2025 just delivered one of the fastest $2 trillion+ wipeouts in crypto history. Bitcoin gave back its entire YTD gain in six weeks, ETH bled harder, and countless founders watched 30-40% of their runway evaporate while they clung to the “digital gold” mantra.

For today's episode, I once again sat down with Patrick Wood, CEO of DelphX, to explore what would have happened if treasuries would had run even basic hedges (perpetual shorts, options, stablecoin rotation, or MSTR shorts) from the start of 2024, and where they would be sitting right now in dollars, BTC, and sanity? We run the numbers on real portfolios, expose the single dumbest mistake every crypto CFO repeated this cycle, and answer the question every founder is afraid to ask: "Did the hedgers actually end the year with more coins than the HODLers?"

The contrarian truths, and exact playbooks you need, so the next drawdown doesn’t nuke your company!

Perfect episode for founders, treasury managers, and anyone who’s tired of watching their balance sheet become a volatility pinata.

Check out Patrick here:
LinkedIn: https://www.linkedin.com/in/tormontgroup

More about DelphX, you'll find here:
Website: https://www.delphx.com
Twitter: https://x.com/DelphX_
LinkedIn: https://www.linkedin.com/company/delphx-capital-markets-inc

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The content of this channel & podcast is exclusively for general information & stories about Bitcoin. This information cannot and should not replace individual advice from qualified persons.