Is Strategy Becoming the Central Bank of the Future? | Bitcoin for Corporations Ep. 11

In this episode of the Bitcoin for Corporations Show, Pierre Rochard and Spencer Nichols unpack Strategy’s Q2 earnings: FASB’s mark-to-market EPS, perpetual preferreds (“stretch/stride/strike/strife”), ATM/MAV guidance, and the idea that Strategy could scale from ~4% to ~8% of outstanding bitcoin. They also dig into bitcoin-as-collateral, reflexivity, and treasury risk management.

🔶 Connect with Pierre Rochard on X: https://x.com/BitcoinPierre
🔶 Connect with Spencer Nichols on X: https://x.com/DeSpencer_

00:00 - Introduction and Context of the Episode
01:09 - Significance of Strategy's Earnings Call and Bitcoin Accounting Changes
05:59 - Importance of Investor Relations in Bitcoin Treasury Companies
10:54 - Capital Flow and Bitcoin Treasury Market Dynamics
11:22 - Overview of Strategy's Yield Curve and Credit Instruments
14:53 - Comparison of Strategy's Model to Central Banking and Commercial Banking
19:50 - Market Reception and Scale of Strategy's Offerings
24:34 - Distribution Channels and Challenges for Bitcoin Treasury Products
28:32 - Marketing and Trust in Bitcoin Treasury Securities
30:11 - Macro Perspective on Strategy's Role and Bitcoin Treasury Competition
35:47 - Potential Macroeconomic Impact and Competition with Traditional Credit Markets
40:14 - Risks of Altcoin Treasury Models Compared to Bitcoin
41:50 - Risk Pricing and Market Perception of Bitcoin and Other Collateral
45:36 - Discussion on Bitcoin's Drawdown Risk and Capital Structure Resilience
45:36 - Final Thoughts on Earnings Per Share, S&P 500 Inclusion, and Future Outlook

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, Bitcoin for Corporations, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

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