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Show Notes
<p>Preston Pysh gives us a masterclass on Bitcoin treasury companies, unpacking the mechanics behind Michael Saylor’s strategy and why it has outperformed Bitcoin since 2020. </p>
<p>He explains how preferred stock and convertible debt are being engineered to funnel Bitcoin onto balance sheets, why the unraveling of the fixed-income market is the hidden fuel behind this model, and the risks investors face in treating treasury companies as a proxy for holding Bitcoin. </p>
<p>Preston gets into the accounting controversies around MicroStrategy, the looming threat of government nationalisation, and why self-custody Bitcoin is the ultimate safeguard. </p>
<p>In this episode: </p>
<p>- Why self-custody Bitcoin is important </p>
<p>- How preferred stock and convertible debt power treasury growth </p>
<p>- The collapse of the 40-year fixed-income bull market </p>
<p>- Understanding premiums to NAV and dilution risks </p>
<p>- “Ponzi-adjacent” Bitcoin treasuries </p>
<p>- Nationalisation and centralisation risks for Bitcoin </p>
<p>- Why the STRC issuance may be one of the most brilliant financial products ever designed</p>
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<p><strong>Follow:</strong></p>
<p>Danny Knowles: <a href="https://x.com/%5C%5C%5C_DannyKnowles">https://x.com/\\\_DannyKnowles</a> or <a href="https://primal.net/danny">https://primal.net/danny</a></p>
<p>Preston Pysh: <a href="https://x.com/prestonpysh">https://x.com/prestonpysh</a> or <a href="https://primal.net/preston">https://primal.net/preston</a></p>