The Mark Moss Show Microstrategy is up 2,988%... here's what we learned from them | Dan Hillery
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Oct 18, 2025 Dan Hillery, a fund manager and Bitcoin strategist, dives into the cutting-edge evolution of Bitcoin-native treasury companies. He explores their innovative use of Bitcoin as collateral to disrupt traditional capital markets. Dan discusses key topics such as the importance of Bitcoin yield and the distinctions between secured and unsecured convertible notes. He highlights the potential for treasuries to gain mainstream traction and emphasizes the need for durable yields in a volatile market. Whether you're a crypto enthusiast or a market analyst, Dan's insights are both enlightening and forward-thinking!
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Assess Yield And Capital-Structure Evolution
- Evaluate both Bitcoin-per-share growth and total Bitcoin on the balance sheet when valuing treasuries.
- Prefer firms that can evolve beyond equity issuance into fixed-income and credit markets.
Converts Create Shorting And Margin Risks
- Convertible notes add duration and price-pressure risks because buyers hedge by shorting the stock.
- Secured converts create margin-call risk tied to Bitcoin price; unsecured converts avoid that.
BTC-Denominated Converts Reduce Currency Risk
- Converts denominated in Bitcoin lower corporate risk because repayment stays in BTC rather than fixed USD.
- But if equity underperforms Bitcoin, converts can still leave holders with losses.