, and why rushing a quantum fix is more dangerous than the threat itself.

Fo...

Matthew Mezinskis has been tracking Bitcoin's power law and global monetary base since 2018. He's back with a chart showing 90% of all Bitcoin price history is higher than today — and another showing exactly when Saylor's 10% interest model hits a mathematical wall.

He covers the power law end-of-year range ($85K–$185K), why the four year cycle may finally break in 2025, why nation state adoption fireworks start around 2035, and the biggest long-term risk no one is talking about — institutions centralizing enough BTC to fork regular holders off the network.

Follow Matthew: https://twitter.com/@1basemoney | https://porkop...

Bitcoin's free float just hit all-time lows. Strive is paying daily dividends. And a brand new yield fund just launched with 4,000 BTC in demand on day one.

Richard Byworth of BYZ Partners covers the put-selling strategy no Bitcoin treasury has executed yet, why daily dividends could trigger Lightning Network adoption, and why the supply vacuum means this can't go on much longer. Alexandre Laizet breaks down Saylor's Bitcoin selling pivot in five steps — and explains why Capital B at 1.3x mNAV is trading below its own bear market average.

Follow Richard: https://twitter.com/@Ri...

Ryan Lane raised $500 million in six weeks, bought back more stock than any Bitcoin treasury company by multiples, and grew BTC per share 30% — by doing something most Bitcoin companies won't touch: selling Bitcoin below NAV.

Now Strategy is doing the same thing.

Ryan, founder of Empery Digital and 25-year hedge fund veteran, breaks down the math, explains why Bitcoin treasuries without cash-flow-positive operating businesses won't survive, and makes the case that Kevin Warsh will cut rates faster than Powell ever did — because AI changes the deflation calculus entirely.

Follow Empery Digital: https://twitter.com...

Strategy just completed an estimated 25,000 BTC purchase in a single week — funded primarily by STRC raising over $2 billion. Steven Lubka of Nakamoto and Alexandre Laizet of Capital B joined us live as it was happening.

They cover why the STRC ATM surge before ex-dividend is sustainable, why Alexandre believes STRC will become the reference benchmark rate for all digital credit markets, the full Coffeezilla rebuttal, why AI is actually a Bitcoin wave, why Bitcoin miners pivoting to AI is bullish for decentralization, and Capital B's new 15M euro raise targeting 100M more in Bitcoin.

00:00 Cold Op...

Mark Connors sat behind Michael Lewis at Salomon Brothers in 1986 as Liar's Poker was being written. Forty years later, as founder of Risk Dimensions and former Global Head of Risk at Credit Suisse, he's concluded there are no levers left to pull in the fiat system — and Bitcoin is terra firma.

He breaks down why Kevin Warsh won't fix the Fed, why the SLR repeal is the real story, why Powell's rate hike campaign was indefensible from a risk management perspective, why a 3% Bitcoin allocation increases 60-40 portfolio returns by 35% with lower downside deviation, and why STRC co...

Trey Sellers spent 15 years in finance before discovering that the FIRE movement and Bitcoin were pointing at the same destination. Now VP of Sales at Unchained and founder of the FIRE BTC newsletter, he joins Tyler Rowe to build the framework most Bitcoiners are missing: structure your savings, protect your custody, and know exactly when it's okay to sell.

He covers the mNAV Madness warning he wrote at the top of the market, why STRC is actually a better swap for your stock allocation than most realize, why Bitcoin treasury companies should be pushing toward native multi-sig...

Joe Burnett — VP of Bitcoin Strategy at Strive and host of The Mustard Seed podcast — joins Tyler Rowe to break down why digital credit is a completely different demand source for Bitcoin than anything that's come before, why zombie companies are the most logical next wave of Bitcoin treasury adopters, and why the distribution of Bitcoin through ETFs and passive index funds to people who don't even know they own it is one of the most important things happening in Bitcoin right now.

He also covers the sustainable yield question, the bi-monthly dividend move, why SATA and STRC...

Parker White from Apyx reveals on the record that Strategy could've raised 50–100% more during its recent STRC mega-buy — and chose not to.

On this Bitcoin Treasuries roundtable, Tyler Rowe sits down with Alexandre Laizet (Capital B), Ryan Lane (Empery Digital), Parker White (Apyx / DFDV), and Soleil (True North) to unpack the $2B+ STRC raise, debate whether smaller Bitcoin treasury companies should sell Bitcoin to buy back shares trading under NAV, and share their price targets for Bitcoin's next all-time high.

Topics covered:

Joe Consorti — head of growth at Horizon and author of The Great Repricing — recorded this episode on April 20th, the day Strategy announced its third largest Bitcoin purchase ever, funded almost entirely by STRC raising $2 billion in a single week.

He breaks down why STRC is a once-in-a-generation instrument, why Iran demanding Bitcoin for Strait of Hormuz passage is the first oil transaction outside the dollar in 80 years, why every major US bank is now rushing to build Bitcoin income products, and how Horizon converts dormant home equity into tax-free Bitcoin with no monthly payments.

Foll...

BONUS EPISODE!

Tim Enneking has been in bitcoin for 13 years. He ran what is believed to be the first crypto trading fund in the United States. He was CIO of a near-$10 billion family office for nine years. And in 2021, his fund was the best performing hedge fund in the world — not just the best crypto fund. The whole world.

In this special episode of Psalion on BitcoinTreasuries.net, Tim breaks down where we are in the market cycle, why the four year cycle is dead, why Bitcoin's correlation to equities is largely a statistical il...

Parker Lewis wrote Gradually Then Suddenly to answer the logical questions every serious Bitcoiner has to work through. Today he joins Tyler Rowe to zoom out and land the plane on what every Bitcoin treasury investor and executive should understand.

He breaks down why Bitcoin treasury companies are a speculative attack on fiat, why STRC makes sense if you understand Bitcoin and looks like a Ponzi if you don't, why fiat has about a decade of runway, and why only 1% of the world understands Bitcoin today while 100% are going to need it.

He also covers...

Strategy's STRC just crossed $5 billion in AUM — and now it's being tokenized for the 4 billion people who can never open a US brokerage account. At the same time, Morgan Stanley just launched the lowest-fee Bitcoin ETF in the market, threatening to pull billions away from BlackRock's IBIT. The Bitcoin capital stack is being rebuilt outside the US in real time, and the people doing it are on this week's roundtable.

Two weeks ago Capital B became the first publicly listed Bitcoin treasury in Europe to have its shares tokenized on Liquid via Stoker. Three months ago a fo...

Alan Mittleman spent 25 years trading fixed income derivatives on Wall Street before joining Secure Digital Markets as COO and Head of Global Derivative Trading. Now he works with Bitcoin treasury companies to do something most of them aren't doing: building an actual plan for the Bitcoin they hold. Buy at a discount. Earn yield. Protect the downside. Most treasuries skip all three.

This is the playbook SDM runs for institutional clients navigating the accumulation phase.

In this episode, we cover:

✅ Why most Bitcoin treasuries have no plan once they've bought their Bitcoin — and why...

Rajat Soni managed a $4.5 billion fixed income portfolio at TD Asset Management, earned his CFA, quit banking, drove Uber to fund his Bitcoin content business, and got reported to the CFA Institute for explaining how free markets work. Today he educates millions about Bitcoin.

He breaks down the DCA math that proves buying $150 of Bitcoin every week since the 2021 all-time high would have beaten the S&P 500 by more than double, why STRC is the best savings product ever created, why the entire stock and real estate market will eventually flow into Bitcoin, and the honest bear...

OranjeBTC holds 3,700+ Bitcoin and is the largest Bitcoin treasury company in all of Latin America. Gui Gomes and Sam Callahan join Alexandre Laizet and Tyler Rowe to break down why MARA's Bitcoin sale was a mistake, why OranjeBTC was the first listed company to add STRC to their balance sheet, and why only five or six companies in the world have truly understood the digital credit playbook.

They also cover AI agents and Bitcoin, the STRC flywheel mechanics, why 80% of STRC ownership is retail, and Alexandre's closing thesis that STRC will 100x in size over the next...

Scott Ellam built a UK executive recruitment business from scratch at 24, quietly stacked Bitcoin on the balance sheet for four years, then took the whole thing public. Now he's launching the world's first truly Bitcoin-denominated convertible bonds — where the conversion price tracks Bitcoin's price — and building a dedicated Bitcoin executive recruitment division placing senior talent confidentially into the fastest growing sector in finance.

He also breaks down why STRC is Saylor's iPhone moment, why his equity incentive structure attracts talent no traditional recruiter can compete with, and why every operating company will eventually face the same question: do y...

SmarterWeb just became the first Bitcoin treasury company admitted to the FTSE All Share index — meaning Bitcoin is now quietly inside most UK pension portfolios. Andrew Webley and Jesse Myers of SmarterWeb join Alexandre Laizet of Capital B for the Bitcoin Treasuries Roundtable.

Jesse lays out the capital pump thesis — how Bitcoin treasury companies are the plumbing of hyperbitcoinization, systematically pulling capital out of bonds, equities and money markets and channeling it into Bitcoin. Andrew explains why Morgan Stanley can't afford to ignore this anymore. And Alexandre makes the case that we are one bull market away from...

Adrian Morris of MSTR True North joins Tyler Rowe to make a data-backed case that most of the Bitcoin community is getting wrong.

After modeling MSTR price action across every interval imaginable, Adrian concludes that Saylor's share issuance isn't hurting the stock, mNAV is pure sentiment that cannot be front-run, and MSTR's options volume now rivals the biggest names in tech. He also breaks down the USD cash reserve debate, why the convertible bonds were a necessary stepping stone to preferred equity, and why the current bear market is a narrative competition against AI and gold — not a...

Yves Choueifaty, founder of TOBAM and the man who launched the world's first open-ended Bitcoin fund in 2017, joins Alexandre Laizet of Capital B for the Bitcoin Treasuries Roundtable — and immediately reframes the entire conversation.

We are not in a bear market. This drawdown is less than one volatility deviation. The Bank of England did exactly what Saylor is doing, in 1694. Hal Finney predicted Bitcoin reserve banks in 2010. And STRC may be the most important savings product ever created for the billions of people without access to reliable savings.

They also break down Capital B's innovative €3M wa...

Peter Duan (@BTCBULLRIDER), former Cantor Fitzgerald structured finance pro and founder of Bull Standard, joins Tyler Rowe to break down what most investors are getting wrong about Bitcoin treasury companies.

They cover why most mNAV calculations are misleading for common shareholders, how STRC trading at par through a bear market is its own best marketing tool, what MetaPlanet is doing with cash-secured puts that nobody else is replicating, and why AI, robotics, and the long-term debt cycle are the three storms Bitcoin is built to outlast.

Peter also introduces the CEBE ratio — a superior metric to...

Yves Andre Graf of the One Chair Pod joins Tyler Rowe to break down a historic week in Bitcoin treasury: Strive's $50M STRC purchase, Strategy's 18,000 BTC acquisition funded 30% by STRC, and the digital credit flywheel that's quietly changing how institutions accumulate Bitcoin.

They also cover the 20 millionth Bitcoin mined, the new IRS crypto mapping guidance, Bitcoin's role as a risk-off asset in a geopolitically unstable world, and why altcoin treasuries selling Bitcoin may be suppressing price more than anyone's talking about.

Follow Yves: @GrafYves | One Chair Pod: @OneChairPod

🔒 Secure your Bitcoin with COLDCARD — use c...