The Bitcoin Treasury Podcast

Joe Burnett — VP of Bitcoin Strategy at Strive and host of The Mustard Seed podcast — joins Tyler Rowe to break down why digital credit is a completely different demand source for Bitcoin than anything that's come before, why zombie companies are the most logical next wave of Bitcoin treasury adopters, and why the distribution of Bitcoin through ETFs and passive index funds to people who don't even know they own it is one of the most important things happening in Bitcoin right now.
He also covers the sustainable yield question, the bi-monthly dividend move, why SATA and STRC held their peg through a 50% crash, AI CapEx competing with Bitcoin for capital, and the K-shaped economy as proof that easy money makes Bitcoin inevitable.
Follow Joe: https://twitter.com/@IIICapital | YouTube: https://www.youtube.com/@JoeBurnett27 Strive: https://strive.com | Dashboard: https://treasury.strive.com
Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ
🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio
📊 Track every Bitcoin treasury company at bitcointreasuries.net
⚠️ Not financial advice. Do your own research.
🟠 Stay Orange.CHAPTERS:00:00 Cold Open01:35 Joe's Busy Year & Strive's BTC Strategy04:58 Treasury Management & Selling BTC10:59 SATA, STRC & Semi-Monthly Dividends16:05 Demand & Maturity of Digital Credit20:15 Cash & STRC Reserve For Dividends25:25 Why BTC Price Hasn't Followed Saylor's Accumulation34:11 The Evolving Bitcoin Holder/Investor39:55 Volatility and Market Dynamics43:54 Wall Street's Growing Interest in Bitcoin47:44 The Bitcoin Treasury Explosion & Zombie Companies53:59 Bitcoin As A Liquidity Sink55:34 The Fiat System & the Macro Bitcoin Thesis01:01:14 Regulatory Landscape and Bitcoin's Future01:05:12 How To Follow Joe Burnett01:05:52 Stay Orange

Parker White from Apyx reveals on the record that Strategy could've raised 50–100% more during its recent STRC mega-buy — and chose not to.
On this Bitcoin Treasuries roundtable, Tyler Rowe sits down with Alexandre Laizet (Capital B), Ryan Lane (Empery Digital), Parker White (Apyx / DFDV), and Soleil (True North) to unpack the $2B+ STRC raise, debate whether smaller Bitcoin treasury companies should sell Bitcoin to buy back shares trading under NAV, and share their price targets for Bitcoin's next all-time high.
Topics covered:
Parker's insider account of Strategy's STRC capacity
Bi-monthly dividend rollouts and the race toward daily income
Ryan Lane on Empery Digital selling Bitcoin to grow BTC per share
Alexandre on why French institutions now understand digital credit
Managing MNAV multiples as a smaller treasury company
Bitcoin's stability during the Iran-Israel-US conflict
Capital B's target of 42,000 Bitcoin by 2029
Lightning round: when does Bitcoin hit a new all-time high?
Follow the panel:Alexandre Laizet: ⁠https://twitter.com/@AlexandreLaizet⁠Ryan Lane / Empery Digital: ⁠https://twitter.com/@EMPD_BTC⁠Parker White: ⁠https://twitter.com/@TheOtherParker⁠_Soleil: ⁠https://twitter.com/@nithusezni⁠
Special thanks to @hemi_xyz — ⁠https://bit.ly/hemiXYZ⁠
🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore🏦 Borrow against your BTC from 8.49% at bit.ly/archlending🏛️ Institutional custody & OTC at bit.ly/bitGo💼 Bitcoin executive recruitment at bit.ly/XCEio
📊 Track every Bitcoin treasury company at bitcointreasuries.net💬 Questions for the roundtable? ⁠roundtable@bitcointreasuries.net⁠
⚠️ Not financial advice. Do your own research.🟠 Stay Orange.
CHAPTERS:
00:00 Cold Open
02:34 Welcome & Intros To The Panel
03:38 Apyx & The Implications Of STRC Dividends Going Semi-Monthly
07:22 Saylor Leaving Money On The Table w/ STRC ATM?
09:06 Institutional Interest in Bitcoin Treasuries
14:44 Empery Digital's Willingness to Sell BTC to Increase BPS
22:31 Varying Strategies to Accumulate More BTC Long-Term
26:09 Double-Edged Sword of Paying Dividends
35:36 Lean Operations & Managing Costs of a Treasury
39:54 The Rise of Retail Investment and Accessibility
43:37 Market Dynamics and Treasury Management
45:27 Live Reaction To BTC Price Pumping
46:16 Bitcoin's Response to Geopolitical Events
01:03:43 When Will Bitcoin Reach New All-Time Highs?
01:05:43 Introduction to Bitcoin Treasury Coverage
 

Joe Consorti — head of growth at Horizon and author of The Great Repricing — recorded this episode on April 20th, the day Strategy announced its third largest Bitcoin purchase ever, funded almost entirely by STRC raising $2 billion in a single week.
He breaks down why STRC is a once-in-a-generation instrument, why Iran demanding Bitcoin for Strait of Hormuz passage is the first oil transaction outside the dollar in 80 years, why every major US bank is now rushing to build Bitcoin income products, and how Horizon converts dormant home equity into tax-free Bitcoin with no monthly payments.
Follow Joe: https://x.com/@joeconsorti | joeconsorti.com Horizon: https://joinhorizon.com
Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ
🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio
📊 Track every Bitcoin treasury company at bitcointreasuries.net
⚠️ Not financial advice. Do your own research.
🟠 Stay Orange.

BONUS EPISODE!
Tim Enneking has been in bitcoin for 13 years. He ran what is believed to be the first crypto trading fund in the United States. He was CIO of a near-$10 billion family office for nine years. And in 2021, his fund was the best performing hedge fund in the world — not just the best crypto fund. The whole world.
In this special episode of Psalion on BitcoinTreasuries.net, Tim breaks down where we are in the market cycle, why the four year cycle is dead, why Bitcoin's correlation to equities is largely a statistical illusion, and why Michael Saylor buying billions of dollars of Bitcoin doesn't move the spot price the way most people think.
In this episode: Why the four year cycle is structurally dead — and why that's bullish for Bitcoin long term The statistical illusion of Bitcoin's correlation to equities — crypto is open 5.5x longer than fiat markets Why buying Bitcoin when everyone is screaming is the only strategy that consistently works Why Saylor buying billions of Bitcoin OTC doesn't hit spot price the way retail expects How generating yield on dormant Bitcoin treasury assets changes the math in bear markets Why this is a token pickers market — not a tide-that-lifts-all-boats market Why Korea's retail market quitting crypto is one of the best buy signals available How Psalion generates yield on Bitcoin, ETH and stablecoins through DeFi liquidity pools Why relative volatility — not absolute volatility — is the only honest way to measure Bitcoin risk
🎙️ Featured Guests: Tim Enneking — Managing Partner of Psalion, founding partner of one of the world's oldest crypto hedge funds, former CIO of a ~$10B family office.
Alec Beckman — Partner at Psalion.FOLLOW on X: https://x.com/alecbeckman_AB
Learn more at psalion.com
🙏 Special Thanks: @hemi_xyz — Activate compliant Bitcoin yield without leaving custody. Follow them at https://twitter.com/@hemi_xyz and learn more at https://bit.ly/hemiXYZ
🤝 SUPPORT OUR SHOW:
BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bit.ly/bitGo
COLDCARD is the industry-leading Bitcoin hardware wallet. Secure your Bitcoin at https://bit.ly/coinkiteStore — use referral code 6BT to get 6% off at checkout!
Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://bit.ly/archlending
XCE Connecting Excellence Group is the UK's listed Bitcoin treasury recruitment company — placing senior talent into Bitcoin companies globally and helping operating businesses build on a Bitcoin standard. Learn more at https://bit.ly/XCEio
🔗 Resources:
🔔 Follow Bitcoin Treasuries: https://twitter.com/@btctreasuries
🔔 Follow Tyler Rowe: https://twitter.com/@tylercompiler
🔔 Subscribe: https://youtube.com/@bitcointreasuriesnet
📊 Track every Bitcoin treasury company at https://bitcointreasuries.net
🎬 About the Show: Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution.
⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Always do your own research.
🟠 Stay Orange.

Parker Lewis wrote Gradually Then Suddenly to answer the logical questions every serious Bitcoiner has to work through. Today he joins Tyler Rowe to zoom out and land the plane on what every Bitcoin treasury investor and executive should understand.
He breaks down why Bitcoin treasury companies are a speculative attack on fiat, why STRC makes sense if you understand Bitcoin and looks like a Ponzi if you don't, why fiat has about a decade of runway, and why only 1% of the world understands Bitcoin today while 100% are going to need it.
He also covers Iran demanding Bitcoin for Strait of Hormuz passage, why Bitcoin miners pivoting to AI never understood Bitcoin, and what ZapRite is building for the circular Bitcoin economy.
Follow Parker: https://twitter.com/@parkeralewis ZapRite: https://zaprite.com
Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ
🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio
📊 Track every Bitcoin treasury company at bitcointreasuries.net
⚠️ Not financial advice. Do your own research.
🟠 Stay Orange.
TIMESTAMPS:
00:00 Cold Open
02:14 The Genesis of Gradually Then Suddenly
07:11 Understanding Bitcoin's Value Proposition
13:31 Treasury Companies Are A Speculative Attack On Fiat
22:34 The Opportunity Cost Of STRC vs. Traditional Investments
28:22 Bitcoin Derivatives Are An Orange Pill
30:58 Do Legacy Institutions Understand Bitcoin Yet?
36:20 Fiat's Runway, Bitcoin's Inevitability & Game Theory
44:53 Bitcoin's Neutrality in Global Finance
49:00 Understanding Bitcoin: The Tipping Point
55:35 Michael Saylor's Impact on Bitcoin Adoption
57:47 STRC's Learning Curve
01:02:25 Building BTC Payments Infrastructure w/ Zaprite
01:09:00 Stay Orange

Strategy's STRC just crossed $5 billion in AUM — and now it's being tokenized for the 4 billion people who can never open a US brokerage account. At the same time, Morgan Stanley just launched the lowest-fee Bitcoin ETF in the market, threatening to pull billions away from BlackRock's IBIT. The Bitcoin capital stack is being rebuilt outside the US in real time, and the people doing it are on this week's roundtable.
Two weeks ago Capital B became the first publicly listed Bitcoin treasury in Europe to have its shares tokenized on Liquid via Stoker. Three months ago a former Uber exec launched BuckToken — a dollar savings coin collateralized by Strategy's STRC paying 10% yield to non-US holders. These are not unrelated stories. This is the Bitcoin capital stack building and scaling outside the US, reassembling itself on Bitcoin rails for the rest of the world.
*In this episode:*Why BuckToken — a single token starting at $1 that accrues to $1.10 over one year — solves the savings problem for 4 billion people without US brokerage access
How Stokr tokenized Capital B shares on Liquid and why Bitcoin treasury companies trading against BTC pairs is the next unlock
Why Morgan Stanley's new Bitcoin ETF with 14 basis point fees could be as important as all other Bitcoin ETFs combined — and why BlackRock will have to respond
How STRC hit $5 billion in AUM faster than most consumer product launches in history
Why the tokenization of STRC happened faster than any traditional financial asset tokenization — and what that signals
Why Alexandre says digital credit is the answer for 90% of the population and 90% of corporations
How tax loss harvesting between Bitcoin ETFs could drive massive capital rotation into Morgan Stanley's new fund
Why Arnab sees a trillion dollar market in Bitcoin derivatives and structured products settling against stablecoins
The macro case: ceasefire in Iran, Bitcoin at $70K, and why Alexandre says the bottom is in in gold terms
*TIMESTAMPS:*00:00 Cold Open01:57 State of the Bitcoin Market & Geopolitical Winds06:32 Tokenization and Its Impact on Bitcoin & Equities11:18 The Rise of  Digital Credit Innovation & BuckToken13:28 STRC: Can Saylor Harvest All Of The Demand?15:25 A Bitcoin-Backed Tokenized Future?26:22 Morgan Stanley's ETF MSBT & What It Means For BTC36:12 Future of Digital Credit and Global Market Expansion38:47 Who's Really Buying STRC?41:25 Digital Credit's Affect On Treasury Company Risk Ratings46:43 Bullish Short-Term Signals
*🎙️ Featured Guests:*Dan Hillery — Co-founder of BuckToken (buck.io), former Uber exec and Bitcoin digital credit builder.Follow Dan at https://twitter.com/@hillery_dan
Arnab Naskar — Co-founder of Stokr, Bitcoin asset tokenization platform with $1B+ in tokenized assets.Follow Arnab at https://twitter.com/@Arnab_Naskarr
Alexandre Laizet — Board Director of Bitcoin Strategy at Capital B, Europe's Bitcoin treasury company.Follow Alexandre at https://twitter.com/@AlexandreLaizet
*🙏 Special Thanks:*@hemi_xyz — Activate compliant Bitcoin yield without leaving custody. Follow them at https://twitter.com/@hemi_xyz and learn more at https://bit.ly/hemiXYZ
*🤝 SUPPORT OUR SHOW:*BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bit.ly/bitGo
COLDCARD is the industry-leading Bitcoin hardware wallet. Secure your Bitcoin at https://bit.ly/coinkiteStore — use referral code 6BT to get 6% off at checkout!
Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://bit.ly/archlending
XCE Connecting Excellence Group is the UK's listed Bitcoin treasury recruitment company — placing senior talent into Bitcoin companies globally and helping operating businesses build on a Bitcoin standard. Learn more at https://bit.ly/XCEio
*🔗 Resources:*🔔 Follow Bitcoin Treasuries: https://twitter.com/@btctreasuries🔔 Follow Tyler: https://twitter.com/@tylercompiler🔔 Subscribe: https://youtube.com/@bitcointreasuriesnet📊 Track every Bitcoin treasury company at https://bitcointreasuries.net
*🎬 About the Show:*Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution.
*⚠️ Disclaimer:*This podcast is for informational purposes only. Not financial advice. Always do your own research.
🟠 Stay Orange.

Alan Mittleman spent 25 years trading fixed income derivatives on Wall Street before joining Secure Digital Markets as COO and Head of Global Derivative Trading. Now he works with Bitcoin treasury companies to do something most of them aren't doing: building an actual plan for the Bitcoin they hold. Buy at a discount. Earn yield. Protect the downside. Most treasuries skip all three.
This is the playbook SDM runs for institutional clients navigating the accumulation phase.
In this episode, we cover:
✅ Why most Bitcoin treasuries have no plan once they've bought their Bitcoin — and why that's a problem✅ How to use covered calls to generate yield on your holdings without selling a single sat✅ The Bitcoin accumulator strategy — how to buy BTC at a ~10% discount to spot with zero upfront cost✅ Selling cash-secured puts as an accumulation tool: collecting premium while lowering your cost basis✅ How to borrow against your Bitcoin for liquidity without triggering a taxable event or locking in a loss✅ The zero-cost loan structure: pairing a Bitcoin-backed loan with a deep out-of-the-money covered call to offset 100% of your interest expense
🎙️ Featured Guest: Alan Mittleman — COO, Secure Digital Markets (SDM). Head of U.S. and Global Derivative Trading.Learn more at https://treasuries.sdm.co/
🙏 Special Thanks:@hemi_xyz — powering Bitcoin-native infrastructure. Follow them at / @hemi_xyz and learn more at https://hemi.xyz
🤝 SUPPORT OUR SHOW:
BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bitgo.com
COLDCARD is the industry-leading Bitcoin hardware wallet. Secure your Bitcoin at https://store.coinkite.com — use referral code 6BT to get 6% off at checkout!
Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://archlending.com
🔗 Resources:🔔 Follow Bitcoin Treasuries: / @btctreasuries🔔 Follow Tyler: / @tylercompiler🔔 Subscribe: / @bitcointreasuriesnet📊 Track every Bitcoin treasury company at https://bitcointreasuries.net
🎬 About the Show:Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution.
⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Always do your own research.
🟠 Stay Orange.

Rajat Soni managed a $4.5 billion fixed income portfolio at TD Asset Management, earned his CFA, quit banking, drove Uber to fund his Bitcoin content business, and got reported to the CFA Institute for explaining how free markets work. Today he educates millions about Bitcoin.
He breaks down the DCA math that proves buying $150 of Bitcoin every week since the 2021 all-time high would have beaten the S&P 500 by more than double, why STRC is the best savings product ever created, why the entire stock and real estate market will eventually flow into Bitcoin, and the honest bear case for why it might not happen as fast as we think.
Follow Rajat: https://twitter.com/@Rajatsoni YouTube: https://www.youtube.com/@rajatsonifinance
Special thanks to @hemi_xyz — https://bit.ly/hemiXYZ
🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 🏛️ Institutional custody & OTC at bit.ly/bitGo 💼 Bitcoin executive recruitment at bit.ly/XCEio
📊 Track every Bitcoin treasury company at bitcointreasuries.net
⚠️ Not financial advice. Do your own research.
🟠 Stay Orange.

OranjeBTC holds 3,700+ Bitcoin and is the largest Bitcoin treasury company in all of Latin America. Gui Gomes and Sam Callahan join Alexandre Laizet and Tyler Rowe to break down why MARA's Bitcoin sale was a mistake, why OranjeBTC was the first listed company to add STRC to their balance sheet, and why only five or six companies in the world have truly understood the digital credit playbook.They also cover AI agents and Bitcoin, the STRC flywheel mechanics, why 80% of STRC ownership is retail, and Alexandre's closing thesis that STRC will 100x in size over the next decade.Follow Gui: https://twitter.com/@guiamadogomes & https://twitter.com/@ORANJEBTCFollow Sam: https://twitter.com/@samcallahFollow Alexandre: https://twitter.com/@_ALCPB & https://twitter.com/@AlexandreLaizetSpecial thanks to @hemi_xyz — https://bit.ly/hemiXYZ🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore🏦 Borrow against your BTC from 8.49% at bit.ly/archlending🏛️ Institutional custody & OTC at bit.ly/bitGo💼 Bitcoin executive recruitment at bit.ly/XCEio📊 Track every Bitcoin treasury company at bitcointreasuries.net⚠️ Not financial advice. Do your own research.🟠 Stay Orange.

Scott Ellam built a UK executive recruitment business from scratch at 24, quietly stacked Bitcoin on the balance sheet for four years, then took the whole thing public. Now he's launching the world's first truly Bitcoin-denominated convertible bonds — where the conversion price tracks Bitcoin's price — and building a dedicated Bitcoin executive recruitment division placing senior talent confidentially into the fastest growing sector in finance.
He also breaks down why STRC is Saylor's iPhone moment, why his equity incentive structure attracts talent no traditional recruiter can compete with, and why every operating company will eventually face the same question: do you back your balance sheet with digital credit or Bitcoin?
Follow Scott: https://X.com/@btconlyscott | XCE: https://xce.io
 
🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at store.coinkite.com 🏦 Borrow against your BTC from 8.49% at archlending.com 🏛️ Institutional custody & OTC at bitgo.com
📊 Track every Bitcoin treasury company at bitcointreasuries.net
⚠️ Not financial advice. Do your own research.
🟠 Stay Orange.Special thanks to @hemi_xyz — https://hemi.xyz Activate compliant Bitcoin yield without leaving custody