Preston Pysh gives us a masterclass on Bitcoin treasury companies, unpacking the mechanics behind Michael Saylor’s strategy and why it has outperformed Bitcoin since 2020.
He explains how preferred stock and convertible debt are being engineered to funnel Bitcoin onto balance sheets, why the unraveling of the fixed-income market is the hidden fuel behind this model, and the risks investors face in treating treasury companies as a proxy for holding Bitcoin.
Preston gets into the accounting controversies around MicroStrategy, the looming threat of government nationalisation, and why self-custody Bitcoin is the ultimate safeguard.
In this episode:
- Why self-custody Bitcoin is important
- How preferred stock and convertible debt power treasury growth
- The collapse of the 40-year fixed-income bull market
- Understanding premiums to NAV and dilution risks
- “Ponzi-adjacent” Bitcoin treasuries
- Nationalisation and centralisation risks for Bitcoin
- Why the STRC issuance may be one of the most brilliant financial products ever designed
THANKS TO OUR SPONSORS:
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BLOCKWARE
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BITKEY
Follow:
Danny Knowles: https://x.com/\\\_DannyKnowles or https://primal.net/danny
Preston Pysh: https://x.com/prestonpysh or https://primal.net/preston
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1:06:54
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1:06:54
Saving Bedford with Bitcoin | Peter McCormack
In this episode, Peter breaks down his five-year legal battle with Craig Wright, how UK libel laws were weaponised against him, and the moment the case finally turned in his favour.
We also get into his fight to save Bedford, and why running businesses there changed his political view, how government policy makes entrepreneurship harder, and turning to private solutions because of the failure of the state.
In this episode:
- Craig Wright’s lawsuits and the UK libel system
- The real impact of government policy
- The mission to save Bedford
THANKS TO OUR SPONSORS:
IREN
RIVER
ANCHORWATCH
BLOCKWARE
LEDN
BITKEY
Follow:
Danny Knowles: https://x.com/\\\_DannyKnowles or https://primal.net/danny
Peter McCormack: https://x.com/PeterMcCormack
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1:47:13
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1:47:13
The War on Bitcoin Privacy | Calle
Calle gets into into the future of financial and communication privacy, exploring how tools like Cashu and BitChat could help Bitcoiners survive in an increasingly hostile regulatory environment.
He breaks down why privacy is essential for democracy, the lessons from the original Crypto Wars, and how eCash can offer near-perfect transaction privacy.
Calle explains the history behind David Chaum’s invention, the trade-offs Bitcoin made for auditability, and why eCash mints could be run by communities for both Lightning payments and private internet services. As well as BitChat as a censorship-resistant messenger and the growing legal risks faced by privacy developers.
In this episode:
- Why financial privacy is as important as free speech
- Lessons from the Crypto Wars 1.0
- How Chaumian eCash works and why it’s unmatched for privacy
- Offline payments and tap-to-pay Bitcoin
- The risks and pressures facing privacy developers today
THANKS TO OUR SPONSORS:
IREN
RIVER
ANCHORWATCH
BLOCKWARE
LEDN
BITKEY
Follow:
Danny Knowles: https://x.com/\\\_DannyKnowles or https://primal.net/danny
Calle: https://x.com/callebtc or https://primal.net/calle
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1:33:12
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1:33:12
Is MSTR a Ponzi? | Lyn Alden & Andy Constan
Lyn Alden and Andy Constan go deep on Bitcoin treasury companies like Strategy, debating whether they’re outright Ponzi schemes or legitimate vehicles for leveraged Bitcoin exposure.
We dig into how these companies actually generate returns, why premiums to NAV exist, and the conditions that could cause the model to unravel. Lyn lays out her cautiously bullish case for well-run treasuries, while Andy argues the structure depends on new capital in ways that can’t last forever.
In this episode:
- What makes a Bitcoin treasury company different from an ETF
- Why premiums to NAV exist
- How Strategy’s capital structure works
- Whether treasury companies can generate income without selling Bitcoin
- The “Ponzi-adjacent” problem
THANKS TO OUR SPONSORS:
IREN
RIVER
ANCHORWATCH
BLOCKWARE
LEDN
BITKEY
Follow:
Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny
Lyn Alden: https://x.com/LynAldenContact
Andy Constan: https://x.com/dampedspring
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1:45:46
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1:45:46
The State of Bitcoin Adoption | Troy Cross & Ella Hough
Troy Cross and Ella Hough break down the state of Bitcoin adoption across the U.S. and the globe, revealing what the data really says about Bitcoin’s political alignment, institutional shift, and cultural future.
We get into the surprising statistics around self-custody, what Gen Z actually thinks about Bitcoin, and whether American bitcoiners can become a meaningful political force.
In this episode:
- Who owns Bitcoin - What Gen-Z think of Bitcoin
- The myth of political consensus around Bitcoin
- Bitcoin as a language of truth across culture, time, and power
THANKS TO OUR SPONSORS:
IREN
RIVER
ANCHORWATCH
BLOCKWARE
LEDN
BITKEY
Follow:
Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny
Troy Cross: https://x.com/thetrocro
Ella Hough: https://x.com/21MMforthe21st
Australia