Syz Capital Podcasts

In this episode of the Syz Capital Podcast, Ursula Nitschke, CFA, Head of Business Development & Investor Relations at Syz Capital, sits down with Aline Carnizelo, Managing Partner, CEO & CIO of Frontier Commodities, for a wide-ranging conversation on commodities, investing and leadership.

Aline shares her journey into the world of commodities and what it takes to build an edge in one of the most complex areas of global markets. The conversation explores Frontier Commodities' "quantamental" approach, combining fundamental research, data and AI, as well as how investors can navigate volatility, geopolitical uncertainty and rapidly changing market conditions.

Ursula and Aline also discuss leadership and Aline's experience building her career as a woman in a traditionally male-dominated part of the investment industry — and what still needs to change to create more opportunities for women in investing and trading.

Follow Aline & Frontier Commodities Aline Carnizelo on LinkedIn: / aline-carnizelo-37350127

Frontier Commodities: https://frontier-commodities.com/

Frontier Commodities on LinkedIn: / frontier-commodities

Follow our host, Ursula Ursula Nitschke on LinkedIn: / ursula-nitschke-cfa-a77b78

Follow Syz Capital [email protected] Website: http://syzcapital.com

LinkedIn: / syz-capital

X: https://x.com/SyzCapital?s=20

YouTube: / @syzcapital

Spotify: https://open.spotify.com/show/0lGHjQa...

Adam Back (https://x.com/@adam3us) is the legendary cypherpunk whose early work on Hashcash inspired Satoshi Nakamoto's Whitepaper on Bitcoin. Fast forward 16 years and the next evolution of money is in the equity markets with Bitcoin treasury companies and Adam is heavily involved both as an investor but also as a founder and financial product engineer with the BTCTC, the Bitcoin Standard Treasury Company (BSTR). Adam joins Richard in the studio to discuss his early days on the cypherpunk scene, his interest in trading, his BTCTC metric months to mNAV cover and his own foray into the space with BSTR.

Dr. Richard Petty (https://cccw.hku.hk/team/petty-richard/) is an international professor, entrepreneur, investor and public policy expert on business, finance, accounting and technology. A prolific author, advisor and speaker on economics, finance, and policy solutions to technological disruption, he is a common keynote speaker at events and programs by financial media, academic institutions, industry bodies and governmental and intergovernmental organizations. Richard joins us in the studio to discuss this important topic of the disruption of AI impacting our current economic models of success, including reassessing the value of higher education, growth strategies for entrepreneurs and how to think about tangibly approaching a future where many of the skills being taught today to our children are increasingly becoming obsolete.

X (Twitter): https://x.com/syzthefuture Richard's X (Twitter): https://x.com/RichardByworth

Find us on your favorite podcast channels: Youtube: https://youtube.com/ ⁨@syzthefuture⁩ Spotify: https://spoti.fi/3Cbky4e Apple Podcasts: https://apple.co/3YUmdV5 Fountain App: https://bit.ly/4e1ItAt Rumble: https://rumble.com/c/SyztheFuture

Instagram: https://instagram.com/syzthefuture

Website: http://syzthefuture.com

Sander Andersen (https://x.com/sanderandersenn) is the CEO of H100 ($H100:NGM, $GS9:FSE, $HOGPF:OTC) (https://h100.group), the Swedish Stock Exchange listed Healthcare Tech Company with this year's most aggressive cap raising strategy to quickly accumulate Bitcoin on its balance sheet. The company listed only in April 2025 at a USD 11mn market cap and introduced the BTC acquisition strategy in May. Now the Nordic region's largest holder of Bitcoin, H100 is at a ~USD 250mn market cap owing to Sander's impressive capital raising prowess, passion for Bitcoin and strategic experience working within the family office world. We go into the nuts of bolts of H100's winning strategy, its unique team, even the future of health linking to bitcoin and into the mind of the man behind it all.

X (Twitter): https://x.com/syzthefuture

Richard's X (Twitter): https://x.com/RichardByworth

Find us on your favorite podcast channels:

Youtube: https://youtube.com/⁨@syzthefuture

Spotify: https://spoti.fi/3Cbky4e

Apple Podcasts: https://apple.co/3YUmdV5

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Rumble: https://rumble.com/c/SyztheFuture

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Website: http://syzthefuture.com

In the inaugural episode of our new BTCTCs subseries at Syz the Future, Simon Gerovich (https://x.com/gerovich) of Metaplanet (3350:JP / $MTPLF) joins Richard (https://x.com/RichardByworth) in the studio for part 2 of our ongoing conversation on Metaplanet and other Bitcoin treasury companies (BTCTCs). The discussion goes in depth on the ins and outs of a functioning BTCTC, from the different mechanisms needed to continually issue shares into the markets in order to accumulate more bitcoin (e.g. ATM) as well as the very unique solution Metaplanet harnessed to achieve the same. We also chat about put underwriting, Metaplanet's entry into the US, growing institutional interest and the Japanese bond and pref market. As a former derivatives trader at Goldman Sachs, Simon put his trading prowess to task taking Metaplanet to a $7bn market cap from $2bn two months ago when we recorded our first session. The BTCTC journey of Metaplanet began at $10mn market cap 14 months ago.

We believe that BTCTCs are acting as the release valve for the outlandish valuations in the Equity and Bond markets. As such, we felt this moment in time required a deeper dive into their analysis. Welcome to the BTCTC sub-series.

X (Twitter): https://x.com/syzthefuture

Richard's X (Twitter): https://x.com/RichardByworth

Find us on your favorite podcast channels:

Youtube: https://youtube.com/@syzthefuture

Spotify: https://spoti.fi/3Cbky4e

Apple Podcasts: https://apple.co/3YUmdV5

Fountain App: https://bit.ly/4e1ItAt

Rumble: https://rumble.com/c/SyztheFuture

Instagram: https://instagram.com/syzthefuture

Website: http://syzthefuture.com

Dr. Chris Knobbe is an ophthalmologist, clinical professor emeritus, researcher and leading voice in health policy unveiling the hidden dangers of seed oils (aka vegetable oils) in our food supply. Driven by the data showing stark correlations between rising chronic disease (coronary heart disease, diabetes, metabolic syndrome, alzheimers/dementia, age-related macular degeneration) and the integration of seed oils into our modern diet, Chris left practice to further research and policy advocacy exploring this troubling and commonly unknown link through AMD Foundation (http://amdfoundation.com) and the book Ancestral Diet Revolution (https://www.amazon.com/Ancestral-Diet-Revolution-Vegetable-Processed/dp/1734071761). After his viral talks at Low Carb Down Under in 2020 (https://youtu.be/7kGnfXXIKZM) and 2023 (https://www.youtu.be/PvZk-jNqzgE), Chris galvanized the discussion scrutinizing the role of "vegetable oils" that are ubiquitous in our modern diet. We caught up with Chris in London for this special episode focused on health, history, and questioning the most basic aspects of our lives today -- our food.

X (Twitter): https://x.com/syzthefuture

Richard's X (Twitter): https://x.com/RichardByworth

Find us on your favorite podcast channels:

Youtube: https://youtube.com/@syzthefuture

Spotify: https://spoti.fi/3Cbky4e

Apple Podcasts: https://apple.co/3YUmdV5

Fountain App: https://bit.ly/4e1ItAt

Rumble: https://rumble.com/c/SyztheFuture

Instagram: https://instagram.com/syzthefuture

Website: http://syzthefuture.com

David Knight Legg (https://x.com/knightlegg) joins us one year after this pod was first conceived to reflect on a rather tumultuous twelve months. As anticipated David cuts through the headlines and performative politics to precisely hone in on what really is going on underlying the present geopolitical turmoil: the current energy play involving Russia and Iran, Trump's territorial assertions towards Greenland, the surprising elections in Canada and Australia, and the impact of technology on the next generation. As our first guest and also the first to reprise that role here at the show, David illuminates our understanding of the world and ourselves.

Simon Gerovich (https://x.com/gerovich) is the President and Board Rep Director of the top company in the world right now in stock performance, Metaplanet ($MTPLF). After adopting a bitcoin treasury strategy following the footsteps of Michael Saylor's Strategy formerly Microstrategy ($MSTR). Metaplanet shot up to the top of the Japanese stock market and the globe in 2024 and maintains that top ranking today. Simon drops by the studio to talk shop on how he got here, valuation metrics on this new category of company, the ins and outs of accretive dilution, the evolving nature of this capital strategy and how markets are reacting. If you were curious about what all the hubbub is around bitcoin treasury companies recently and the seismic moves throttling markets lately, this is the episode to watch.

00:00 Teaser 01:00 Title Sequence 01:15 Introduction 02:23 Simon Gerovich 04:21 Metaplanet's Bitcoin Strategy and Saylor's MSTR Playbook 07:11 The Categoric Bitcoin Treasury Wave in the Market 08:25 The Market and Tax Structure in Japan 10:27 What is mNAV 12:37 BTC Yield, Accretive Dilution 14:02 The Power of the High Multiple in Accretive Dilution 18:00 Months to mNAV Coverage 20:35 Capturing Aggression of Bitcoin Accumulation 21:47 Capital Strategies in Metaplanet's Future 24:27 Attracting Different Types of Investors 27:22 Leading the Bitcoin Treasury Movement 31:00 Competition in the Bitcoin Treasury Company World 34:03 Institutional Investor Involvement 37:03 Retail Projections: Bitcoin ETF, Tax-Free Investment Schemes 38:34 Allocation of Capital

X (Twitter): https://x.com/syzthefuture

Richard's X (Twitter): https://x.com/RichardByworth

Find us on your favorite podcast channels:

Youtube: https://youtube.com/@syzthefuture

Spotify: https://spoti.fi/3Cbky4e

Apple Podcasts: https://apple.co/3YUmdV5

Fountain App: https://bit.ly/4e1ItAt

Rumble: https://rumble.com/c/SyztheFuture

Instagram: https://instagram.com/syzthefuture

Website: http://syzthefuture.com

Charles-Henry Monchau (https://www.linkedin.com/in/charles-henry-monchau-cfa-cmt-caia-4003096/) is the Chief Investment Officer at Bank Syz and leading voice on investing in global markets. Charles-Henry is a true citizen of the world -- Swiss-French by birth, growing up in Africa and having worked all over Europe and the Middle East. He drops into the studio to share his distinctive insights on the market on digital assets, free speech and ESG with a focus on what's in store for Europe. Join us to hear from one of the foremost thinkers about market challenges today.

X (Twitter): https://x.com/syzthefuture Richard's X (Twitter): https://x.com/RichardByworth

Find us on your favorite podcast channels: Spotify: https://spoti.fi/3Cbky4e Apple Podcasts: https://apple.co/3YUmdV5 Fountain App: https://bit.ly/4e1ItAt Rumble: https://rumble.com/c/c-6810485

Instagram: https://instagram.com/syzthefuture

Website: http://syzthefuture.com

The Bitcoin Public Initiative is a direct democratic effort by Luzius Meisser and Yves Bennaïm for the Swiss National Bank (SNB) to include bitcoin in its reserves. Luzius is a board member of Bitcoin Suisse and Bitcoin Association of Switzerland as well as founder of Meisser Economics and Frankencoin. Yves is founder of 2B4CH, a think tank on bitcoin's impact on society, and part of the Swiss representation to ISO on standards for blockchain and DLT. Both guests lead The Bitcoin Public Initiative, embodying direct democracy in action and prompting discussion on the role of bitcoin as a global reserve asset, the actual energy consumption of bitcoin mining and a comparative look at monetary policy worldwide. This discussion was recorded before any details were released about the US Strategic Bitcoin Reserve and Digital Asset Stockpile. This is a uniquely relevant conversation in light of recent chatter about bitcoin as a reserve asset and not to be missed!

X (Twitter): https://x.com/syzthefuture Richard's X (Twitter): https://x.com/RichardByworth

Find us on your favorite podcast channels:

Youtube: https://youtube.com/@syzthefuture Spotify: https://spoti.fi/3Cbky4e Fountain App: https://bit.ly/4e1ItAt Rumble: https://bit.ly/3R5dKp6

Instagram: https://instagram.com/syzthefuture

Website: http://syzthefuture.com