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![saylor Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::244647486.png) Michael Saylor [@saylor](/creator/twitter/saylor) on x 4.5M followers
Created: 2025-07-17 18:32:14 UTC

My Bitcoin Treasury discussion with @IIICapital.

0:00 – Intro  
1:00 – First priority as Director of Bitcoin Strategy  
3:11 – Should Bitcoin companies copy MSTR’s preferreds?  
5:02 – Structuring credit: BTC Ratings from X to XX  
6:25 – Long-term CAGR for Bitcoin vs. S&P XXX  
8:28 – Why Bitcoin has fewer risks than stocks  
10:36 – The global index with no counterparty risk  
15:14 – Is Bitcoin a global productivity index?  
16:56 – Will MSTR join the S&P 500?  
18:14 – Why Vanguard owns MSTR  
19:23 – Unlocking passive capital for Bitcoin  
21:14 – Why BTC companies magnetize capital  
23:24 – Mag X adoption playbook: fast vs. slow  
25:47 – Most CEOs don’t want the money  
27:15 – Who should adopt Bitcoin—and who won’t  
29:20 – Why MSTR is going all-in on preferreds  
31:21 – Preferreds are better than convertibles  
32:32 – Will BTC companies still trade above NAV in bear markets?  
34:09 – Why 2022 was a crypto-catalyzed bear market  
35:14 – The difference between 1.1x and 100x leverage  
37:07 – How to defend BTC NAV with credit instruments  
39:14 – How to create a Bitcoin short squeeze  
41:20 – Why shorts don’t have the courage  
43:20 – The future of BTC-backed credit and equity  
45:04 – A new theory of Bitcoin corporate finance  
49:30 – Copy MSTR: it’s good for everyone  
50:26 – Harvard’s outdated Bitcoin case study  
52:16 – Why the smartest firms are making bad moves  
54:16 – Why academics ignore Strategy’s success  
55:15 – How the world could look in four years  
57:09 – Final thoughts and wrap-up

![](https://pbs.twimg.com/amplify_video_thumb/1945911795987722240/img/0SzljNYMqAvjWMUm.jpg)

XXXXXXX engagements

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**Related Topics**
[stocks](/topic/stocks)
[rating agency](/topic/rating-agency)
[longterm](/topic/longterm)
[intro](/topic/intro)
[saylor](/topic/saylor)
[bitcoin](/topic/bitcoin)
[coins layer 1](/topic/coins-layer-1)
[coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem)

[Post Link](https://x.com/saylor/status/1945914457709855185)