Are Bitcoin Treasuries the Next Big Thing or the Next Blowup?

Richard Byworth of Seas Capital and Bram Kanstein return to The Last Trade for a deep dive into the surge of corporate Bitcoin treasury strategies following MicroStrategy's blueprint. The discussion examines the risks and rewards of companies holding Bitcoin on their balance sheets, why some see it as visionary capital allocation and others as reckless speculation, and how Bitcoin's role as a hurdle rate is changing the calculus for institutional investors. The conversation covers the Bitcoin policy summit and the Trump administration's impact on the industry. Richard and Bram also share perspectives on what separates sustainable Bitcoin treasury strategies from those prone to failure.