From Deloitte to Semler Scientific: Nick Colletta on Bitcoin Treasuries
What if corporations began treating bitcoin as their benchmark for capital allocation? In this episode, Nick Colletta, Treasurer at Semler Scientific, shares his journey from Deloitte Digital Assets to leading one of the first public bitcoin treasury companies, explaining why bitcoin per share is the key metric, how to manage volatility, and why security is paramount. He also discusses the early stage of corporate adoption, future treasury innovations, and his advice for professionals looking to build a career in bitcoin.Timestamps:0:00 - Nick’s background in accounting and Deloitte digital assets2:38 - Inside Deloitte’s crypto work and becoming bitcoin only5:02 - Why Nick joined Semler Scientific as treasurer5:40 - First encounter with bitcoin and early lessons7:07 - Why bitcoin is the best money8:37 - Why bitcoin matters for corporations10:20 - How bitcoin fortifies corporate balance sheets11:25 - Explaining Semler’s bitcoin treasury strategy12:56 - Key metrics for evaluating bitcoin treasury companies15:03 - Intelligent leverage and long duration financing16:08 - How to think about NAV premiums17:05 - Bitcoin as the hurdle rate for capital allocation18:32 - How early we are in bitcoin corporate adoption19:38 - What really drives bitcoin adoption22:12 - Tools for managing a bitcoin treasury23:36 - Saylor’s playbook and future treasury innovations25:15 - How Semler manages bitcoin’s volatility28:16 - Why securing bitcoin is the top priority30:07 - Proof of reserves, audits, and bitcoin treasuries32:17 - Bitcoin’s path: from individuals to corporations to governments33:21 - Is Wall Street co-opting bitcoin, or vice versa?35:05 - Why Saylor shares his entire strategy with competitors37:23 - Why more companies haven’t copied Saylor yet38:09 - The future of bitcoin treasury companies39:09 - Will bitcoin ever see another brutal bear market?40:35 - Is the bull market over?40:58 - What excites Nick most about the future42:43 - Advice for young professionals entering the bitcoin industry44:05 - Closing thoughts and where to follow Nick
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Bitcoin treasury stocks and mNAV guidance with Adrian Morris
When market sentiment turns sour even as bitcoin trades above $100k, how should investors think about the future of bitcoin treasury companies? In this episode, we sit down with Adrian Morris to unpack the dynamics behind mNAV guidance, ATM usage, and the broader psychology shaping these equities.Timestamps:0:00 - Intro0:50 - Bitcoin hits new all time high, sentiment turns bearish2:23 - Why the market is still strong above $100k3:40 - Bitcoin treasuries as leveraged plays4:21 - Strategy’s mNAV guidance explained6:09 - Did Strategy walk back its guidance?10:27 - Why issuing mNAV guidance was a mistake13:22 - The danger of listening to Twitter noise15:24 - Does this misstep change the long term thesis?18:05 - Strategy as one of the best performing stocks of the decade19:25 - Cooperative dynamics of Bitcoin treasury companies21:21 - Adversarial investors and market psychology23:01 - Bitcoin as signal, treasury companies as amplitude26:25 - How to think about high versus low mNAV multiples29:30 - Is the ATM really driving share price down?33:00 - How management will likely use the ATM going forward35:27 - What could reverse market sentiment38:47 - Why other Bitcoin treasuries may copy preferred equity43:42 - Risks of paying preferred dividends in a bear market47:03 - Strategy’s survival through past bear markets50:23 - Why preferred equity may strengthen resilience51:04 - The key KPI for Bitcoin treasury companies53:51 - Long term outlook for Bitcoin and treasury companies59:19 - Closing thoughts and where to follow Adrian
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Inside MSTR’s bitcoin playbook with CJ
What if a company could turn Wall Street’s incentives toward accelerating bitcoin adoption? In this episode, we sit down with CJ from Strategy’s bitcoin treasury team to break down how the world’s largest bitcoin treasury company is innovating in capital markets. CJ shares his path from Harvard Business School to Strategy, the key KPI that matters most for bitcoin treasury companies, and why outperforming bitcoin over the long term is the true benchmark.Timestamps:0:00 - Intro0:31 - Harvard to Strategy: CJ’s bitcoin treasury role2:24 - The most important KPI for bitcoin treasury companies5:14 - Why outperforming bitcoin is the ultimate benchmark6:59 - Short-term price dislocations vs long-term performance9:24 - Saylor’s forever time horizon11:00 - Why volatility and volume matter for capital markets strategy13:08 - The ideal bitcoin strategy for emerging treasury companies16:04 - Why preferred equity is replacing convertible notes19:03 - How Strategy designs its preferred equity products21:02 - Should other companies copy Strategy’s preferred equity playbook?23:17 - How leverage supports accretive dilution26:58 - Who’s buying Strategy’s preferred equity products?30:28 - The “iPhone moment” for bitcoin-backed securities33:22 - How Strategy manages price stability for preferred equity35:57 - Could stablecoin issuers adopt bitcoin-backed preferred equity?38:03 - Credit amplification vs “speculative attack”40:41 - Harvard’s $100M bitcoin buy44:19 - Bitcoin’s terminal growth rate and the S&P 50047:07 - Why bitcoin treasury companies trade at a NAV premium49:18 - Strategy’s new mNAV issuance guidance53:39 - The digital transformation of investor relations56:17 - Why bitcoin is now Wall Street’s biggest fee generator58:51 - Closing thoughts and where to find CJ
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AI x BTC = Freedom with Matt McDonagh
What happens when a Wall Street quant abandons the fiat casino to chase the hardest money on earth? We unpack Matt McDonagh’s journey from machine-read value screens to an AI-driven venture thesis, tracing how warped price signals, momentum trading, and excess money printing pushed him toward bitcoin’s decentralized rails and a future where technological abundance meets absolute scarcity.Timestamps:00:00 - Intro00:55 - Investment banker beginnings02:15 - Building a machine-read hedge fund04:10 - First brush with bitcoin at Princeton Club06:45 - Hedge fund collapses, tech pivots09:30 - Counting missed satoshis and opportunity cost11:12 - Ai and bitcoin: dueling singularities17:45 - Peering around the technological corner22:07 - Centralization versus decentralization26:21 - Fiat distortions and the asset owner advantage30:17 - Real estate as a leaky store of value35:14 - Technology deflation meets absolute scarcity39:56 - Robots, bio-ceramics, and cheaper housing46:06 - Suppressed tech, electrification, and AI parallels49:15 - Infinite abundance paired with bitcoin scarcity50:52 - Satoshi theories: AI or state project?52:34 - Closing thoughts and thanks
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Are we approaching bitcoin's parabolic move? with Tad Smith
What if Strategy’s bitcoin strategy is just the beginning? In this episode, we sit down with Tad Smith, former CEO of Sotheby’s and Madison Square Garden, to explore why bitcoin is resonating with a generation priced out of the system. Tad explains how liquidity drives asset markets, how bitcoin is quietly demonetizing art and education, and why he believes consolidation is coming for bitcoin treasury companies. We discuss Michael Saylor’s latest innovations like Stretch, what makes a credible mNAV premium, and why bitcoin may be transforming into the foundation for a new financial system. Tad also shares his personal investing framework, what he would do if he were running Semler Scientific, and how his generation failed the next one.Timestamps:00:00 - Intro01:00 - How Tad thinks about macro cycles and investing03:22 - Why liquidity is the key macro signal05:20 - When Tad takes profits and how he does it06:30 - Where he parks cash short term and why07:42 - Why gold is useful—but only short term08:10 - Are we near the end of the current bitcoin bull market?10:07 - Why Tad thinks we may be in the final minutes of this cycle11:20 - Long-term vs short-term bitcoin investment mindset12:34 - Could bitcoin ever crash like 2022 again?13:05 - Black swans and the evolution of bitcoin’s investor base14:37 - What happens to money market funds if rates are cut?16:11 - Interest rates and bitcoin-linked preferred stocks17:17 - Why Tad prefers common shares over preferreds18:35 - Stretch, bitcoin, and the birth of a stablecoin?20:19 - Is MicroStrategy becoming the new JP Morgan?22:09 - Why bitcoin resonates with younger generations25:22 - How money printing punishes the working class28:26 - The case for a new monetary system32:35 - Why bitcoin treasury companies are booming34:35 - What Tad would prioritize at Semler Scientific35:46 - Would Sotheby’s or MSG have adopted bitcoin?39:20 - Why every investment must outperform bitcoin’s hurdle rate41:09 - The future of bitcoin treasury companies42:53 - Why consolidation is inevitable44:09 - How Tad thinks about MNAV premiums47:41 - Is bitcoin demonetizing art and education?50:45 - Tad sold his wine collection for bitcoin51:18 - Final thoughts and closing remarks
About The Mustard Seed—a bitcoin and long-term thinking podcast
After finishing graduate school, I left my first job as a technology consultant at Ernst & Young to work full-time in bitcoin. One of the most valuable things I did early on was host a bitcoin podcast. It allowed me to learn directly from some of the most intelligent minds in the space and build lasting relationships.
The podcast is my way of staying connected to the most thoughtful people in bitcoin. It helps me better understand how capital is flowing into bitcoin and how the smartest leaders are positioning themselves as bitcoin continues to reshape global capital markets.
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