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Inside MSTR’s bitcoin playbook with CJ
Episode 4
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 - Intro
0:31 - Harvard to Strategy: CJ’s bitcoin treasury role
2:24 - The most important KPI for bitcoin treasury companies
5:14 - Why outperforming bitcoin is the ultimate benchmark
6:59 - Short-term price dislocations vs long-term performance
9:24 - Saylor’s forever time horizon
11:00 - Why volatility and volume matter for capital markets strategy
13:08 - The ideal bitcoin strategy for emerging treasury companies
16:04 - Why preferred equity is replacing convertible notes
19:03 - How Strategy designs its preferred equity products
21:02 - Should other companies copy Strategy’s preferred equity playbook?
23:17 - How leverage supports accretive dilution
26:58 - Who’s buying Strategy’s preferred equity products?
30:28 - The “iPhone moment” for bitcoin-backed securities
33:22 - How Strategy manages price stability for preferred equity
35:57 - Could stablecoin issuers adopt bitcoin-backed preferred equity?
38:03 - Credit amplification vs “speculative attack”
40:41 - Harvard’s $100M bitcoin buy
44:19 - Bitcoin’s terminal growth rate and the S&P 500
47:07 - Why bitcoin treasury companies trade at a NAV premium
49:18 - Strategy’s new mNAV issuance guidance
53:39 - The digital transformation of investor relations
56:17 - Why bitcoin is now Wall Street’s biggest fee generator
58:51 - Closing thoughts and where to find CJ
Published on 2 weeks ago