Blue Coin Capital CIO Mike Treidl discusses MSTR's BTC buying engine and treasury shifts

Mike Treidl, CIO of Blue Coin Capital, explained that Bitcoin treasury companies have shifted from convertible bonds to perpetual preferred equity, allowing issuers like Strategy to defer payments without defaulting. He noted that preferreds returning to par could provide a second engine for buying Bitcoin, and discussed how sats per share and leverage without margin calls add value beyond direct Bitcoin holding.