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

<p>Michael Mescher, Founder and CIO of Gammon Capital, joins the show to discuss the looming $10 billion 2027 &quot;Put Wall&quot; in corporate debt, building a playbook for sideways and down markets, and how Bitcoin treasuries can attract institutional capital.</p><p><br></p><p>Disclaimer: NOT FINANCIAL ADVICE - For entertainment purposes only.</p><p><br></p><p>Tim Kotzman on X: https://x.com/TimKotzman</p><p>Michael Mescher on LinkedIn: https://www.linkedin.com/in/michaelmescher/</p><p><br></p><p>0:00 - Intro </p><p>0:40 – Michael’s background in volatility trading and derivatives</p><p>3:18 – What a 50% collateral haircut actually means for a corporate balance sheet</p><p>11:15 – The looming $10 billion 2027 &quot;Put Wall&quot; in corporate debt</p><p>13:21 – Why Bitcoin treasuries are grossly overpaying for loans</p><p>15:02 – Derivatives as &quot;balance sheet armor&quot; vs. yield-generation tools</p><p>16:55 – Building a playbook for sideways and down markets</p><p>19:05 – Financial engineering: What Michael Saylor gets right</p><p>22:15 – What separates mid-tier Bitcoin treasury companies from one another</p><p>24:42 – Why hasn&#39;t a free market solution built a better credit facility?</p><p>26:54 – How Bitcoin treasuries can attract institutional capital</p><p>29:04 – Managing asset-liability mismatches in corporate reserves</p><p>32:38 – Capital-efficient strategies to manage downside volatility</p><p>34:46 – How to pitch a hedging strategy to a &quot;long-only&quot; Bitcoin executive</p><p>37:17 – What a 90-day engagement with Gammon Capital looks like</p><p>38:18 - Where to connect with Michael online</p><p><br></p><p><br></p><p>#podcast #bitcoin #microstrategy #investing #mstr #btc #treasury</p>