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Welcome back to Bitcoin Season 2! Today, Colin and Charlie talk about the explosive growth of Bitcoin treasury companies and their financial engineering strategies. They break down Strategy's convertible debt playbook, examine why these companies trade at premiums to their Bitcoin holdings, and debate whether this trend is sustainable or an elaborate house of cards waiting to collapse.

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**Notes:**

• MicroStrategy holds 592,100 Bitcoin

• Q1 2025 revenue: $111 million

• Convertible notes have 0-1% interest rates

• Bitcoin needs to drop way low for liquidation

• Preferred shares pay 8-10% dividends

• Annual obligations: $10-20 billion

Timestamps:

00:00 Start

02:59 Strategy (formerly micro)

10:42 Types of companies

15:13 Preferred stock

24:57 Closed end fund dynamics

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