Podcast Summary

Episode Overview

Podcast: The Bitcoin Treasuries Podcast with Tim Kotzman
Episode: Building Mexico's First Bitcoin Treasury Company with Jose Flores of Arcadia₿
Date: February 23, 2026
Guest: Jose Flores, Founder & CEO of Arcadia₿

In this episode, Tim Kotzman interviews Jose Flores, founder and CEO of Arcadia₿, the first Bitcoin treasury company in Mexico. Jose shares his personal journey into Bitcoin, the challenges of building a Bitcoin-focused business in a tough regulatory environment, Arcadia₿’s evolution, and insights into Mexico’s shifting institutional landscape for Bitcoin adoption. The conversation also highlights Arcadia₿’s upcoming strategies—especially their unique approach to corporate bitcoin treasuries and tailored financial products for the Mexican market.

Key Discussion Points and Insights

Jose Flores' Background and Personal Journey

• Early Interest in Bitcoin (00:34–03:59)

  • Jose stumbled upon Bitcoin in 2013, initially viewing it as "just a transactional means" while experimenting with cryptography and the Tor network.
  • Studied economics at Texas A&M, which illuminated structural issues in the economic system. "It really depressed me...I was benefiting from that system. So it's very hard to explain the conflict inside myself." (01:10, Jose)
  • Worked in construction and mining, experienced government corruption, and later moved to New York for a master's at Columbia.
  • Serendipitously met his technical co-founder, Yuri, through a series of mutual connections, which catalyzed his deep dive into Bitcoin and the founding of a business in Mexico.

• Transition to Bitcoin Entrepreneurship (03:59–05:13)

  • Early challenges included difficulties in obtaining banking services: "Just imagine trying to get a bank account back in the day, you know... Shut the door." (04:34, Jose)
  • Bootstrapped the company, benefiting from the 2017 bull run, which provided financial runway.

Building Arcadia₿: From OTC to Lending

• Iterative Business Evolution (05:14–10:24)

  • Started with OTC Bitcoin sales on WhatsApp, leading to an online brokerage platform focused on simplicity.

  • Realized the need for payment rails and built infrastructure for Bitcoin payments—though adoption was low.

  • Noticed clients with large profits seeking to cash out. Solution: launched a lending business backed by Bitcoin collateral.

  • Emphasized organic growth and how regulatory uncertainty and audits created challenges, but also prepared the team for compliance and resilience.

    "We were definitely lucky to have that, you know, first initial bull run that gave us kind of like a big stash to think long term." (06:44, Jose)

  • Regulatory dynamics in Mexico:

    • Law permits crypto, but Bank of Mexico restricts participation: "It's like an oxymoron where you have the law, but then the guy who's supposed to say what cryptos are allowed to play... says, none of them." (09:14, Jose)
    • Anticipates rapid change when the US sets regulatory precedents.

The Shift Toward Treasury Services

• Evolving View on Treasury Companies (10:24–15:53)
  • Initially reluctant to embrace Bitcoin treasuries, citing concerns about centralized custody and institutional dominance (e.g., MicroStrategy, BlackRock).
  • Persuaded by colleagues (notably Boyd) and market demand, recognizing that institutional adoption may orange pill more people than grassroots efforts.
  • "If I convince one pension fund, that's going to be more bitcoin exposure than I've done in the last 10 years with one client." (14:55, Jose)
  • Embraced a pragmatic approach: using treasury companies as gateways while respecting individual sovereignty and the free market.

Arcadia₿’s Strategy & Market Position

• Short to Medium-Term Plans (15:53–18:39)

  • Proud of Arcadia₿’s 10-year operating history and current cash-flow positive status—“a very low time preference.”

  • Plans to issue preferred shares while still private and pursue a US IPO to access deep capital markets.

  • Strategy: offer both direct Bitcoin services and tailored financial products that fit Mexican market conservatism.

    "We have this plan where we're going to keep doing what we're doing... but at the same time going public." (16:34, Jose)

• Borrowing from and Adapting MicroStrategy’s Playbook (18:39–20:08)

  • Acknowledges Michael Saylor’s innovations but is “tropicalizing” those concepts for local conditions.
  • Stresses importance of adapting product structure, risk profile, and communication to local investor expectations.

Market Sentiment and Institutional Interest in Mexico

• Changing Attitudes and Growing Curiosity (20:08–22:30)

  • Notable shift: two years ago, big players wouldn’t take meetings; now, they actively seek out Arcadia₿.

  • Example: investment bank leaders closely tracking global Bitcoin treasury companies, indicating elevated institutional awareness.

  • Regulators still restrict direct participation, but financial institutions are preparing for imminent change.

    "The big guys... they are very well informed on what's going on, and they're preparing to make a move for sure." (22:08, Jose)

Team, Company Culture, and Notable Partnerships

• Team Dynamics and Growth (30:57–35:25)

  • Current team is 15 people, recently expanded engineering staff, but aims to stay lean leveraging technology.
  • High value placed on mentorship and diverse skill sets; Jose recounts serendipitous connections with business partners and advisors, illustrating a culture open to opportunity and collaboration.
  • Notable quote: “I think a good team is with bridge, bring different things to the table. And Ed definitely brings a lot that none of the other team members have.” (33:33, Jose)

• On Going Public

  • Emphasizes the intention to build trust and transparency by auditing books and increasing professionalism ahead of a potential IPO.

Reflections on Market Cycles, Personal Growth, and Convictions

• The Bear Market as Opportunity (26:21–28:44)

  • Bear markets provide key lessons and help filter out non-serious investors.

  • The current cycle teaches resilience, humility, and clarity in building both as a business and as bitcoiners.

  • Observes that MicroStrategy’s stress-tested strategy has solidified trust in the public markets.

    “Now we can say that a Treasury company has been forged by fire, tried and tested and they're going to come out stronger than ever.” (28:31, Jose)

• On Friends, Adoption, and the Human Side (28:44–30:57)

  • Mixed reactions among Jose's peers: some now convinced by institutional legitimacy, others regret missing early opportunities, and a few remain skeptical.

    "For them, they're still, like, in a place where they'll rather, you know... try to argue why, you know, seeing the negative side." (29:45, Jose)

  • Jose emphasizes the importance of not imposing one’s values on others and allowing individuals their own journey to Bitcoin adoption.

Notable Quotes & Memorable Moments

• On Institutional Signals:

  “Whatever you guys do here in Mexico, we follow two, three years after.” (08:39, Jose)

• On the Power of Market Cycles:

  “I think these bear markets really humble us and test our convictions. And for me, they're very healthy. I love them.” (26:21, Jose)

• On the Need for Public Leadership:

  “If you really want to orange pillar country, you need to put yourself out there... I'm ready to die on this hill.” (23:44, Jose)

• On Adapting Corporate Strategies:

  “Credit where credit is due. Michael Saylor came up with this amazing idea and of course we're all piggybacking on his invention...” (19:03, Jose)

• On the Team’s Growth and Chemistry:

  “With all the technology out there now, we can scale the business 100x without needing to hire any more people... We've been very lean for the last 10 years.” (34:44, Jose)

• On Market Sentiment Shifts:

  “[Financial leaders] know who MicroStrategy is. They know who Meta Planet is. They knew everything about treasury companies. I was like, oh, my God.” (21:18, Jose)

Important Segments and Timestamps

• Jose’s Early Background and Entry to Bitcoin: [00:34–03:59]
• Building a Bitcoin Business in Mexico: [03:59–10:24]
• Views on Bitcoin Treasury Companies and Institutions: [10:24–15:53]
• Arcadia₿’s Strategy & Market Position: [15:53–20:08]
• Institutional Change in Mexican Finance: [20:08–22:30]
• Reflections on Bear Markets and Building in Tough Times: [26:21–28:44]
• Team Dynamics, Partnerships, and Company Culture: [30:57–35:25]
• Closing Thoughts & Community Building: [35:32–38:21]

Conclusion

Arcadia₿ stands at the intersection of grassroots Bitcoin advocacy and institutional market emergence in Mexico. Jose Flores's journey evidences the patience, adaptation, and conviction required to build in the Bitcoin space, especially in less accommodating environments. The episode offers a nuanced look at how local realities must shape corporate Bitcoin strategies, and provides hope that major regulatory and institutional shifts—sparked by developments in the US—are imminent for markets like Mexico.

Final thought from Jose:

“We're all just grinding. But thank you for the grind and keep doing it.” (37:43, Jose)

Learn more about Arcadia₿:
Website: [Arcadia B]
Social: @ArcadiaBTC on X, Instagram, LinkedIn

For more episodes and deep dives into Bitcoin corporate adoption, follow The Bitcoin Treasuries Podcast.