WATCH: Bitcoin Treasury Roundtable – The Next Speculative Attack

The BitcoinTreasuries.net podcast is back – this time with our first Bitcoin Treasury Roundtable episode. Together, Pierre Rochard (Strive), Alexandre Laizet (Capital B), and our very own Tyler Rowe assemble for an unvarnished conversation about what it actually means to run a Bitcoin balance sheet through a real bear market.

This conversation hits squarely in the world treasurers, boards, and allocators inhabit every day: capital structure, regulation, and whether these businesses can survive 40 to 50% drawdowns without blowing up.

Tyler, Pierre, and Alexandre cover: 

• Market conditions and sentiment. Bitcoin is down 40–50% from the highs, with MSTR trading around $112, and all hosts frame this not as an outlier event but as a replay of familiar Bitcoin volatility. They argue the main bearish driver is not fundamentals but disappointment: a “subdued bull market” where gold and Nvidia outperformed.
  

• What the bear means for treasuries. For most listed treasuries, this is the first genuine stress test; MSTR is the exception, having already survived 2022. Now, the industry is learning in real time which capital structures actually work: perpetual preferreds instead of margin loans, meaningful cash reserves, and designs with no hard liquidation triggers. Pierre makes the case that regulation is now one of the biggest brakes on adoption.
  

• Information arbitrage. Despite the drawdown, both Pierre and Alexandre insist the fundamentals have improved: hash rate, on‑chain security, and real‑world integration are all stronger than in prior cycles. In their view, treasury companies are tracing an offset version of Bitcoin’s own 2010s adoption curve – a slow steady ascent punctuated by violent corrections.
  

• Why the bull case isn’t dead. The roundtable closes on the practical paths for new capital to re-enter and re-energize the market, namely JP Morgan and others launching Bitcoin structured notes, more professional structured products for advisors, and a core group of treasury companies that are able to survive multiple cycles and come out as durable public vehicles for Bitcoin exposure. 

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Special thanks to our partners:

• AnchorWatch. AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writes specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch

• Arch Lending. Get instant, secure loans backed by your Bitcoin, Ethereum, or Solana—no need to sell your assets. Arch Lending offers fast approvals and trusted custody for both individuals and institutions. Learn more: Arch Lending

• Cadena Bitcoin. A p2p bitcoin lending marketplace with a unique emphasis on working with treasury firms and businesses, as well as the savvy bitcoin-native investors who visit our website. Learn more: Cadena Bitcoin

• Coinkite. Coinkite is a leader in security and hardware manufacturing and the maker of some of the most iconic Bitcoin products, such as OPENDIME, COLDCARD, BLOCKCLOCK, SATSCARD, TAPSIGNER and SATSCHIP. Learn more: Coinkite

• Cryptio. Cryptio is an enterprise-grade accounting software platform built specifically for digital assets and cryptocurrencies. It enables businesses to transform blockchain transaction data from multiple exchanges and custodians into auditable financial records, supporting compliance with GAAP and IFRS standards. Learn more: Cryptio

• The Hemisphere Foundation. Hemisphere develops open-source solutions designed to help treasury teams securely manage, deploy, and optimize their BTC holdings, with benefits of self-custody and Bitcoin native deployment. Learn more: The Hemisphere Foundation

• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

• Psalion. Psalion is a Bitcoin and digital-asset yield manager that offers institutional‑style investment strategies to professional investors, family offices, corporates, and private clients via separately managed accounts and yield funds. Learn more: Psalion

• Secure Digital Markets (SDM) provides unparalleled liquidity, execution speed, and bespoke customer service, making it the top choice for institutional investors seeking reliable digital asset trading solutions. With deep expertise in capital markets and strict regulatory standards, SDM stands out as the premier platform for all digital asset treasury teams looking to optimize their trading and treasury operations. Learn more: Secure Digital Markets (SDM)

• Stacking Sats Inc. Official IT partner at BitcoinTreasuries, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing best-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. Learn more: Stacking Sats Inc

• XCE. An executive recruitment group that combines a profitable recruitment business with a Bitcoin treasury strategy. The company turns over a decade of executive recruitment experience and four years of Bitcoin accumulation into a public Bitcoin‑powered growth engine, using a proven operating business to drive Bitcoin treasury accumulation. Learn more: XCE

• Zaprite. Zaprite is a non-custodial payment platform that allows individuals and businesses to seamlessly accept both bitcoin (on-chain and lightning) and fiat payments in a unified, customizable checkout experience. Users can easily issue invoices, generate payment links, and connect multiple wallets or custodial accounts, all while handling their own funds directly. Learn more: Zaprite

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