Bitcoin treasury companies have moved from convertible bonds to perpetual preferred equity, and Mike Treidl explains why. He breaks down how preferreds let issuers like Strategy defer payments without defaulting, and why preferreds returning to par could give Strategy a second engine for buying Bitcoin. He also explains how sats per share and leverage without margin calls add value beyond holding Bitcoin directly.

Chapters:0:00 – Mike Treidl on Bitcoin’s Rebound to $83K0:50 – From Morgan Stanley to Blue Coin Capital: Bridging Wall Street and Bitcoin1:49 – Risk Budget First: How to Size a Bitcoin Allocation4:11 – Seller Exhaustion and Bitcoin Treasury Companies5:27 –…

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