About this episode
What if a company could turn Wall Street’s incentives toward accelerating bitcoin adoption? In this episode, we sit down with CJ from Strategy’s bitcoin treasury team to break down how the world’s largest bitcoin treasury company is innovating in capital markets. CJ shares his path from Harvard Business School to Strategy, the key KPI that matters most for bitcoin treasury companies, and why outperforming bitcoin over the long term is the true benchmark.Timestamps:0:00 - Intro0:31 - Harvard to Strategy: CJ’s bitcoin treasury role2:24 - The most important KPI for bitcoin treasury companies5:14 - Why outperforming bitcoin is the ultimate benchmark6:59 - Short-term price dislocations vs long-term performance9:24 - Saylor’s forever time horizon11:00 - Why volatility and volume matter for capital markets strategy13:08 - The ideal bitcoin strategy for emerging treasury companies16:04 - Why preferred equity is replacing convertible notes19:03 - How Strategy designs its preferred equity products21:02 - Should other companies copy Strategy’s preferred equity playbook?23:17 - How leverage supports accretive dilution26:58 - Who’s buying Strategy’s preferred equity products?30:28 - The “iPhone moment” for bitcoin-backed securities33:22 - How Strategy manages price stability for preferred equity35:57 - Could stablecoin issuers adopt bitcoin-backed preferred equity?38:03 - Credit amplification vs “speculative attack”40:41 - Harvard’s $100M bitcoin buy44:19 - Bitcoin’s terminal growth rate and the S&P 50047:07 - Why bitcoin treasury companies trade at a NAV premium49:18 - Strategy’s new mNAV issuance guidance53:39 - The digital transformation of investor relations56:17 - Why bitcoin is now Wall Street’s biggest fee generator58:51 - Closing thoughts and where to find CJ
