How do you earn yield on Bitcoin without risking your stack? Richard Byworth, who spent his career structuring for hedge funds, explains why Bitcoin is the hurdle rate for everyone, and why covered-call overwriting can cost you a significant portion of your Bitcoin in a rally. He walks through how basis trades collateralized by Bitcoin can deliver low-volatility, market-neutral returns.

Chapters:0:00 – Richard Byworth on Leaving Syz Capital Over Bitcoin Treasuries1:43 – Earning Yield in Bitcoin and Why Covered Calls Are Risky3:51 – Basis Trading: Earning Dollars Collateralized by Bitcoin4:47 – Inflation, AI Borrowing and How Digital Credit Pressures the Treasury8:39 – Record Seller Exhaustion: Is the Bitcoin Bottom In?9:55 – Why SATA Reached Par Before STRC13:51 – Digital Credit Funds in Swiss Francs15:51 – MSCI’s “Attack” on Bitcoin Treasury Companies17:20 – Bitcoin Bonds for Nations: Working With JAN320:06 – El Salvador’s Bitcoin Bond and Bitcoin in the Mortgage Market

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

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