Bitcoin treasury companies have shifted from convertible bonds to perpetual preferred equity, allowing issuers like Strategy to defer payments without defaulting. Mike Treidl, CIO at Blue Coin Capital, analyzes the implications of this structural change for Bitcoin acquisitions. Preferreds returning to par could provide Strategy with a second engine for buying Bitcoin, while sats per share and leverage without margin calls enhance value creation beyond direct Bitcoin holding. The digital gold rebounded to $83,000, with pension funds and university endowments representing the next wave of institutional adoption.
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