W
We Study Billionaires - The Investor’s Podcast
Guest
Andy Edstrom unpacks whether Bitcoin is truly the last asymmetric bet for companies, diving into MicroStrategy's model, capital structure risks, and Bitcoin's rising institutional role.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:40 - Why Michael Saylor calls Bitcoin a lifeline for “zombie companies”
05:20 - How Bitcoin’s returns compare to traditional assets over the last decade
07:10 - The strategic and accounting evolution enabling Bitcoin treasury allocations
12:00 - MicroStrategy’s premium-to-NAV strategy and its replicability
15:40 - Risks and rewards of BTC-backed leverage and convertible notes
18:05 - The logic behind “torque” metrics in Bitcoin-financed capital structures
21:10 - If preferred shares like STRK and STRF are innovative or dangerous
23:05 - Wall Street’s changing views on Bitcoin-leveraged equity plays
27:20 - Legal and governance hurdles in corporate Bitcoin adoption
29:10 - What a BTC-heavy balance sheet should do during a major drawdown
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
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IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:40 - Why Michael Saylor calls Bitcoin a lifeline for “zombie companies”
05:20 - How Bitcoin’s returns compare to traditional assets over the last decade
07:10 - The strategic and accounting evolution enabling Bitcoin treasury allocations
12:00 - MicroStrategy’s premium-to-NAV strategy and its replicability
15:40 - Risks and rewards of BTC-backed leverage and convertible notes
18:05 - The logic behind “torque” metrics in Bitcoin-financed capital structures
21:10 - If preferred shares like STRK and STRF are innovative or dangerous
23:05 - Wall Street’s changing views on Bitcoin-leveraged equity plays
27:20 - Legal and governance hurdles in corporate Bitcoin adoption
29:10 - What a BTC-heavy balance sheet should do during a major drawdown
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Andy’s X Account.
Microstrategy Shareholders’ Meeting: Q1 2025 Earnings Call.
Michael Saylor’s speech at Strategy World: Bitcoin for Corporations 2025 Keynote Speech.
Check out all the books mentioned and discussed in our podcast episodes here.
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SPONSORS
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- SimpleMining
- Hardblock
- AnchorWatch
- Fundrise
- DeleteMe
- CFI Education
- Vanta
- The Bitcoin Way
- Onramp
- Indeed
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HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!
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