Episode notes
Andy Edstrom unpacks whether Bitcoin is truly the last asymmetric bet for companies, diving into MicroStrategy's model, capital structure risks, and Bitcoin's rising institutional role.
IN THIS EPISODE YOUâLL LEARN:
00:00 - Intro
03:40 - Why Michael Saylor calls Bitcoin a lifeline for âzombie companiesâ
05:20 - How Bitcoinâs returns compare to traditional assets over the last decade
07:10 - The strategic and accounting evolution enabling Bitcoin treasury allocations
12:00 - MicroStrategyâs premium-to-NAV strategy and its replicability
15:40 - Risks and rewards of BTC-backed leverage and convertible notes
18:05 - The logic behind âtorqueâ metrics in Bitcoin-financed capital structures
21:10 - If preferred shares like STRK and STRF are innovative or dangerous
23:05 - Wall Streetâs changing views on Bitcoin-leveraged equity plays
27:20 - Legal and governance hurdles in corporate Bitcoin adoption
29:10 - What a BTC-heavy balance sheet should do during a major drawdown
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
ï»żBOOKS AND RESOURCES
Andyâs X Account.
Microstrategy Shareholdersâ Meeting: Q1 2025 Earnings Call.
Michael Saylorâs speech at Strategy World: Bitcoin for Corporations 2025 Keynote Speech.
Check out all the books mentioned and discussed in our podcast episodes â â â â â â hereâ â â â â â .
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