The Bitcoin Treasury Podcast

Michael Sullivan joins the show to explain why he published the most bullish piece of his bear market at $63K, and why Bitcoin ripped 15% in 48 hours right after. Michael spent thirteen years as a fintech engineer and writes fiction on the side, and he's turned both into a methodology: measuring the emotion in how Bitcoiners actually talk, cohort by cohort, week by week. His argument is that when every trader is bored, fearful, and rotating into AI and quantum, that isn't a bear signal. TIMESTAMPS: 0:00 Intro 0:21 From boredom to a 15% move in 48 hours 2:34 Why apathy produces the biggest moves 5:27 The trader cohort and the rotation to AI and quantum 7:35 The price heat map: nobody talking about price 9:55 Bessent, liquidity, and why narratives get rewritten 12:26 From fintech engineer and novelist to language analysis 15:50 What he actually measures 19:13 Signal versus noise: bots, aggregators, and cohorting by hand 22:15 Why MSTR holders got more convicted 25:51 Fundamentalists versus capitalists 28:40 The treasury investor is a different investor 31:59 Modeling institutional sentiment 34:56 Why X is the highest-signal source 36:29 BIP 110 and the echo chamber 40:52 mNAV is sentiment 44:52 STRC narrative volatility 49:08 The bear case: what would flip him 50:38 Fading the four-year cycle 54:50 Is the four-year cycle dead? 57:14 Where to follow Michael 🎙️ Featured Guest: Michael Sullivan — author of Bitcoin Sentiment Weekly, fintech engineer, and novelist Kalshi Perps Sign up at https://kalshi.com/p/bitcointreasuries Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information. Leverage amplifies both potential gains and potential losses, and losses can exceed the amount deposited. Leverage limits are determined by KalshiEX LLC or the FCM based on its own risk assessment and each customer's individual risk profile, and are subject to change. Perpetual Futures are listed on Kalshi Ex LLC, a CFTC-regulated exchange, and may be traded directly as an exchange member or through an approved broker. This video is sponsored by Kalshi. 🤝 SUPPORT OUR SHOW: BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bit.ly/bitGo Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://bit.ly/archlending XCE Connecting Excellence Group is the UK's listed Bitcoin treasury recruitment company — placing senior talent into Bitcoin companies globally and helping operating businesses build on a Bitcoin standard. Learn more at https://bit.ly/XCEio Hemi — Activate compliant Bitcoin yield without leaving custody. Built by Bitcoin OG Jeff Garzik, Hemi is the only blockchain that embeds a full Bitcoin node inside an Ethereum node for true Bitcoin finality. Follow them at https://twitter.com/@hemi_xyz and learn more at https://hemi.xyz

Matt Tuttle is CEO of Tuttle Capital Management, an ETF issuer running roughly four to five billion dollars across thematic, options-based and event-driven funds. He has been on Wall Street since 1990 and came to Bitcoin through the ETF wrapper rather than through conviction. His argument is that the wrapper was the entire event: once BlackRock launched IBIT the skeptic case stopped being arguable, and his client portfolios now carry 6.25% Bitcoin against an industry standard of one to two percent. TIMESTAMPS: 00:00 Cold Open 00:52 Trading Since the Eighties 01:51 The iBit Turning Point 02:52 The Argument Wall Street Can No Longer Make 05:08 Why 1% Bitcoin Doesn't Move the Needle 06:30 The HEAT Formula 08:54 The Hard Money Hedge 10:58 What Actually Broke the Treasury Trade 12:30 Bitcoin Fell 50%, the S&P Fell 60% 15:24 How to Play Pre-Merger SPACs 20:44 Why He Hates Covered Calls 22:27 All of Bitcoin's Upside, Not Most of It 25:41 Partnering With Strive on Digital Credit 28:06 A Million Dollars and $40,000 a Year 30:02 Inside the Leveraged Credit ETF 34:58 Why Volatility Isn't Maturing Yet 38:01 Schiff, Pomp, and the Debate That Misses 45:27 Wiped Out at 21 48:15 Zero Percent Bonds at 57 50:14 The Longevity Problem Nobody Plans For 51:46 Grading Powell, Sizing Up Warsh 53:56 Guys Like You Are Screwed 56:36 Where to Find Matt 🎙️ Featured Guest: Matt Tuttle — CEO, Tuttle Capital Management Kalshi Perps Sign up at https://kalshi.com/p/bitcointreasuries Please carefully consider if it is appropriate for you in light  of your personal financial circumstances. Kalshi products are not available in all jurisdictions.  See kalshi.com/regulatory for more information.   Leverage amplifies both potential gains and potential losses, and losses can exceed the amount deposited. Leverage limits are determined by KalshiEX LLC or the FCM based on its own risk assessment and each customer's individual risk profile, and are subject to change.  Perpetual Futures are listed on Kalshi Ex LLC, a CFTC-regulated exchange, and may be traded directly as an exchange member or through an approved broker. This video is sponsored by Kalshi. 🤝 SUPPORT OUR SHOW: BitGo is the institutional-grade digital asset infrastructure trusted by thousands of institutions worldwide. A publicly traded company on the NYSE, BitGo offers regulated custody, OTC trading, financing, and settlement under one roof — and holds a federally chartered national bank license from the OCC. Learn more at https://bit.ly/bitGo Arch Lending offers the most transparent Bitcoin-backed borrowing experience in crypto — industry-leading rates from 8.49%, qualified custody, no rehypothecation, and verifiable segregated addresses. Simple terms and public pricing at every size. Learn more at https://bit.ly/archlending XCE Connecting Excellence Group is the UK's listed Bitcoin treasury recruitment company — placing senior talent into Bitcoin companies globally and helping operating businesses build on a Bitcoin standard. Learn more at https://bit.ly/XCEio Hemi — Activate compliant Bitcoin yield without leaving custody. Built by Bitcoin OG Jeff Garzik, Hemi is the only blockchain that embeds a full Bitcoin node inside an Ethereum node for true Bitcoin finality. Follow them at   / @hemi_xyz   and learn more at https://hemi.xyz

Matt Cole is back. The last time Strive's CEO sat down with Bitcoin Treasuries, they had roughly 6,000 Bitcoin. Today they're closing in on 20,000 — a top seven public holder — and they did it while Bitcoin fell close to 50%. He covers how the digital credit engine kept running through the bear market, the super cycle thesis, why the $60 trillion income market's structural breakdown created a permanent bid for SATA, the controlled burn that trapped a $100M+ short position, the investor protections institutions actually care about, his candid take on Saylor's missteps with the cash reserve, why the death of crypto is bullish for Bitcoin, and why every company without Bitcoin should be scared of AI. Follow Matt: ⁠https://twitter.com/@ColeMacro⁠ Learn more: ⁠https://strive.com⁠ 🎟️ Bitcoin Treasuries Conference — September 28, New York CitySave 10% on tickets: ⁠https://bit.ly/4f1kGV5⁠   TIMESTAMPS: ⁠00:00⁠ Cold Open⁠ 01:21⁠ Why This Bear Market Was Different ⁠05:03⁠ Income Investing Is Broken ⁠07:05⁠ When Matt Knew SATA Would Work⁠ 15:49⁠ Credit Risks Of Digital Credit ⁠18:40⁠ Strive's Capacity To Issue More Prefs ⁠21:04⁠ Building a Track Record & Institutional Trust ⁠26:57⁠ The Engine Behind Strategic Decisions⁠ 33:17⁠ Amplification & USD Runway⁠ 40:30⁠ M&A in the Bitcoin Space ⁠44:09⁠ Semler Merger Story & Industry Networking⁠ 47:24⁠ Criticism From Bitcoiners⁠ 53:14⁠ SATA's Controlled Burn Strategy⁠ 59:42⁠ Super Cycles, AI & Crypto's Death ⁠1:04:55⁠ Stay Orange   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.  

Jeff Garzik was one of Bitcoin's first core developers. He emailed patches directly to Satoshi, helped build the foundational software Bitcoin still runs on, and bought the domain that became BitcoinTalk.org. Now he's building Hemi — a Bitcoin-secured L2 — and he has a message for every Bitcoin treasury company: you're leaving money on the table. He covers the Great Slashdotting of July 2010, why the white paper almost didn't matter without the code, the early fear of being arrested for open source development, why 99% of crypto going to zero is actually great news, what Hemi is and why Bitcoin programmability has existed since the genesis block, the De-Genslerification that unlocked institutional Bitcoin, and why yield is the missing step every treasury company is skipping. Follow Jeff: https://twitter.com/@jgarzik Learn more: https://hemi.xyz 🎟️ Bitcoin Treasuries Conference — September 28, New York City Save 10% on tickets: https://bit.ly/4f1kGV5 CHAPTERS: 00:00 Cold Open 00:55 Bitcoin's Exciting Earliest Days 10:03 The Excitement of Early Bitcoin Days 15:58 Bitcoin Can't Be Stopped 21:50 Darwinian Competition In Crypto 28:02 Understanding Hemi: A New Layer for Bitcoin 38:30 Treasury Companies Are Missing Yield Opportunity 46:15 Is Centralization A Concern? 50:50 Stay Orange 🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.

Dylan LeClair is the first Metaplanet executive to speak publicly in English about Metaplanet Securities — the newly acquired Type 1 securities license that the company says changes everything about how Japan accesses Bitcoin. He joins Miller Cole for the full breakdown. They cover what a Type 1 license actually unlocks, $7 trillion in idle Japanese savings, why institutional career risk hasn't been stripped away in Japan yet and what flips it, the MSTR rerun Dylan sees playing out, Project Nova, the tokenization rails being built for daily dividends, the Mars and Mercury preferred instruments, and why 27 months of unwavering conviction through a bear market is the most important thing Metaplanet has built. Follow Dylan: ⁠https://twitter.com/@DylanLeClair⁠ Follow Miller: ⁠https://twitter.com/@medc3005⁠ Learn more: ⁠https://metaplanet.com⁠   🎟️ Bitcoin Treasuries Conference — September 28, New York CitySave 10% on tickets: ⁠https://bit.ly/4f1kGV5⁠   🏛️ Institutional custody & OTC at bit.ly/bitGo 🔒 Secure your Bitcoin with COLDCARD — use code 6BT for 6% off at bit.ly/coinkiteStore 🏦 Borrow against your BTC from 8.49% at bit.ly/archlending 💼 Bitcoin executive recruitment at bit.ly/XCEio ⚡️ Bitcoin yield without leaving custody at bit.ly/hemiXYZ   📊 Track every Bitcoin treasury company at bitcointreasuries.net ⚠️ Not financial advice. Do your own research. 🟠 Stay Orange.