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 YOU’LL LEARN:

00:00 - Intro

03:40 - Why Michael Saylor calls Bitcoin a lifeline for “zombie companies”

05:20 - How Bitcoin’s returns compare to traditional assets over the last decade

07:10 - The strategic and accounting evolution enabling Bitcoin treasury allocations

12:00 - MicroStrategy’s premium-to-NAV strategy and its replicability

15:40 - Risks and rewards of BTC-backed leverage and convertible notes

18:05 - The logic behind “torque” metrics in Bitcoin-financed capital structures

21:10 - If preferred shares like STRK and STRF are innovative or dangerous

23:05 - Wall Street’s 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.

BOOKS AND RESOURCES

• Andy’s X Account.
• Microstrategy Shareholders’ Meeting: Q1 2025 Earnings Call.
• Michael Saylor’s speech at Strategy World: Bitcoin for Corporations 2025 Keynote Speech.
• Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠.
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