Bitcoin treasury companies have moved from convertible bonds to perpetual preferred equity, and Mike Treidl explains why. He breaks down how preferreds let issuers like Strategy defer payments without defaulting, and why preferreds returning to par could give Strategy a second engine for buying Bitcoin. He also explains how sats per share and leverage without margin calls add value beyond holding Bitcoin directly.
Chapters:
0:00 – Mike Treidl on Bitcoin’s Rebound to $83K
0:50 – From Morgan Stanley to Blue Coin Capital: Bridging Wall Street and Bitcoin
1:49 – Risk Budget First: How to Size a Bitcoin Allocation
4:11 – Seller Exhaustion and Bitcoin Treasury Companies
5:27 – Why Treasury Companies Moved From Convertibles to Preferreds
6:47 – What Strategy’s Preferreds Returning to Par Means for Bitcoin
8:13 – Sats Per Share: Leverage Without Margin Calls
9:11 – Pensions, Endowments and the Next Wave of Institutional Adoption
11:23 – Blue Coin’s BarclayHedge Ranking and Buying STRC Below Par
12:30 – Bitcoin’s Biggest Opportunities and Risks Over the Next Two Years
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