Episode 7 - Fully Torqued Bitcoin

[00:00] Welcome Back to The Hurdle Rate

[00:20] Strategy (MSTR) earnings call recap

[01:39] 42/42 Capital Raising Plan

[11:43] Permanent Leverage without Refinancing Risk

[12:19] Seniority & Volatility of Strategy’s BTC-Backed Securities

[17:38] Using BTC Risk for Credit Analysis

[23:29] Strategy Liabilities and Capital Structure

[33:53] BTC Torque

[40:39] Credit Comparison of Strategy products

[45:14] Closing thoughts and looking ahead to Orlando