BTC234: Bitcoin Torque, Saylor's Playbook w/ Andy Edstrom (Bitcoin Podcast)

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 14 May 2025

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Andy Edstrom unpacks whether Bitcoin is truly the last asymmetric bet for companies, diving into MicroStrategy's model, capital structure risks, and Bitcoin's rising institutional role. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:40 - Why Michael Saylor calls Bitcoin a lifeline for “zombie companies” 05:20 - How Bitcoin’s returns compare to traditional assets over the last decade 07:10 - The strategic and accounting evolution enabling Bitcoin treasury allocations 12:00 - MicroStrategy’s premium-to-NAV strategy and its replicability 15:40 - Risks and rewards of BTC-backed leverage and convertible notes 18:05 - The logic behind “torque” metrics in Bitcoin-financed capital structures 21:10 - If preferred shares like STRK and STRF are innovative or dangerous 23:05 - Wall Street’s changing views on Bitcoin-leveraged equity plays 27:20 - Legal and governance hurdles in corporate Bitcoin adoption 29:10 - What a BTC-heavy balance sheet should do during a major drawdown Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Andy’s X Account. Microstrategy Shareholders’ Meeting: Q1 2025 Earnings Call. Michael Saylor’s speech at Strategy World: Bitcoin for Corporations 2025 Keynote Speech. Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠. Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Join the exclusive ⁠⁠⁠TIP Mastermind Community⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: ⁠⁠⁠X (Twitter)⁠⁠⁠ | ⁠⁠⁠LinkedIn⁠⁠⁠ | | ⁠⁠⁠Instagram⁠⁠⁠ | ⁠⁠⁠Facebook⁠⁠⁠ | ⁠⁠⁠TikTok⁠⁠⁠. Check out our ⁠⁠⁠Bitcoin Fundamentals Starter Packs⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠here⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠TIP Finance Tool⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠favorite Apps and Services⁠⁠⁠. Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠best business podcasts⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠sponsors⁠⁠⁠: SimpleMining Hardblock AnchorWatch Fundrise DeleteMe CFI Education Vanta The Bitcoin Way Onramp Indeed Shopify HELP US OUT! Help us reach new listeners by leaving us a ⁠⁠⁠rating and review⁠⁠⁠ on ⁠⁠⁠Spotify⁠⁠⁠! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://premium.theinvestorspodcast.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

Click on a timestamp to play from that location

0:00.0	You're listening to TIP.
0:02.7	Hey, everyone, welcome to this Wednesday's release of the Bitcoin Fundamentals podcast.
0:06.8	On this week's show, I bring back a good friend and traditional financial investing expert
0:10.6	Andy Edstrom.
0:11.8	During the show, we cover a bunch of different topics and ideas, but primarily hone in on
0:15.7	Michael Saylor's use of the term torque to describe his various different levels of capital
0:20.3	structure within strategy,
0:21.6	and what that means for his ability to keep the MNAV on the stock above the value of the Bitcoin.
0:26.7	We get into why this is so important, why we're seeing so many different copycats starting the
0:31.0	joint strategy, and this was a really interesting and candid chat between the two of us,
0:35.8	and I can't wait for you guys to check it out.
0:37.6	So without further delight, here's my chat with Andy.
0:43.7	Celebrating 10 years, you are listening to Bitcoin Fundamentals by the Investors Podcast Network.
0:50.3	Now for your host, Preston Pish.
1:03.3	Thank you. Now for you a host, Preston Pish Hey everyone, welcome to the show.
1:05.7	I'm here with the one and only Andy Edstrom.
1:06.7	Welcome back, sir.
1:09.4	Preston, it's always a great time with you.
1:10.3	Great to see you, buddy.
1:28.8	Great to see you too. I love chatting with you. There's just so much going on. I mean, we could literally start anywhere. Just as an example of like how much is going on, you know, an hour before we started recording this, I see a tweet from the OCC. This is the office of the comptroller of the currency. This is underneath the Treasury Department. And the tweet is, regulated banks may buy and sell assets held in custody
1:35.8	and are permitted to outsource banking permission crypto asset activities, including custody
1:40.4	and executive services, is the tweet from their official government account. This is
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Stig Brodersen, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Stig Brodersen and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.