The Ways Bitcoin Treasury Companies Choose to Structure Capital | Bitcoin Amsterdam 2025

Описание: Bitcoin volatility just became institutional-grade yield. In this panel moderated by Johan Bergman, Jeff Walton from Strive reveals how $150M in perpetual preferred equity buys Bitcoin with zero debt maturity. Garry Krugljakow breaks down Europe's mezzanine demand surge from €350M to €650M in weeks. Sander Andersen warns of duration mismatch traps seen in early 5-year convertibles—and why Bitcoin-denominated structures prevent forced sales. The panel discusses how over-collateralized digital credit, ATM raises, and 100-year dividend coverage are rewriting fixed income.

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🔶 Moderator: Johan Bergman - The Bitcoin Layer
🔶 Jeff Walton - Strive
🔶 Garry Krugljakow - aifinyo AG
🔶 Sander Andersen - H100 Group AB

Chapters:
00:00 Capital Structure Primer: Risk, Reward & Seniority
00:36 Bitcoin Treasury Tranches: Equity to Senior Products
01:39 Markowitz Theory: Sharpe Ratios for Institutions
02:52 Equity vs Credit: Investor Focus & Preferred Equity
04:13 Europe’s Mezzanine Surge: €350M to €650M Demand
05:20 Perpetual Preferred Equity: Zero Maturity Leverage
06:28 Bitcoin’s Long Duration & Mismatch Dangers
07:57 Digital Credit: Instant ATM Raises & Shock Absorbers
09:56 Over-Collateralized Yield vs Opaque Junk Bonds
12:53 Amplification vs Leverage: Why New Terms Matter
16:27 Strive’s Sidecar: 12-Month Dividend Reserve & S&P Ratings
19:16 Bitcoin Credit vs Savings Accounts: Shorting Fiat
20:52 Bitcoin Cleans Capital Markets & Sniffs Inefficiencies

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