The Bitcoin Treasury Playbook With Tyler Evans & Josh Solesbury
Episode publishedPodcast: EmpireEmpire
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Do you see these popping up in every single country or nation or geography where there's no Bitcoin ETF? I
do. I mean, six months ago, I would have said, yeah. We'll we'll see a a handful of them. Sorry. Now at the at the rate they're coming. I think we're we're speedrunning this playbook. I think we're gonna have one in in every single capital market in the next twelve months. This
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you. Awesome awesome to be here. A lot of fun stuff for us to talk about today. Yeah. Yeah.
Pumped on this. Quick housekeeping. We are now less than one month out from permission list, June. Get your ticket. Empire 10 is the code. Alright. So for first, I think we can't talk about, this topic without starting with MicroStrategy, right, the 800 pound gorilla in the space. So maybe, I would love to just start high level on this topic. I don't know if this is a question for Tyler or for Josh. Either you guys can take this, but, like, why is this working, and why should what what did my what did Michael Saylor do here with MicroStrategy that was so innovative? And how did he how how did
Yeah. To to zoom out with with Sailor specifically. You know, obviously, the wrote wrote the playbook here, the, the champion, the the 800 pound gorilla. I think, you know, what what he did was really innovative in in a couple things. First, he was very early to take this leap, when it was not a consensus trade like it's starting to be today when it was much more, risky when he was really the first first public mover from The US markets. And and, you know, was willing to take the leap, kind of bought into Bitcoin, intellectually had some, great folks around him kinda educating him about Bitcoi
Micro strategy aside, actually, like, why is this even an interesting topic? I mean, you guys at Perify, one of the best investors in the space, you could be doing you could be investing in a myriad or tokens, early stage, late stage, all all these other kind of things. Why are you guys so excited about this kind of treasury strategies play, and why should Empire listeners care about this?
Yep. No. It's it's a great question. I think there's there's two answers to that. The first is, you know, we see strategy and and all these other vehicles, as part of, like, Cambrian explosion, in the public markets where it's what we call reverse tokenization at Verified. So it's tokens coming into the public capital markets and all sorts of instruments. And it's it's pretty, like, insane if you think about it because, you know, my strategy has been around for a while, but it's really in the last nine months where you've now seen all sorts of instruments from, like, the pref market to the con
you can we go deeper on that, actually? Because so, you know, I'll pull up this chart. This is just MicroStrategy and and Bitcoin, and you can see that MicroStrategy has outperformed Bitcoin. So, Josh, tell me more about this asymmetric Bitcoin exposure, both from the angle of how this happens, but also why this happens. And maybe
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