Tim Kotzman joins Jeff Walton, Ben Werkman, and Matt Cole to discuss Strategy’s new at-the-market programs ($21B for STRC, $21B for MSTR, and a reduction of STRK’s ATM from $21B to $2.1B), the framing of digital credit as a Bitcoin-backed yield product, private-credit gates as a liquidity event versus a default event, commercial real estate pressure, and how public high-yield ETFs behaved through prior crashes.
In This Episode
- 00:00:00 — Episode kickoff and guests
- 00:01:57 — Strategy ATM programs update
- 00:03:50 — Why Stretch is winning
- 00:06:27 — Digital credit product focus
- 00:07:50 — Marketing to yield investors
- 00:13:31 — Explaining digital credit vs Bitcoin
- 00:14:30 — Private credit gates and liquidity
- 00:18:53 — Commercial real estate pressure
- 00:24:33 — Office values and perfect storm
- 00:26:05 — Why digital credit may benefit
- 00:27:03 — Why Credit Can’t Buy Bitcoin
- 00:28:15 — Digital Credit Investor Fit
- 00:29:20 — Commercial Real Estate Shift
- 00:32:56 — Downgrades and Fallen Angels
- 00:38:29 — Liquidity Wrappers and Gates
- 00:42:22 — Is It Liquidity or Credit
- 00:46:09 — How High Yield ETFs Work
- 00:49:32 — COVID Crash Explained
- 00:52:22 — Digital Credit Takeaways
- 00:53:08 — Swan Private Outro