Treasury Orange - Bitcoin Podcast

BitcoinTreasuries.net: ”60% Of Treasury Companies Are UNDERWATER.” What Happens Next | Pete Rizzo

🔥 Pete Rizzo (BitcoinTreasuries.net president) reveals 60% of Bitcoin treasury companies are underwater on their purchases. He predicts Strategy (MSTR) will hit 750K Bitcoin by end of 2026. The perfect warm up to MSTR True North on a Wednesday! In this Treasury Orange exclusive, the journalist who's covered Bitcoin for over a decade reveals: ✅ 60% of 100+ sampled treasury companies underwater on Bitcoin purchases (new data) 💰 Strategy prediction: 750K BTC by end 2026 (from current 650K) driven by digital credit 📊 "It's 2013 in Bitcoin businesses." 400 companies today, headed to thousands 🎯 ATM dilution model collapsed. Preferreds + digital credit are the future ⚡ Only 3-5 companies can afford to build preferred products (capital costs too high) 🚨 "Wall Street wants you to think Bitcoin IPO'd and it's over." Treasury companies break that narrative 💎 Jurisdictional land grab mostly over. Now it's about execution and operating businesses *THE DATA BOMB:* Pete's team at BitcoinTreasuries.net analyzed 100+ treasury companies' cost basis: "About 60% were underwater." If Bitcoin stays range-bound, these companies must innovate or die. Who survives? "Execution teams that can navigate markets." Strategy ends 2025 at ~670K Bitcoin. Pete predicts 750K-850K by end of 2026. How? "Digital credit products. He'll do 10-12 more 10K Bitcoin buys in 2026. Won't match 2025's pace but still massive." *TIMESTAMPS:* 00:00 Cold Open 00:59 Introduction to Pete Rizzo & His Coverage of Bitcoin's Story 04:03 Adoption of Bitcoin As Payments & Prevailing Store of Value Narrative 06:01 Corporate Adoption and the Future of Bitcoin 09:59 Bitcoin's Shift from Counterculture to Mainstream Finance 17:33 Which Bitcoin Treasury Strategy Will Win Out Next? 24:58 Navigating Financial Metrics and Data in Bitcoin Companies 29:07 The Yin and Yang of Individual and Corporate Bitcoin Ethos 34:18 XXI: Jack Mallers x Tether x Softbank Treasury Company 37:16 Block's (Square) Entrance Into ASIC Hardware Design 38:39 Preferred Equity Models and Market Sentiment 41:24 Strategy Bitcoin Holdings Projection For 2026 42:57 Where To Follow Pete & BitcoinTreasuries.net 43:52 Stay Orange *BEST QUOTES:* 💥 "60% of treasury companies we sampled were underwater on their Bitcoin purchases. If Bitcoin stays here, they have to do something interesting" 🎯 "Strategy will end 2026 around 750K Bitcoin. Digital credit products will drive 10-12 more 10K buys" 📈 "It's 2013 in Bitcoin businesses. 400 companies today, headed to 10,000-50,000 globally" 🏦 "Wall Street wants to sell you: Bitcoin IPO'd, it's digital gold, it's over. Treasury companies break that narrative" ⚡ "Only the strong will survive. Not everyone's going to win. Execution teams separate themselves" *WHY THIS MATTERS:* Pete Rizzo runs BitcoinTreasuries.net - THE definitive data source tracking 400+ corporate Bitcoin holdings globally. He's covered Bitcoin as journalist/historian for over a decade (CoinDesk, Bitcoin Magazine). His team provides real-time updates, advanced metrics (fully diluted shares, Bitcoin per share, MNAV), and monthly corporate adoption reports. This interview reveals exclusive data: 60% of treasuries underwater, capital costs preventing most from building preferreds, jurisdictional consolidation coming, and specific 2026 predictions. *MENTIONED:* MicroStrategy/Strategy (MSTR) - 660K Bitcoin, targeting 750K by end 2026 MetaPlanet - jurisdictional winner in Japan XXI - Jack Mallers, Tether, SoftBank Block/Square - ASIC mining chips, Jack Dorsey XCE UK - recruiting company treasury play Falcon Edge - active treasury management Coinbase - late to treasury game Digital credit products - only 3 companies today Preferred equity evolution *CONNECT WITH PETE:* 🌐 https://bitcointreasuries.net [https://bitcointreasuries.net] 🔔 X: https://twitter.com/pete_rizzo_ [https://twitter.com/pete_rizzo_] 🔔 BTC Treasuries: https://twitter.com/BTCTreasuries [https://twitter.com/BTCTreasuries] 🎙️ Supply Shock Podcast: www.youtube.com/@SupplyShockBW *RELATED TREASURY ORANGE:* 📺 Matt Odell on MSTR: https://www.youtube.com/watch?v=8dW-U2JClko [https://www.youtube.com/watch?v=8dW-U2JClko] 📺 Rally Durham on why he sold ALL of his MSTR: https://youtu.be/J-aHzNMUDts [https://youtu.be/J-aHzNMUDts] 📺 Grain of Salt on why preferred equities are KING: https://twitter.com/TylerCompiler/status/1991318908255514920 [https://twitter.com/TylerCompiler/status/1991318908255514920] 📺 MSTR True North on WHY MSTR's USD Reserve Changed The Game: https://www.youtube.com/watch?v=2u9jJPzd5Wo&t=282s [https://www.youtube.com/watch?v=2u9jJPzd5Wo&t=282s] 📧 tyler@treasuryorange.com | 🔔 https://twitter.com/tylercompiler [https://twitter.com/tylercompiler] 🎙️ https://youtube.com/@TreasuryOrange [https://youtube.com/@TreasuryOrange] | TreasuryOrange.com 🟠 STAY ORANGE #Bitcoin #BitcoinTreasury #MSTR #Strategy #MicroStrategy #MetaPlanet #XXI #JackMallers #BitcoinTreasuriesNet #PeteRizzo #Block #DigitalCredit #Preferreds #TreasuryOrange ⚠️ Not financial advice

Yves & Quentin From The One Chair Pod: Saylor’s $1.4B Cash Reserve for MSTR

🔥 Swiss Bitcoiners Yves and Quentin from the One Chair Pod debate whether Saylor's $1.4 billion USD reserve was BRILLIANT or common shareholder betrayal - plus deep dives on XXI's NYSE debut, MetaPlanet's preferreds, and Future (Switzerland). In this Treasury Orange exclusive, two of Europe's sharpest Bitcoin treasury analysts reveal: ✅ Why Strategy's $1.4B cash raise in 7 trading days was "a sign of strength" despite dilution 💰 MetaPlanet is "my favorite Bitcoin treasury at 1 mNAV." Why Japan's yield environment is perfect 📊 XXI (Jack Mallers) debuts with 43K Bitcoin - can they compete with Strategy's 660K? 🎯 Future (Switzerland with Adam Back) - why Swiss franc strength makes preferreds attractive ⚡ "Investing in treasuries above 2-3x MNAV is painful" - when to actually buy these stocks 🚨 Strategy should start selling cash-secured puts with their USD reserve (premium + cheaper Bitcoin) 💎 Block enabling Bitcoin payments for millions of merchants - adoption is gradual but coming *THE DEBATE:* Yves (Bitcoin maxi perspective): "Diluting the common to stack USD is not in shareholders' best interest. But Strategy had to show the market they'll do what it takes to pay preferreds no matter what. It's a narrative play." Quentin (pragmatic view): "Bitcoin per share went down this week, but long-term this makes preferreds way more attractive. They'll raise WAY more through preferreds now. Multiple times more accretive to common shareholders." Both agree: Strategy won't ever actually SELL Bitcoin. They have too many other options to raise capital first. *TIMESTAMPS:* 00:00 Intro To Yves & Quentin From The One Chair Podcast 01:25 The Strategy (MSTR) USD Reserve & Market Perception 07:36 Does It Ever Make Sense For Microstrategy To Sell Bitcoin? 09:23 Investment Considerations for Bitcoin Treasuries 15:27 Monetizing Bitcoin Holdings & Financial Strategies 22:36 XXI And The Competitive Bitcoin Treasury Landscape 29:08 MetaPlanet's Strategic Moves in Bitcoin Acquisition 33:18 Future: A Swiss Entrant Into the Bitcoin Treasury Space 35:45 Switzerland's Central Bank Rate Policy 38:51 Block's Merchant Services: Jack Dorsey's Adoption Push 41:39 Where To Find The One Chair Podcast 42:10 Stay Orange *BEST QUOTES:* 💥 "Strategy raised $1.4B in 7 days while Bitcoin is down 30% and stock is down massively. That's a sign of strength" 🎯 "If you're investing at 2-3x MNAV, that's painful. Close to 1.0 MNAV is a great entry point - especially blue chips like Strategy, Strive, MetaPlanet" 📈 "MetaPlanet is my favorite treasury company at these levels. They executed extremely well, learned from Strategy's mistakes" 🏦 "With USD reserve, Strategy should start selling cash-secured puts. Get premium + cheaper Bitcoin" ⚡ "XXI starts with 43K Bitcoin - impressive. But they need 600K more to compete with Strategy. What's the plan?" 🔥 "Japan is perfect for preferreds. Yield-starved environment. MetaPlanet can issue at lower yields than US products and still be attractive" *WHY THIS MATTERS:* Yves and Quentin run One Chair Pod, analyzing BTC treasuries from a European perspective. They provide the international view that complements US-focused analysis. Their mNAV framework is critical for investors: "Not all treasuries are equal. Blue chips (Strategy, Strive, MetaPlanet) at 1.0 MNAV are opportunities. Companies trading at 10-20x MNAV during the frenzy? Those hurt a lot of people." *COMPANIES DISCUSSED:* Strategy/MicroStrategy (MSTR) - $1.4B USD reserve, 660K+ Bitcoin, preferreds strategy XXI - Jack Mallers, 43K Bitcoin, NYSE debut, Strike integration MetaPlanet - Mercury & MARS preferreds launching January, Japan focus Future - Switzerland, Adam Back, Richard Byworth Strive (SATA) - Matt Cole's 12-month cash reserve model (founded by Vivek Ramaswamy) Block/Square - Jack Dorsey, Bitcoin merchant payments Strike - Bitcoin loans, potential public vehicle Tether - Paolo Ardoino project, tokenized USD stablecoin *CONNECT WITH ONE CHAIR POD:* 📺 YouTube: https://www.youtube.com/@OneChairPod [https://www.youtube.com/@OneChairPod] 🔔 Yves: https://twitter.com/GrafYves [https://twitter.com/GrafYves] 🔔 Quentin: https://twitter.com/QuentinIsOnX [https://twitter.com/QuentinIsOnX] *RELATED TREASURY ORANGE VIDEOS:* 📺 Matt Odell on MSTR Dilution: https://youtu.be/8dW-U2JClko [https://youtu.be/8dW-U2JClko] 📺 Future (BTC Treasury w/ Richard Byworth): https://www.youtube.com/watch?v=3xfo_P3mY48 [https://www.youtube.com/watch?v=3xfo_P3mY48] 📺 Strive CEO Matt Cole: https://youtu.be/8r21Ttd-DLY [https://youtu.be/8r21Ttd-DLY] 📺 Grain of Salt on Prefs: https://twitter.com/TylerCompiler/status/1991318908255514920 [https://twitter.com/TylerCompiler/status/1991318908255514920] 📺 MSTR True North on USD Reserve: https://www.youtube.com/watch?v=2u9jJPzd5Wo [https://www.youtube.com/watch?v=2u9jJPzd5Wo] 📧 Contact: tyler@treasuryorange.com 🔔 Tyler on X: https://twitter.com/tylercompiler [https://twitter.com/tylercompiler] 🎙️ Treasury Orange: Analyzing Bitcoin treasury companies w/ insider access | TreasuryOrange.com https://youtube.com/@TreasuryOrange [https://youtube.com/@TreasuryOrange] 🟠 STAY ORANGE #Bitcoin #MSTR #Strategy #MicroStrategy #BitcoinTreasury #MetaPlanet #XXI #JackMallers #Strike #OneChairPod #SwissBitcoin #Future #AdamBack #Block #BitcoinPayments #MNAV #Preferreds #treasuryorange #crypto ⚠️ Not financial advice - Educational content only

Matt Odell: ”Saylor Kept Diluting You” is The REAL Reason MSTR Crashed 70%

🔥 $200M Bitcoin VC Matt Odell reveals why Saylor kept diluting MSTR shareholders - and why treasury companies without cash flow are dead (except Strategy). In this Treasury Orange exclusive, the partner at Ten31 who's deployed over $200 million to Bitcoin businesses reveals: ✅ Why Saylor kept hitting the common even after saying he'd stop (FOMO runs deep) 💰 "Treasury companies without cash flow won't be the winners" - Block vs Strategy model 📊 Bitcoin-backed loans are "the best terms you'll get out of all lending" in 5-10 years 🎯 Why Strike is minting Bitcoin with loans at 50% LTV (no credit checks, 5-minute approval) ⚡ The coordinated attack on MSTR: JP Morgan, MSCI, short sellers, S&P ratings 🚨 "Bitcoin risk/reward is the best it's ever been" - Trump + ETFs de-risked everything 💎 How Ten31 funds profitable Bitcoin businesses that stack to treasury (not pure-play leverage) like Block / Square. *THE BRUTAL TRUTH:* Matt doesn't hold back on Strategy: "He was pretty aggressive smacking the common over and over. Then he's like 'I'm not gonna keep hitting the common.' Two weeks later: 'No, I'm gonna keep diluting you.'" As a Bitcoiner, Matt gets the FOMO. But for shareholders watching 70% drawdowns: "You can believe it's a good 5-10 year play AND also say 'I'm not holding through him diluting me. I'm selling now, buying back later once it's clear he's not gonna just keep hitting the common.'" *TIMESTAMPS:* 00:00 Cold Open 01:07 Introduction to Matt Odell & How He Views Capital Allocation 03:10 The Evolution of Bitcoin Startups 06:57 Balancing Profitability and Growth in Bitcoin Startups 09:42 The Bitcoin Treasury Phenomenon 14:01 Cash Flow Generation in Bitcoin Companies 17:21 The Importance of Bitcoin Payments For Merchants & Living On A Bitcoin Standard 19:40 Bitcoin-Backed Loans: Use Cases and Risks 26:46 Microstrategy's (Strategy's) Challenges & Market Sentiment 31:59 Bitcoin As A Safe Haven Asset 37:13 Bitcoin's Role in a Corruptible World 39:39 Where To Follow Matt's Projects 40:06 Stay Orange *WHY THIS MATTERS:* Matt Odell is a partner at Ten31, a Bitcoin-only capital fund that's deployed $200M+ across 35 companies including Strike (largest investment), Unchained, Start9. He founded OpenSATS (funding open source Bitcoin projects), Bitcoin Park (Nashville community hub), and is a renowned Bitcoin educator. This is the insider's view of what ACTUALLY wins in Bitcoin businesses: profitable cash flow + treasury stacking. Not pure-play financial engineering (except Strategy's first-mover advantage with 650K BTC). Matt thinks Microstrategy will be able to monetize their bitcoin eventually. Matt explains why Strike's Bitcoin-backed loans (50% LTV, no credit check, 5-min approval) will become the best lending terms available. Why Block's model (profitable + stacking) will outperform treasuries long-term. And why Saylor's aggressive common dilution - despite understanding the thesis - created the recent pain. *MENTIONED:* MicroStrategy/Strategy (MSTR) - 650K Bitcoin, dilution analysis | Block/Square - Jack Dorsey's model | Strike - loans, buy/sell, going public via SPAC | Unchained - Bitcoin lending | XXI - Jack Mallers' treasury play | Strive/ProCap - digital credit attempts | MetaPlanet, NAKA | JP Morgan - margin requirements | MSCI - index exclusion | FTX/Celsius/BlockFi - lender collapses | Tornado Cash/Samourai | BlackRock ETF | Trump administration *CONNECT WITH MATT:* 🔔 Personal: https://odell.xyz [https://odell.xyz] 🔔 Ten31 on X: https://twitter.com/Ten31funds [https://twitter.com/Ten31funds] *RELATED TREASURY ORANGE VIDEOS:* 📺 Soleil on Trading Options: https://youtu.be/qamyJhu0zvI [https://youtu.be/qamyJhu0zvI] 📺 Strive CEO Matt Cole: https://youtu.be/8r21Ttd-DLY [https://youtu.be/8r21Ttd-DLY] 📺 Swiss Bitcoin Treasury: https://www.youtube.com/watch?v=3xfo_P3mY48 [https://www.youtube.com/watch?v=3xfo_P3mY48] 📺 BPI Policy Insider: https://www.youtube.com/watch?v=yIeSpsss4Mw [https://www.youtube.com/watch?v=yIeSpsss4Mw] 📧 Contact: tyler@treasuryorange.com 🔔 Tyler on X: https://twitter.com/tylercompiler [https://twitter.com/tylercompiler] 🎙️ Treasury Orange: Analyzing Bitcoin treasury companies with insider access | TreasuryOrange.com https://youtube.com/@TreasuryOrange [https://youtube.com/@TreasuryOrange] 🟠 STAY ORANGE #Bitcoin #MSTR #Strategy #MicroStrategy #MichaelSaylor #BitcoinVC #MattOdell #Ten31 #Strike #BitcoinLoans #BitcoinTreasury #Block #JackDorsey #Unchained #BitcoinStartups #TreasuryOrange #BitcoinInvesting ⚠️ Not financial advice - Educational content only P.S. The Bitcoin loan breakdown at 19:57 shows how Strike gets customers $1M loans in 5 minutes with just Bitcoin collateral. This changes everything for treasury investors with unrealized gains.

Zack Shapiro: The Bitcoin Strategic Reserve Changes EVERYTHING (BPI Policy Director)

🔥 BPI Head of Policy Zack Shapiro reveals how the proposed Bitcoin for America Act will let American Bitcoiners save MILLIONS in taxes potentially. In this Treasury Orange exclusive, Zack reveals: ✅ Why "the Strategic Bitcoin Reserve already exists" (Trump's executive order IS the SBR) 💰 The Bitcoin for America Act tax strategy: Pay with low-cost-basis BTC, trigger NO capital gains (talk with an accountant first) 📊 How the US will acquire Bitcoin without spending a dollar (20-year minimum hold requirement) 🎯 "We went from playing defense to playing offense" - what changed in Washington ⚡ Why regulating code is un-American (Tornado Cash & Samourai Wallet explained) 🚨 China stacks gold, America stacks Bitcoin - the geopolitical master plan 💎 Stablecoins create $600B+ demand for US Treasuries (Tether's secret weapon for American soft power) *TIMESTAMPS:* 00:00 Cold Open 01:02 Introduction to Zack Shapiro & Bitcoin Policy Institute 02:08 Navigating Bitcoin Regulations and Policy 08:04 Shifting Political Landscape for Bitcoin 12:07 Bitcoin As A Potential Reserve Asset & Is It An American-Influenced Technology? 16:53 Challenges in Educating Policymakers 21:35 Impact of The Financialization of Bitcoin on Policy Conversations 23:30 Zack's Thoughts on Bitcoin Treasury Companies 28:32 Bitcoin on Traditional Corporate Balance Sheets 32:43 The Role of Bitcoin as Money 35:01 The Bitcoin For America Act 38:34 State-Level Bitcoin Adoption and Reserves 42:15 Where To Follow Zack & Building On Bitcoin 44:17 Stay Orange 44:33 Outro *BEST QUOTES:* 💥 "The Strategic Bitcoin Reserve already exists. That's what the executive order is. Stop asking when we're getting one" 🎯 "We went from playing defense to playing offense. The prior administration was openly hostile. This is night and day" 📈 "If you prosecute developers for writing code, why not throw Tim Cook in prison when someone commits banking fraud on a MacBook Pro?" 🏦 "China stacks gold. Americans hold Bitcoin. The gigabrain geopolitical move is monetizing Bitcoin to our rivals' detriment" ⚡ "[With this bill] You can pay federal taxes with very low cost basis Bitcoin and have [advantageous] capital gains consequence. Tax lawyers are going to have a great time" 🔥 "The ETFs were the zero to one moment. Bitcoin went from 'fringe crazy thing' to 'real thing like the Nasdaq'" 🌊 "Bitcoin is overwhelmingly held by Americans and fits with American free market values, not a Chinese CBDC surveillance state" *LEGISLATIVE CONTEXT:* Trump's Executive Order established Strategic Bitcoin Reserve (already exists) Bitcoin for America Act (Rep. Warren Davidson) - codifies SBR, enables tax payments in BTC GENIUS Act (stablecoins) - passed Clarity Act / Market Structure Bill - protects Bitcoin developers, pending Senate Senator Cynthia Lummis's Bitcoin Act - revalue gold certificates, buy 1M Bitcoin over 5 years State-level SBR toolkit available at btcpolicy.org *MENTIONED POLICIES/CASES:* Bank Secrecy Act (1970s intermediary-based regulation) Executive Order 6102 (1933 gold confiscation) Tornado Cash prosecution (Ethereum privacy tool) Samourai Wallet prosecution (Bitcoin privacy tool) Russia FX reserves freeze broke Treasury neutrality Exchange Stabilization Fund (bought Argentinian pesos, could buy Bitcoin) MSCI index exclusion debate (hedge fund classification) *MENTIONED COMPANIES:* MicroStrategy/Strategy (MSTR) - "real volume on preferreds" MetaPlanet - Japan tax treatment advantage XXI & ProCap - operating business strategies Nakamoto Holdings - Kindly MD reverse merger example Strive (ASST) - Niche MSTR Figma - surprised market with $100M Bitcoin treasury Tether & Circle - stablecoin demand for US Treasuries Fairshake PAC (Coinbase) - flipped 2024 election on crypto Anchor Watch - Bitcoin insurance, multi-institutional custody *CONNECT WITH ZACK:* 🔔 X/Twitter: https://twitter.com/ZackBShapiro [https://twitter.com/ZackBShapiro] 🏛️ Bitcoin Policy Institute: https://btcpolicy.org [https://btcpolicy.org] ⚖️ Rains LLP: rains.law 📧 For Bitcoin startup founders/investors: zack@rains.law *RELATED VIDEOS:* 📺 Swiss Bitcoin Treasury cofounded by Adam Back: https://www.youtube.com/watch?v=3xfo_P3mY48 [https://www.youtube.com/watch?v=3xfo_P3mY48] 📺 Strive CEO Matt Cole Interview: https://youtu.be/8r21Ttd-DLY [https://youtu.be/8r21Ttd-DLY] 📺 Options Trader RETIRED on MSTR: https://youtu.be/qamyJhu0zvI [https://youtu.be/qamyJhu0zvI] 📺 MSTR True North on "Then They Fight You:" https://www.youtube.com/watch?v=CHwCZIp5Xnc [https://www.youtube.com/watch?v=CHwCZIp5Xnc] 📧 Contact: tyler@treasuryorange.com 🔔 Tyler on X: https://twitter.com/tylercompiler [https://twitter.com/tylercompiler] 🎙️ Treasury Orange: Analyzing Bitcoin treasury companies with insider access | TreasuryOrange.com https://youtube.com/@TreasuryOrange [https://youtube.com/@TreasuryOrange] @TreasuryOrange 🟠 STAY ORANGE #Bitcoin #BitcoinPolicy #BPI #ZackShapiro #StrategicBitcoinReserve #SBR #BitcoinForAmericaAct #WarrenDavidson #CynthiaLummis #TrumpBitcoin #BitcoinETF #Regulation #BankSecrecyAct #TornadoCash #SamouraiWallet #BitcoinTreasury #MSTR #Stablecoins #Tether #TreasuryOrange #BitcoinLaw #CryptoPolicy ⚠️ Not financial advice - Educational content only

Richard Byworth: Bitcoin Treasuries Should SELL Bitcoin Below 1 mNAV (Former Nomura Trader)

🔥 Hedge fund veteran Richard Byworth built a Swiss Treasury Company w/ Adam Back & reveals how Switzerland's zero interest rate environment creates the perfect storm for Bitcoin-backed credit products to capture $750 billion. In this Treasury Orange exclusive, the Chairman of Future & advisor to Jan3 reveals: ✅ Why he went from "Bitcoin is a scam" (2010) to building a treasury w/ Adam Back 💰 How Switzerland's 12 basis point 10-year bonds create unstoppable demand for Bitcoin yield 📊 The "hedge fund on top of an ETF" framework that traditional finance finally understands 🎯 Why Bitcoin treasuries should SELL Bitcoin at 20% discounts (religious zealotry is killing returns) ⚡ Strategy's €620M Stream IPO was "super smart" - waking up the $300 trillion bond market 🚨 Put options underwriting that generates free Bitcoin premium (secret weapon) 💎 Why "family offices understand Bitcoin better than hedge funds" *THE GAME-CHANGING INSIGHT:* Richard explains why Bitcoin treasury companies are the "release valve of the fiat Ponzi" - using financial engineering to expose interest rate manipulation. With Swiss 10-year bonds at 12 basis points versus Bitcoin's CAGR, the arbitrage is undeniable. Future is positioned to offer 3-5% credit products in a country desperate for yield. *BEST QUOTES:* 💥 "Bitcoin treasury companies are the release valve of the fiat Ponzi" 🎯 "It's a hedge fund sitting on top of an ETF - that's how you explain it to Wall Street" 📈 "You never lend money at zero in a real market. The market is being manipulated" 🏦 "Swiss 10-year bonds at 12 basis points. Imagine locking up money for 10 years to get that. It's insanity" ⚡ "If you can buy Bitcoin at a 20% discount by buying back your shares, you should absolutely sell Bitcoin" 🌊 "Family offices made so much money in crypto that they haven't understood it's all a scam except Bitcoin" *TIMESTAMPS:* 00:00 Cold Open 01:49 Why Is Bitcoin Hard To Grok For TradFi 03:36 Richard's Journey To Bitcoin 08:21 The Fiat Debasement Trade: Bitcoin's Role 13:09 Building Future: A Bitcoin Treasury Company 16:10 Meeting Adam Back 17:53 Switzerland's Economic Landscape & Interest Rates 21:36 Bitcoin Treasury Companies & Institutional Adoption 24:00 Michael Saylor's Pivot To Preferred Equities As Leverage 27:00 Treasuries As A Hedge Fund Built On Bitcoin 33:39 Bitcoin Is A Threat To Fiat / Coordinated Attack? 36:48 Orange-Pilling Family Offices & Bitcoin As Wealth Preservation 40:11 How To Follow Richard 40:41 Stay Orange 40:48 Outro *THE TEAM BEHIND FUTURE:* Richard Byworth: Chairman, ex-Nomura, hedge fund veteran, financial engineer Adam Back: Co-founder, Blockstream CEO, Bitcoin technical pioneer Sebastian Hess: CEO, serial entrepreneur, ex-Founders Fund backed Donald Ewer: Advisor, ex-Citadel & Caxton Vijay Selvam: Board, author of "Principles of Bitcoin," lawyer Julian Linigar: Co-founder, Relai CEO Mark Syz: Vice Chair, private equity specialist *MENTIONED:* Future (Swiss Bitcoin Treasury) MicroStrategy/Strategy (MSTR) - Stream (STRE) IPO Metaplanet - Simon Gerovich put underwriting strategy Jan3 - Nation-state Bitcoin adoption Relai - Swiss Bitcoin DCA app Blockstream - Adam Back H100 (trading at 20% discount to NAV) Strive/ASST - Matt Cole comparison JP Morgan - short attack discussion MSCI/Morgan Stanley index exclusion debate S&P 500 inclusion battle ahead *CONNECT WITH RICHARD:* 🔔 X/Twitter: https://twitter.com/RichardByworth [https://twitter.com/RichardByworth] 🏢 Future: https://twitter.com/Future_Hodlings [https://twitter.com/Future_Hodlings] *RELATED VIDEOS:* 📺 Grain of Salt Changed His Mind on Prefs: https://twitter.com/TylerCompiler/status/1991318908255514920 [https://twitter.com/TylerCompiler/status/1991318908255514920] 📺 Strive CEO Matt Cole Interview: https://youtu.be/8r21Ttd-DLY [https://youtu.be/8r21Ttd-DLY] 📺 Options Trader RETIRED on MSTR: https://youtu.be/qamyJhu0zvI [https://youtu.be/qamyJhu0zvI] 📺 Former MSTR Bull's Exit Warning: https://youtu.be/J-aHzNMUDts [https://youtu.be/J-aHzNMUDts] 📺Adam Back with Richard: https://www.youtube.com/watch?v=iUU65dpFA34 [https://www.youtube.com/watch?v=iUU65dpFA34] 📧 Contact: tyler@treasuryorange.com 🔔 Tyler on X: https://twitter.com/tylercompiler [https://twitter.com/tylercompiler] 🎙️ Treasury Orange: Analyzing Bitcoin treasury companies with insider access | TreasuryOrange.com https://youtube.com/@TreasuryOrange [https://youtube.com/@TreasuryOrange] 🟠 STAY ORANGE #Bitcoin #BitcoinTreasury #Switzerland #SwissFinance #AdamBack #Future #Blockstream #ZeroRates #FixedIncome #MSTR #Strategy #Stream #STRE #Metaplanet #Jan3 #Relai #HedgeFund #FinancialEngineering #TreasuryOrange #BitcoinCredit #EuropeanBitcoin ⚠️ Not financial advice - Educational content only