Fix the Money, Now Fix the Credit
About this episode
Wyatt O'Rourke interviews Jeff Walton about his journey in Bitcoin research and the evolving landscape of digital credit.
What does it actually look like to leave a high-paying finance career, start publishing independent Bitcoin research from your basement, and end up as Chief Risk Officer of a publicly traded company? In this episode, Wyatt sits down with Jeff Walton, CRO at Strive and CEO of True North, to explore the mechanics of digital credit, the capital structure innovation happening inside Bitcoin treasury companies, and why the entire credit market is about to get repriced. Jeff breaks down his journey from reinsurance broker to Bitcoin researcher to Strive, and what it actually took to get SATA off the ground as one of the smallest clean-balance-sheet issuers in the market. We get into why perpetual preferred equity is the most underrated instrument in finance right now, how the capital stack position — not the Bitcoin itself — is the real collateral, and why every dollar flowing into digital credit is a dollar leaving traditional credit forever. Jeff also shares his honest take on why rating agencies are asleep at the wheel on Bitcoin, what Basel III risk weighting at 1,250% actually means for institutional adoption, and why the insurance industry is sitting on a ticking clock it doesn't…
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