Preston Pysh gives us a masterclass on Bitcoin treasury companies, unpacking the mechanics behind Michael Saylor’s strategy and why it has outperformed Bitcoin since 2020.

He explains how preferred stock and convertible debt are being engineered to funnel Bitcoin onto balance sheets, why the unraveling of the fixed-income market is the hidden fuel behind this model, and the risks investors face in treating treasury companies as a proxy for holding Bitcoin.

Preston gets into the accounting controversies around MicroStrategy, the looming threat of government nationalisation, and why self-custody Bitcoin is the ultimate safeguard.

In this episode:

- Why self-custody Bitcoin is important

- How preferred stock and convertible debt power treasury growth

- The collapse of the 40-year fixed-income bull market

- Understanding premiums to NAV and dilution risks

- “Ponzi-adjacent” Bitcoin treasuries

- Nationalisation and centralisation risks for Bitcoin

- Why the STRC issuance may be one of the most brilliant financial products ever designed

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The Bitcoin Treasury Playbook | Preston Pysh