Episode
The $10 Billion Bitcoin "Put Wall" Nobody Is Ready For | Michael Mescher
- Published
- Jul 13, 2026
- Duration seconds
- 2318
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Summary
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 mismatches in corporate reserves 32:38 – Capital-efficient strategies to manage downside volatility 34:46 – How to pitch a hedging strategy to a "long-only" Bitcoin executive 37:17 – What a 90-day engagement with Gammon Capital looks like 38:18 - Where to connect with Michael online #podcast #bitcoin #microstrategy #investing #mstr #btc #treasury