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
<ul>
 <li>
Andy’s <a href="https://x.com/edstromandrew">X Account</a>.
</li>
 <li>
Microstrategy Shareholders’ Meeting: <a href="https://www.youtube.com/watch?v=dXk6H1efCsM">Q1 2025 Earnings Call</a>.
</li>
 <li>
Michael Saylor’s speech at Strategy World: <a href="https://www.youtube.com/watch?v=3-vBBYEXv6M">Bitcoin for Corporations 2025 Keynote Speech</a>.
</li>
 <li>
Check out all the books mentioned and discussed in our podcast episodes <a href="https://prodcast.io/rwh">⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠</a>.
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