# The Bitcoin Treasury Machine | Harry Sudock & Rory Murray

Page: https://stenobird.com/podcast/what-bitcoin-did-255500/the-bitcoin-treasury-machine-harry-sudock-rory-murray
Text version: https://stenobird.com/podcast/what-bitcoin-did-255500/the-bitcoin-treasury-machine-harry-sudock-rory-murray.md
Podcast: [What Bitcoin Did](https://stenobird.com/podcast/what-bitcoin-did-255500)
Published: 2026-05-13T16:00:28+00:00
Episode link: https://fountain.fm/episode/YtjQd82frJLVIh85tJpp
Audio file: https://feeds.fountain.fm/UZSKQcrOnhqYS1JopxGg/items/WWluTNaNjcdzF7xeut5a/files/AUDIO---DEFAULT---c7d9a985-fd60-4984-a159-fdf2475ad552.mp3
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JSON: https://stenobird.com/v1/public/podcasts/what-bitcoin-did-255500/episodes/the-bitcoin-treasury-machine-harry-sudock-rory-murray
Duration seconds: 4162

## Resource

Harry Sudock and Rory Murray from CleanSpark join the show to explain how Bitcoin miners are building entirely new treasury strategy around Bitcoin. Instead of simply mining Bitcoin and selling it for cash, companies like CleanSpark are now borrowing against it, generating yield from it, using it as collateral, and turning their Bitcoin balance sheet into a tool for expansion. We get into why Bitcoin may become the best collateral in global markets, how miners are using treasury strategies like covered calls and basis trades to increase returns, why Bitcoin backed lending markets are rapidly maturing, and how these strategies could completely reshape the way companies manage capital. We also discuss the AI data centre boom, why Bitcoin miners are expanding into AI infrastructure, how Bitcoin and AI are competing for energy, and why the future of Bitcoin mining may actually become more decentralised as AI grows. THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN CAPE FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Harry Sudock: https://x.com/harry_sudock Rory Murray: https://x.com/sprainhill

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## Transcript

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