How do you earn yield on Bitcoin without risking your stack? Richard Byworth, who spent his career structuring for hedge funds, explains why Bitcoin is the hurdle rate for everyone, and why covered-call overwriting can cost you a significant portion of your Bitcoin in a rally. He walks through how basis trades collateralized by Bitcoin can deliver low-volatility, market-neutral returns.

Chapters:0:00 – Richard Byworth on Leaving Syz Capital Over Bitcoin Treasuries1:43 – Earning Yield in Bitcoin and Why Covered Calls Are Risky3:51 – Basis Trading: Earning Dollars Collateralized by Bitcoin4:47 – Inflation, AI Borrowing and How Digital Credit Pressures the Treasury8:39 –…

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