My Bitcoin Treasury discussion with @IIICapital. 0:00 – Intro 1:00 – First priority as Director of Bitcoin Strategy 3:11 – Should Bitcoin companies copy MSTR’s preferreds? 5:02 – Structuring credit: BTC Ratings from 2 to 10 6:25 – Long-term CAGR for Bitcoin vs. S&P 500 8:28 – Why Bitcoin has fewer risks than stocks 10:36 – The global index with no counterparty risk 15:14 – Is Bitcoin a global productivity index? 16:56 – Will MSTR join the S&P 500? 18:14 – Why Vanguard owns MSTR 19:23 – Unlocking passive capital for Bitcoin 21:14 – Why BTC companies magnetize capital 23:24 – Mag 7 adoption playbook: fast vs. slow 25:47 – Most CEOs don’t want the money 27:15 – Who should adopt Bitcoin—and who won’t 29:20 – Why MSTR is going all-in on preferreds 31:21 – Preferreds are better than convertibles 32:32 – Will BTC companies still trade above NAV in bear markets? 34:09 – Why 2022 was a crypto-catalyzed bear market 35:14 – The difference between 1.1x and 100x leverage 37:07 – How to defend BTC NAV with credit instruments 39:14 – How to create a Bitcoin short squeeze 41:20 – Why shorts don’t have the courage 43:20 – The future of BTC-backed credit and equity 45:04 – A new theory of Bitcoin corporate finance 49:30 – Copy MSTR: it’s good for everyone 50:26 – Harvard’s outdated Bitcoin case study 52:16 – Why the smartest firms are making bad moves 54:16 – Why academics ignore Strategy’s success 55:15 – How the world could look in four years 57:09 – Final thoughts and wrap-up