About this episode

Michael Mescher discusses the $10 billion 2027 'Put Wall' in corporate debt and the role of Bitcoin treasuries in attracting institutional capital.

Michael Mescher, Founder and CIO of Gammon Capital, joins the show to discuss the looming $10 billion 2027 "Put Wall" in corporate debt, building a playbook for sideways and down markets, and how Bitcoin treasuries can attract institutional capital. Disclaimer: NOT FINANCIAL ADVICE - For entertainment purposes only. Tim Kotzman on X: https://x.com/TimKotzman Michael Mescher on LinkedIn: https://www.linkedin.com/in/michaelmescher/ 0:00 - Intro 0:40 – Michael’s background in volatility trading and derivatives 3:18 – What a 50% collateral haircut actually means for a corporate balance sheet 11:15 – The looming $10 billion 2027 "Put Wall" in corporate debt 13:21 – Why Bitcoin treasuries are grossly overpaying for loans 15:02 – Derivatives as "balance sheet armor" vs. yield-generation tools 16:55 – Building a playbook for sideways and down markets 19:05 – Financial engineering: What Michael Saylor gets right 22:15 – What separates mid-tier Bitcoin treasury companies from one another 24:42 – Why hasn't a free market solution built a better credit facility? 26:54 – How Bitcoin treasuries can attract institutional capital 29:04 – Managing asset-liability…

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