Bitcoin treasury companies have shifted from convertible bonds to perpetual preferred equity, and Blue Coin Capital Chief Investment Officer Mike Treidl argues the move could soon reignite bitcoin buying at Strategy (MSTR). Speaking with Bitcoin Magazine, Treidl explains how perpetual preferred shares let issuers like Strategy defer payments without defaulting, and why those preferreds returning to par value could hand the company a second engine for buying bitcoin. The financing shift matters because the two instruments behave differently under stress: convertible bonds carry maturity dates that can force refinancing or repayment, while perpetual preferreds have no deadline and can pause distributions without triggering a default. It also explains why the price of those preferreds relative to par is the hinge of Treidl's argument — when preferred shares trade below their par value, new issuance becomes difficult to price attractively, so a recovery to par is what would reopen that funding channel.

Treidl also breaks down how metrics such as sats per share allow treasury companies to offer leverage without margin calls, adding value for shareholders beyond holding bitcoin directly. The conversation further covers bitcoin's rebound to $83,000, his path from Morgan Stanley to Blue Coin Capital, sizing a bitcoin allocation by establishing a risk budget first, seller exhaustion and its relevance to treasury companies, pensions and endowments as the next wave of institutional adoption, Blue Coin's BarclayHedge ranking and its purchase of STRC — Strategy's perpetual preferred — below par, and the biggest opportunities and risks he sees for bitcoin over the next two years. For readers tracking the thesis, the markers to watch are whether Strategy's preferred shares recover and hold their par value, whether preferred issuance resumes at levels accretive on a sats-per-share basis, and whether the pension and endowment allocations Treidl describes as the next institutional wave begin to materialize.

Chapters:

• 0:00 – Mike Treidl on Bitcoin's Rebound to $83K
• 0:50 – From Morgan Stanley to Blue Coin Capital: Bridging Wall Street and Bitcoin
• 1:49 – Risk Budget First: How to Size a Bitcoin Allocation
• 4:11 – Seller Exhaustion and Bitcoin Treasury Companies
• 5:27 – Why Treasury Companies Moved From Convertibles to Preferreds
• 6:47 – What Strategy's Preferreds Returning to Par Means for Bitcoin
• 8:13 – Sats Per Share: Leverage Without Margin Calls
• 9:11 – Pensions, Endowments and the Next Wave of Institutional Adoption
• 11:23 – Blue Coin's BarclayHedge Ranking and Buying STRC Below Par
• 12:30 – Bitcoin's Biggest Opportunities and Risks Over the Next Two Years

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

The full interview, Blue Coin Capital CIO: MSTR'S BTC Buying Engine is About to IGNITE | Mike Treidl, first appeared on Bitcoin Magazine and was written by Patrick Green.