Pierre Rochard: From MSTR to Strive — Bitcoin Treasuries, Bear Markets & Policy Battles

In this episode, we sit down with Pierre Rochard — founder & CEO of the Bitcoin Bond Company, board member at Strive, and one of the most respected voices in Bitcoin corporate strategy.

Pierre dives deep into the evolution of Bitcoin treasury companies, from Strategy’s (MSTR) pioneering playbook to Strive’s (ASST) innovative approach with digital credit, perpetual preferreds, and corporate Bitcoin balance sheets.

We cover:

- The rise of Bitcoin treasury companies and their role in global adoption

- How fixed-income wrappers are bringing institutional capital into Bitcoin

- Why leverage and NAV matter for Bitcoin-backed corporations

- The Bitcoin treasury bear market: consolidation, PIPEs & valuations

- How regulation and lobbying shape the future of corporate Bitcoin

- Risk management, audit oversight & securing Bitcoin as a corporate asset- Pierre’s thoughts on Strive, Strategy, and the path ahead for Bitcoin treasuries

00:00 Introduction: Pierre Rochard

00:44 Building Bitcoin Fixed-Income Products & Educating the Market

01:56 Joining Strive: Profit Maximization, Austrian Economics & Corporate Purpose

05:30 Digital Credit & Perpetual Preferreds

09:24 Audit Oversight, Risk Management & Secure Bitcoin Custody

11:57 Why Bitcoin Treasury Companies Matter for Global Adoption

16:33 Index Exclusions, Value Investing & Why Holding Bitcoin Beats Fiat

24:16 Regulation, S&P 500 Inclusion & How to Win Policy Battles for Bitcoin

34:24 Bitcoin Treasury Bear Market: Valuations, Mergers & Market Psychology

38:03 NAV Compression, AI/Gold Rotations & The Long-Term BTC Thesis

51:15 PIPEs, Reverse Mergers & How to Finance Bitcoin Treasury Growth

58:05 Trading Below NAV & Leverage Strategy

01:03:38 JPMorgan Lending on BTC Collateral & Closing Thoughts

Big thanks to Little Bubble for allowing us to use his song: "One Chair": https://open.spotify.com/track/0XW7JgR2Nlg7WXGOeVT64h?si=a344b82984f74f81

Mentions:

- Pierre Rochard: https://x.com/BitcoinPierre

DISCLAIMER: This is not is financial advice. This podcast is for educational and entertainment purposes only.

Thank you for listening!

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