# The $10 Billion Bitcoin "Put Wall" Nobody Is Ready For | Michael Mescher

Page: https://stenobird.com/podcast/the-bitcoin-treasuries-podcast-with-tim-kotzman-7117909/the-10-billion-bitcoin-put-wall-nobody-is-ready-for-michael-mescher
Text version: https://stenobird.com/podcast/the-bitcoin-treasuries-podcast-with-tim-kotzman-7117909/the-10-billion-bitcoin-put-wall-nobody-is-ready-for-michael-mescher.md
Podcast: [The Bitcoin Treasuries Podcast with Tim Kotzman](https://stenobird.com/podcast/the-bitcoin-treasuries-podcast-with-tim-kotzman-7117909)
Published: 2026-07-13T15:00:01+00:00
Episode link: https://podcasters.spotify.com/pod/show/timothy-kotzman/episodes/The-10-Billion-Bitcoin-Put-Wall-Nobody-Is-Ready-For--Michael-Mescher-e3m15ug
Audio file: https://anchor.fm/s/fd394588/podcast/play/122770832/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-6-13%2F427871800-44100-2-9c1eef6b15557.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/the-bitcoin-treasuries-podcast-with-tim-kotzman-7117909/episodes/the-10-billion-bitcoin-put-wall-nobody-is-ready-for-michael-mescher
Duration seconds: 2318

## Resource

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

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/the-bitcoin-treasuries-podcast-with-tim-kotzman-7117909/episodes/the-10-billion-bitcoin-put-wall-nobody-is-ready-for-michael-mescher/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/the-bitcoin-treasuries-podcast-with-tim-kotzman-7117909/the-10-billion-bitcoin-put-wall-nobody-is-ready-for-michael-mescher.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.