Podcast Summary: The Bitcoin Treasuries Podcast with Tim Kotzman

Episode Title: The Digital Credit Vision with Strategy's Andrew Kang
Date: December 22, 2025
Host: Tim Kotzman
Guest: Andrew Kang, CFO of Strategy
Length: ~17 Minutes

Episode Overview

In this episode, Tim Kotzman sits down with Andrew Kang, CFO of Strategy (formerly MicroStrategy), to explore the evolution of corporate Bitcoin treasuries and the burgeoning digital credit markets. Kang reflects on Strategy’s journey, its product innovation around Bitcoin-backed credit instruments, the increased institutional adoption, and the regulatory milestones impacting the broader Bitcoin ecosystem. The conversation also dives into future opportunities, including new structured products and broader financial system integration.

Key Discussion Points & Insights

Reflections on Strategy’s Growth and Vision

• Vision Preceding Reality:
  • Andrew Kang shares that when he joined Strategy (then MicroStrategy), he couldn't fully imagine the company’s current impact but was inspired by the early vision laid out by Michael Saylor and Fong [00:26].
  • Quote:
    • "Much of the vision that really compelled me to join the company has come to fruition and probably at a magnitude greater than I would have expected." – Andrew Kang [00:54]
• Continuous Innovation:
  • The company's culture is framed as forward-looking, fostering a “tremendous amount of vision” and excitement for future developments [01:10].

Upcoming Bitcoin for Corporations Conference

• Event Highlights:
  • The 2026 conference will be held at the Wynn Las Vegas, promising higher quality and greater scale each year [01:42].
  • Central themes include digital credit’s impact on financial markets and the increased presence of major ecosystem players, service providers, and influential speakers, including Michael Saylor and Fong [01:52].
  • Tim Kotzman highlights the participation of True North and expects the event to “bring together like-minded companies and executives” [02:40].

Digital Credit Product Innovation

• Development of Preferred Products:
  • The “preferred equity strategy” was initiated over a year prior, with a suite of products targeting varied risk-return profiles [03:40].
  • Example: Strategy’s convertible preferred and the US Preferred “Stretch”—a short duration, stable value, high-yielding instrument (trading ~$100 million/day) [03:57].
  • Kang notes robust demand and sees Bitcoin as the “high yielding asset as the core asset base,” with increasing adopters of digital credit [04:38].
• Ecosystem Building:
  • Anticipation of other issuers and new products, layering and innovating on the digital credit foundation [05:16].

Institutional Adoption & Regulatory Shifts

• Big Bank Engagement:
  • Kang recalls the move from a single bank relationship in 2022 to broader engagement as regulatory clarity improved [05:57].
  • He predicts major global banks that have been on the sidelines will soon take positions in the space [07:26].
  • Quote:
    • "If you don't come into it and embrace it, then, then you're going to lose out." – Andrew Kang [07:33]
• Regulatory Milestones:
  • OCC’s conditional approvals for new federal bank charters signal increasing mainstream acceptance, enabling more products (lending, custody) from banks [08:13].
  • Kang forecasts significant industry progress in the next 12–24 months [09:01].

S&P 500 Eligibility and Market Integration

• Index Inclusion Dynamics:
  • Kang discusses nuances in S&P 500 and index eligibility, emphasizing Strategy’s high trading volume and liquidity [09:30].
  • With stigma and uncertainty fading, he anticipates eventual index inclusion as “people want this” and Bitcoin’s asset class status grows [10:12].
  • Quote:
    • "It's just a matter of time, in my opinion." – Andrew Kang [10:55]

Ecosystem Building & Future Product Opportunities

• Layered Market Development:
  • Kang likens current efforts to laying a base foundation of financial markets atop Bitcoin, with digital credit as the cornerstone [11:48].
  • Expects future integration into ETF products, digital money funds, and other stable value/yield generating instruments offered by larger financial institutions [12:32].
  • Analogy:
    • "It's almost like passing a baton… we're building the liquidity… others will begin running with it and creating different products on top of it." – Andrew Kang [12:57]
• 2026 Outlook:
  • Predicts rapid ecosystem and product evolution throughout 2026 [13:19].

Investment Timeframes & Adoption Perspective

• Early Inning Mindset:
  • Kang asserts the ecosystem is “still somewhere in the first or second inning” [14:18].
  • Strategy’s journey began five years ago, with significant foundational work in digital credit and convertible debt, but market acceleration is imminent as regulatory support grows and more players enter [14:18–15:35].
  • Quote:
    • "I don't think we'll have to wait another five years…the pace will start to accelerate." – Andrew Kang [15:33]

Final Thoughts & Outlook

• Kang expresses gratitude and optimism, hoping 2026 will bring “normalization around Bitcoin” and that current volatility will be offset by significant tailwinds for continued growth [15:52].
• Quote:
  • "I'd love to see a little bit of a normalization around Bitcoin in the coming year…there's a lot of tailwinds that's going to help support a really exciting 2026." – Andrew Kang [15:57]

Notable Quotes with Timestamps

• Vision and Growth:
  • "Much of the vision that really compelled me to join the company has come to fruition and probably at a magnitude greater than I would have expected." – Andrew Kang [00:54]
• Market Warning:
  • "If you don't come into it and embrace it, then, then you're going to lose out." – Andrew Kang [07:33]
• S&P 500 Inclusion:
  • "It's just a matter of time, in my opinion." – Andrew Kang [10:55]
• Market Building:
  • "It's almost like passing a baton… we're building the liquidity… others will begin running with it and creating different products on top of it." – Andrew Kang [12:57]
• Early Stages:
  • "I don't think we'll have to wait another five years…the pace will start to accelerate." – Andrew Kang [15:33]

Important Timestamps by Topic

• [00:26] – Kang on his early days at Strategy and the initial vision
• [01:42] – Overview of the Bitcoin for Corporations 2026 conference
• [03:40] – Digital credit product development
• [05:57] – Institutional adoption: From few to many banks
• [08:13] – Impact of OCC approvals on the ecosystem
• [09:30] – S&P 500 and index eligibility discussion
• [11:48] – Building layered markets and passing the “baton”
• [14:18] – Perspective on adoption timelines and early stage analogy
• [15:52] – Closing thoughts and 2026 outlook

Tone & Language

• The discussion is direct and forward-thinking.
• Kang’s tone is optimistic, pragmatic, and focused on both the current foundations and next horizons for Bitcoin treasury management.
• The episode is rich in financial analogies and structured product discussion, but grounded with practical reflections on regulatory, market, and technology shifts.

Summary Takeaways

• Strategy is at the forefront of integrating digital credit products atop corporate Bitcoin treasuries, influencing both industry and financial market practices.
• Institutional and regulatory acceptance is ramping up, with major banks and federal regulators progressively opening doors.
• Layered financial innovation is expected, from foundational credit products to ETFs and digital money funds.
• Despite having laid substantial groundwork, both Kang and Kotzman consider Bitcoin treasury management and digital credit to be in the “early innings”—with acceleration and broader adoption ahead.
• 2026 is positioned as a breakout year for both product innovation and normalization of Bitcoin as a mainstream asset class in global finance.