Inside MSTR’s bitcoin playbook with CJ

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