In this episode, Ed Juline discusses the explosive growth of Bitcoin treasury companies. Ed recounts his journey from early Bitcoin days to working with MicroStrategy, highlighting how "intelligent leverage" has unlocked institutional adoption. We also discuss whether cycles still matter, the risks and opportunities of Bitcoin treasury companies, geographic arbitrage in emerging markets, and how preferred shares and ETFs are shaping Wall Street’s interaction with Bitcoin. Enjoy!
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Timestamps:
(00:00) Introduction
(02:25) Treasury Company Realization
(07:50) Unpacking Intelligent Leverage
(09:19) Predicting Bitcoin
(11:39) Is the Four-Year Cycle Over?
(13:49) Treasury Company Impact on Bitcoin
(16:32) Can We Expect mNAV Compression?
(18:59) Tapping into Foreign Markets
(21:26) Winner-Take-All Market?
(23:26) Competing for 21M BTC
(25:19) Rebalancing Treasury Company Holdings
(26:38) Onboarding People to Bitcoin
(29:46) Understanding Preferred Share Strategies
(31:59) Many Types of Bitcoiner
(36:01) Do Pensions Understand Bitcoin?
(37:50) Does Custody Matter?
(39:33) Strategy S&P500 Inclusion
(41:27) Final Thoughts
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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
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