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Bitcoin Capital Markets

The emerging Bitcoin capital stack — debt, equity, structured products, and market infrastructure.

99 episodes · 29 research pieces

Latest on Bitcoin Capital Markets

Analysis

STRC: An Assessment of Buybacks, Market Structure & Channel Sensitivity

Adrian Morris tests whether Strategy's STRC buybacks drove the instrument's recovery toward par. A 60-session variance attribution assigns most of STRC's explained daily-return variance to the other digital credit preferreds, MSTR ex-BTC and Bitcoin, a buyback proxy adds little explanatory fit, and the report weighs leverage as a plausible explanation for June's selloff.

Sep 24, 2026 Read →
Episode

The Berkshires of Bitcoin

The crew kicks off Season 3 with a balance sheet check-in on Strategy and Strive: Strategy's 950 BTC purchase, STRC buybacks, cash versus convertible debt, and Strive's growing Bitcoin position, dividend coverage, and potential warrant capital. The crew then breaks down why digital credit changes the probability of outcomes versus traditional credit, draws parallels between Strategy and Berkshire Hathaway's insurance float model, and closes with a look at options activity across ASST, MSTR, IBIT, and STRC.

Sep 23, 2026 • 1:22:03 Watch →
Episode

Bitcoiners Aren't Ready for What's Coming

The Income Show is back with host Joe Burnett and BritishHODL, who argues that Bitcoin’s problem wasn’t gold or AI: it became boring. They discuss why ETF investors may be the real diamond hands, BlackRock’s Bitcoin strategy, and the trade-offs of self-custody. They also explore SATA, STRC, Bitcoin-backed savings accounts, and borrowing against Bitcoin without selling.

Sep 17, 2026 • 1:00:45 Watch →

All episodes (99)

True North Weekly (57)

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2024

The Hurdle Rate (33)

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The Income Show (2)

True North Now (7)

Research (29)

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