A discussion between @macroleverageTP, @PhongLe, and me on why Bitcoin Treasury Companies exist, what the first real stress test for Digital Credit taught us, and the opportunity ahead for Bitcoin-backed financial innovation. TIMESTAMPS 0:04 - Why Bitcoin Treasury Companies Exist 7:22 - Financial Engineering Vs. Financial Innovation 14:24 - What Makes Bitcoin Treasury Companies Durable 18:42 - Does Bitcoin Need Treasury Companies? 22:20 - Addressing Bitcoin Treasury Company Criticism 26:46 - Growing Demand For Bitcoin-Backed Products 30:11 - What Has Surprised The CEOs Most 36:06 - The Evolution Of Digital Credit Products 45:10 - Lessons From The First Market Stress Test 53:10 - Bitcoin Market Depth And Liquidity 55:21 - Why Selling Bitcoin Is Not A Contradiction 1:03:37 - The Future Of Bitcoin Treasury Companies $MSTR $ASST $STRC $SATA $BTC