2026-01-07T16:52:08Z https://yabu.me Bitcoin for Institutions https://yabu.me/npub1ym5j3ve3p6hc809t2n3lcxxnjcslssl9hmunsmxq9tzpk2vxudgq2ure5w https://yabu.me/nevent1qqsfd3kw9j2t03nlxvvknn8236cewxkmftexn4u28mqe5lmxmvz5k4qzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qxrmryu &#34;&#34;Holding a bitcoin treasury and using it in lieu of ETFs is a superior strategy that eliminates the counterparty credit risk entirely.&#34;&#34;<br/> — Brian Hirschfield<br/><br/>From: Deferred Compensation - Riding the Wave<br/><a href="https://bfi-deploy.vercel.app/#/section/9">https://bfi-deploy.vercel.app/#/section/9</a> 2026-03-02T03:11:43Z https://yabu.me/nevent1qqsttp5vzce0n2n7twkv35hu8ecarlufw4aeqnlcwh9uelwj48c8qjszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qapafux Con: Legacy Technology<br/><br/>Their custody technology predates best practices developed since the Blocksize War, particularly Segregated Witness (Segwit).<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/3">https://bfi-deploy.vercel.app/#/section/3</a> 2026-03-01T23:37:14Z https://yabu.me/nevent1qqspazfrwsuualx65e7gzgq8khv4y4xcquduwrwm6c4qdhzx37sx2tszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qpurpzh Key Insight from Bitcoin for Institutions:<br/><br/>5. Convertible debt enables leverage - Strategy pioneered using corporate finance to accelerate bitcoin accumulation.<br/><br/>Chapter: Strategy (Balance Sheet Strength)<br/><a href="https://bfi-deploy.vercel.app/#/section/7">https://bfi-deploy.vercel.app/#/section/7</a> 2026-03-01T22:42:51Z https://yabu.me/nevent1qqs2370kndyeq0l7gysmatk3nl2w9sunumlsespr05dqjl5r5ahc3wqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q50v0n9 ⚠️ Several methods of donating were established that raised millions of dollars for these truckers, which never saw their way into their hands as a result of direct intervention by the Trudeau government.<br/><br/>From: Bitcoin Users Value Privacy<br/><a href="https://bfi-deploy.vercel.app/#/section/6">https://bfi-deploy.vercel.app/#/section/6</a> 2026-03-01T21:36:10Z https://yabu.me/nevent1qqsrxdcjghwjm8d52nyvnvgz66ppxgcswkxhluyqns7xseaxp0ngxtszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qy8n5rd Key Insight from Bitcoin for Institutions:<br/><br/>4. Soft money (fiat currency) represents a form of tyranny that Bitcoin seeks to address.<br/><br/>Chapter: Introduction<br/><a href="https://bfi-deploy.vercel.app/#/section/0">https://bfi-deploy.vercel.app/#/section/0</a> 2026-03-01T20:42:53Z https://yabu.me/nevent1qqsqypgyzy2w8qughazsggftf5uarstljule6j4ly3spj4us8y4ujtszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q8gtpws Key Insight from Bitcoin for Institutions:<br/><br/>1. Hardware wallets have made self-custody accessible , but the only real obstacle remains one&#39;s ability to protect a 12- or 24-word seed phrase.<br/><br/>Chapter: Bitcoin Custody Requires a Higher Understanding of Tradeoffs<br/><a href="https://bfi-deploy.vercel.app/#/section/3">https://bfi-deploy.vercel.app/#/section/3</a> 2026-03-01T19:34:48Z https://yabu.me/nevent1qqsxpm33wgtj2rdtmm22mclussq0m5p34f548z255c4rjpag7ugvp2qzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qqkskgc Validation Costs<br/><br/>Even if secured, it&#39;s extremely expensive to prove its existence and authenticity. Gold bars need to be melted down and assayed.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/5">https://bfi-deploy.vercel.app/#/section/5</a> 2026-03-01T18:51:32Z https://yabu.me/nevent1qqsqzlzwm9edzuefaqchna0lwwsk9sg782qjjaqa34ne5trdlvwjtvqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qlwk8ec The Four-Year Rhythm: The earliest that bitcoin collateral can be wound down is four years, aligned with bitcoin&#39;s four-year halving cycle. The loan carries a single-digit interest rate and has a maturity of 10 years. Credit markets operate around the concept of subordination - which loans get paid off first if a borrower has multiple loans. The most senior loan (paid off first) is the most creditworthy and demands the lowest yield. This idea of seniority is about to be flipped on its head by Battery Finance&#39;s loan product. If a borrower posts bitcoin as collateral, this loan would automatically become the most senior loan - not because of contractual priority, but because of behavioral prio...<br/><br/>From: Structured Credit<br/><a href="https://bfi-deploy.vercel.app/#/section/12">https://bfi-deploy.vercel.app/#/section/12</a> 2026-03-01T17:37:29Z https://yabu.me/nevent1qqstl2fkdev9l4g3vy5ed860wuhxq6k5k5t9serc5j0r04jmrl5djtgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qh58xqy Key Insight from Bitcoin for Institutions:<br/><br/>2. Bitcoin is the most powerful bearer asset ever created —non-physical, easy to validate, and impossible to seize without consent.<br/><br/>Chapter: Bitcoin is a Bearer Asset<br/><a href="https://bfi-deploy.vercel.app/#/section/5">https://bfi-deploy.vercel.app/#/section/5</a> 2026-03-01T16:45:32Z https://yabu.me/nevent1qqstn89mrz2lhyay9evwm44rnc3v62q8k9dcmts3z6fnx3hdfkxv4cqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qegex2s Key Insight from Bitcoin for Institutions:<br/><br/>2. Inadequate reporting kills innovation - without proper metrics, even obvious improvements get rejected due to career risk.<br/><br/>Chapter: Epilogue<br/><a href="https://bfi-deploy.vercel.app/#/section/14">https://bfi-deploy.vercel.app/#/section/14</a> 2026-03-01T15:37:16Z https://yabu.me/nevent1qqsyrth485pjw45etcaae7evaa50nkwvh89ukts0dlqc92u5m08uvkgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qlx9pam Key Insight from Bitcoin for Institutions:<br/><br/>2. Bitcoin is already less inflationary than gold at ~0.8% annual supply increase, halving every four years until 0% in 2140.<br/><br/>Chapter: Bitcoin Requires a Deflationary Mindset<br/><a href="https://bfi-deploy.vercel.app/#/section/2">https://bfi-deploy.vercel.app/#/section/2</a> 2026-03-01T14:42:18Z https://yabu.me/nevent1qqs2c6wl0u0g4hgndyncxen7ar46hdd0h5trjxy0tp2e57vq37xplvqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qe496wc Key Insight from Bitcoin for Institutions:<br/><br/>1. Ordinary bitcoin holders outperformed every professional fund - fund managers who ignored bitcoin have explaining to do.<br/><br/>Chapter: Mutual Funds / ETFs - Wielding the Blade<br/><a href="https://bfi-deploy.vercel.app/#/section/10">https://bfi-deploy.vercel.app/#/section/10</a> 2026-03-01T13:50:04Z https://yabu.me/nevent1qqsylv67trf9hrdxf56knwtu8ncp0l5dwnzdngj5py7symen3wfhkvczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qzqshp3 Key Insight from Bitcoin for Institutions:<br/><br/>3. Physical bearer assets have prohibitive costs —gold requires military-level security and expensive assaying for validation.<br/><br/>Chapter: Bitcoin is a Bearer Asset<br/><a href="https://bfi-deploy.vercel.app/#/section/5">https://bfi-deploy.vercel.app/#/section/5</a> 2026-03-01T13:10:23Z https://yabu.me/nevent1qqs9jtp0utvegpzeq4wwpycd24c4h4ck9flmn7vy32es9mfj3hlv74czyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qjultjj ℹ️ Market Cap Explosion: Strategy&#39;s market capitalization has grown from approximately $1 billion to nearly $100 billion, driven primarily by their bitcoin holdings. They await S&amp;P 500 entry despite meeting the criteria.<br/><br/>From: Strategy (Balance Sheet Strength)<br/><a href="https://bfi-deploy.vercel.app/#/section/7">https://bfi-deploy.vercel.app/#/section/7</a> 2026-03-01T11:33:31Z https://yabu.me/nevent1qqsxlm3tp2ruyw03xp0f65lnpnpdapzl6zya08arjcunwpznqhyqh8szyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q23ry5n &#34;&#34;A company that holds bitcoin in its treasury has a significant optionality advantage over one that does not.&#34;&#34;<br/> — Brian Hirschfield<br/><br/>From: Treasury / Balance Sheet - Having Optionality<br/><a href="https://bfi-deploy.vercel.app/#/section/11">https://bfi-deploy.vercel.app/#/section/11</a> 2026-03-01T10:44:46Z https://yabu.me/nevent1qqsqetdys67wrfhftpd6e9yh0wd2cz35v9mlyt8vlfyqgfkg0lff0hczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qplzxut Key Insight from Bitcoin for Institutions:<br/><br/>3. Operating profitability can be improved by systematically selling bitcoin gains and including them in operating revenue.<br/><br/>Chapter: Treasury / Balance Sheet - Having Optionality<br/><a href="https://bfi-deploy.vercel.app/#/section/11">https://bfi-deploy.vercel.app/#/section/11</a> 2026-03-01T09:44:26Z https://yabu.me/nevent1qqsqxnas9d2cggvt78aa0xuna4k3t2xjyeyykcqwqy09g2vm8yxl4rqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qvkkpe0 Key Insight from Bitcoin for Institutions:<br/><br/>1. CBDCs threaten financial privacy —China&#39;s CBDC is a preview of the totalitarian panopticon Western governments could implement.<br/><br/>Chapter: Bitcoin Users Value Privacy<br/><a href="https://bfi-deploy.vercel.app/#/section/6">https://bfi-deploy.vercel.app/#/section/6</a> 2026-03-01T08:48:07Z https://yabu.me/nevent1qqs0wh06u55fnuaswxqg2zncx6shmcx245e24500k34gusn2rw5ur8gzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qy68a94 &#34;&#34;If bitcoin is going to help the current financial system transcend the problems of previous systems, then institutions that wish to utilize it are going to need to develop optics and metrics that demonstrate success and failure.&#34;&#34;<br/> — Brian Hirschfield<br/><br/>From: Epilogue<br/><a href="https://bfi-deploy.vercel.app/#/section/14">https://bfi-deploy.vercel.app/#/section/14</a> 2026-03-01T07:47:43Z https://yabu.me/nevent1qqsp989t9etz6yhrxcy44y8jzvznpdh9nqkllzy2y2vauy5n2hrt4wqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qpdmyn4 Key Insight from Bitcoin for Institutions:<br/><br/>1. Institutional resistance is ruthless - incentives, not logic, drive corporate decision-making. The LDI story proves this.<br/><br/>Chapter: Epilogue<br/><a href="https://bfi-deploy.vercel.app/#/section/14">https://bfi-deploy.vercel.app/#/section/14</a> 2026-03-01T07:04:45Z https://yabu.me/nevent1qqs20h234cnlkr99lsdct8qwyh2vkqlt9qsw8ruv2dm2zjz64756g7gzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qpqgpem Key Insight from Bitcoin for Institutions:<br/><br/>5. ETFs provide price exposure but enormous counterparty risk —they are not a substitute for true bitcoin ownership through self-custody.<br/><br/>Chapter: Bitcoin Custody Requires a Higher Understanding of Tradeoffs<br/><a href="https://bfi-deploy.vercel.app/#/section/3">https://bfi-deploy.vercel.app/#/section/3</a> 2026-03-01T05:32:03Z https://yabu.me/nevent1qqsd7y85ed8s8g4puj4fe43r9yehks4zaxfekqjsfag8x5wfzrlmvaszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qakkhgx Key Insight from Bitcoin for Institutions:<br/><br/>4. Bitcoin expertise is scarce —arguably fewer than 5,000 people on Earth have the required mastery for institutional implementation.<br/><br/>Chapter: Bitcoin Requires More Patience and Time than Institutions Have<br/><a href="https://bfi-deploy.vercel.app/#/section/4">https://bfi-deploy.vercel.app/#/section/4</a> 2026-03-01T03:23:58Z https://yabu.me/nevent1qqsduznmpxwean5ew4mtau0knxhjwaytsnls56kmhr9y6zq9n62zfpszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qffqkxl Personal Power<br/><br/>Like learning to drive and no longer depending on others for rides<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/5">https://bfi-deploy.vercel.app/#/section/5</a> 2026-02-10T15:22:10Z https://yabu.me/nevent1qqs8qynvm3stm7ly9h3q02dr4ld9d8pcz4wlvraspscsjaudaslx42qzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q2qfrp6 Key Insight from Bitcoin for Institutions:<br/><br/>3. Companies think in quarters, not years —but bitcoin mastery is closer to a human lifetime than a quarter.<br/><br/>Chapter: Bitcoin Requires More Patience and Time than Institutions Have<br/><a href="https://bfi-deploy.vercel.app/#/section/4">https://bfi-deploy.vercel.app/#/section/4</a> 2026-02-10T13:54:31Z https://yabu.me/nevent1qqsv7g7uhyhnk2x9hr238r09u25ksp9urlkwx3kwxkhx67zze6ggezqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qjp3kaw Key Insight from Bitcoin for Institutions:<br/><br/>5. The opportunity is real - bitcoin can help transcend previous system failures, but only with proper institutional frameworks.<br/><br/>Chapter: Epilogue<br/><a href="https://bfi-deploy.vercel.app/#/section/14">https://bfi-deploy.vercel.app/#/section/14</a> 2026-02-10T12:01:34Z https://yabu.me/nevent1qqsx0mv470catwlh4n6zpd6ww2vyu7rwh3ral2c7t6fjlpqdnpx774qzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qgtrcgt The Action<br/><br/>In August 2020, he converted $250 million into approximately 21,000 bitcoin. The rest is monetary history.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/7">https://bfi-deploy.vercel.app/#/section/7</a> 2026-02-10T11:14:11Z https://yabu.me/nevent1qqsrcgfll9dcceyu8tvut02ea9sk3m2f63sm5ncw3u9hx9kh9tjt2pszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q62m5y8 Key Insight from Bitcoin for Institutions:<br/><br/>4. Institutions must shift to Future Value thinking to properly understand bitcoin&#39;s role in protecting purchasing power.<br/><br/>Chapter: Bitcoin Requires a Deflationary Mindset<br/><a href="https://bfi-deploy.vercel.app/#/section/2">https://bfi-deploy.vercel.app/#/section/2</a> 2026-02-10T10:13:20Z https://yabu.me/nevent1qqsrzwwf948uf9len2xklc7n8a8cz7pnyxhnf5ze2lukh894zjr495gzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qc6llda The Strategy<br/><br/>1. Assume a forward-looking return of bitcoin as an actuarial assumption (30% or 40% a year is reasonable based on historical data). 2. Establish a clearly defined program that actually sells a certain amount of bitcoin regularly. 3. Demonstrate to auditors and regulators the ability to execute this strategy. 4. Classify a percentage of treasury gains as operating income instead of capital gains. To illustrate how a company could do this, consider a large bitcoin mining company that holds a BTC treasury from their mining operations:<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/11">https://bfi-deploy.vercel.app/#/section/11</a> 2026-02-10T09:13:16Z https://yabu.me/nevent1qqswmjg36ld7fwm5fr3ws3jhsudeneun608ftys9trdt82mz2c0zddgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qpp6sw4 &#34;&#34;The crux of the matter is the notion that HODL&#39;ing is an irrational and unreasonable act, or at least requires a willful ability to be irrational or unreasonable.&#34;&#34;<br/> — Brian Hirschfield<br/><br/>From: HODL&#39;ing Bitcoin is Irrational<br/><a href="https://bfi-deploy.vercel.app/#/section/1">https://bfi-deploy.vercel.app/#/section/1</a> 2026-02-10T07:32:55Z https://yabu.me/nevent1qqsp2hgglg2slhamv7ey4lel4lc7nqchmqpwldfw7fv8yxt2j5tdv5czyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qcyzzqv &#34;&#34;Using bitcoin in funds is the most obvious and non-thinking way for a fund, their investors, and their investors&#39; shareholders to sleepwalk their way to unimaginable wealth.&#34;&#34;<br/> — Brian Hirschfield<br/><br/>From: Mutual Funds / ETFs - Wielding the Blade<br/><a href="https://bfi-deploy.vercel.app/#/section/10">https://bfi-deploy.vercel.app/#/section/10</a> 2026-02-10T05:48:07Z https://yabu.me/nevent1qqst0acktjkd3r3358566dtlhm96lfyx255chj3f85mv58ph0ne8xdqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q6c7n23 As an engineer, Saylor explained the properties of bitcoin from an engineering perspective in a way that is likely responsible for levelling up the understanding of bitcoin from &#34;Magic Internet Money&#34; to &#34;Thermodynamically Sound Digital Real Estate.&#34; Saylor&#39;s worldview was simple. He had a $250 million pile of cash in 2020 and was looking at an epic monetary debasement of Western fiat currencies. The US was on its way to printing $7 trillion over an M2 monetary base of $15 trillion. $7 trillion printed over $15 trillion M2 base - nearly a 50% expansion of the money supply in a short period. Western cash holders were caught off guard, lulled into complacency by fifteen years of gaslighting ab...<br/><br/>From: Strategy (Balance Sheet Strength)<br/><a href="https://bfi-deploy.vercel.app/#/section/7">https://bfi-deploy.vercel.app/#/section/7</a> 2026-02-10T03:29:33Z https://yabu.me/nevent1qqst8q2ryh6wtvsp975cwzfduaskclvv46wrh5r5t3dudmsasze0m0czyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qdxarls ...then the need for a censorship-resistant, permissionless money becomes self-evident. Bitcoin, held in self-custody, could not have been blocked, frozen, or redirected by any government.<br/><br/>From: Bitcoin Users Value Privacy<br/><a href="https://bfi-deploy.vercel.app/#/section/6">https://bfi-deploy.vercel.app/#/section/6</a> 2026-02-09T23:53:55Z https://yabu.me/nevent1qqsq5h6azr7kts90xrufchg97r3zqmpqynzuef56pe9mwrn4x3txwdszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q0k6amp ℹ️ Small Employers: It would make sense for owners of small companies (under 100 employees) to offer a defined benefit plan and maximize their contributions in bitcoin. Before the 1990s, hundreds of thousands of such companies offered pensions as a great tax shelter that also provided compensation to employees.<br/><br/>From: Pensions<br/><a href="https://bfi-deploy.vercel.app/#/section/13">https://bfi-deploy.vercel.app/#/section/13</a> 2026-02-09T22:59:06Z https://yabu.me/nevent1qqsxqvf4fqnzx0f8cyn699232wytm7m6gnugy0gxgswfkwkup9vsjpszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qq0w6ej &#34;&#34;I&#39;d say that there are about six minutes left in the game, and it is time to pull the goalie. Bitcoin is ready.&#34;&#34;<br/> — Brian Hirschfield<br/><br/>From: Pensions<br/><a href="https://bfi-deploy.vercel.app/#/section/13">https://bfi-deploy.vercel.app/#/section/13</a> 2026-02-09T21:56:28Z https://yabu.me/nevent1qqspzqkuyeteczp939s7zw4rmh23k0tcwkwd0wf4mjw7pvg0fek48aszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qpgh95p A key determinant of whether it pays to pull the goalie is how much time is left in the game . According to Brown/Asness, it made sense to pull the goalie with six minutes left - an uncomfortably long time that seems unintuitive but maximizes winning probability.<br/><br/>From: Pensions<br/><a href="https://bfi-deploy.vercel.app/#/section/13">https://bfi-deploy.vercel.app/#/section/13</a> 2026-02-09T20:58:32Z https://yabu.me/nevent1qqsdfmvxutfg3u7z3lq59er8twv6f56xvuyz46szz79jv24j4j6c8ggzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qt46h6h &#34;&#34;If a borrower posts bitcoin as collateral, this loan would automatically become the most senior loan. A person will let any other asset go before relinquishing their bitcoin to a lender.&#34;&#34;<br/> — Brian Hirschfield<br/><br/>From: Structured Credit<br/><a href="https://bfi-deploy.vercel.app/#/section/12">https://bfi-deploy.vercel.app/#/section/12</a> 2026-02-09T19:40:58Z https://yabu.me/nevent1qqs848qwtj8d75ktrrgtntesmwmrlpgngz0z6lrfmm70zyjerqwvyfczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qgnd2ha Key Insight from Bitcoin for Institutions:<br/><br/>1. Bitcoin is peer-to-peer. It is a cash system designed for individuals, and companies are always an individual acting on their behalf.<br/><br/>Chapter: HODL&#39;ing Bitcoin is Irrational<br/><a href="https://bfi-deploy.vercel.app/#/section/1">https://bfi-deploy.vercel.app/#/section/1</a> 2026-02-09T18:06:40Z https://yabu.me/nevent1qqsdamsumuffsv6pd3tfndteu3d7alq9jmd4anz4crrm5sdc87e9sxczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q7vke2m ℹ️ The Four-Year Rhythm: The earliest that bitcoin collateral can be wound down is four years, aligned with bitcoin&#39;s four-year halving cycle. The loan carries a single-digit interest rate and has a maturity of 10 years.<br/><br/>From: Structured Credit<br/><a href="https://bfi-deploy.vercel.app/#/section/12">https://bfi-deploy.vercel.app/#/section/12</a> 2026-02-09T17:15:13Z https://yabu.me/nevent1qqsrc7v6wfdn0xdytjtu2jlw6sm036cxwnsgka8dtcwmrp8dtk74phgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qmyud6h ℹ️ Market Cap Explosion: Strategy&#39;s market capitalization has grown from approximately $1 billion to nearly $100 billion, driven primarily by their bitcoin holdings. They await S&amp;P 500 entry despite meeting the criteria.<br/><br/>From: Strategy (Balance Sheet Strength)<br/><a href="https://bfi-deploy.vercel.app/#/section/7">https://bfi-deploy.vercel.app/#/section/7</a> 2026-02-09T16:13:38Z https://yabu.me/nevent1qqsgl05dtywqjlrfyzj8a7q0gr5f6ueaae73yv83rqkcm0evnw5dwaczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qvru3xd An important feature that makes it unintuitive for both individuals and institutions to integrate bitcoin into their financial landscapes is its deflationary nature , or at least highly disinflationary design. Bitcoin is the largest fixed-supply asset on Earth, programmed by its immutable protocol to cap out at 21 million whole units.<br/><br/>From: Bitcoin Requires a Deflationary Mindset<br/><a href="https://bfi-deploy.vercel.app/#/section/2">https://bfi-deploy.vercel.app/#/section/2</a> 2026-02-09T15:11:48Z https://yabu.me/nevent1qqs20dljrul8w0xz7g7h9seqhdrptls64sne4kchck5xwrcuepxq5pszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qfnt3lf A key determinant of whether it pays to pull the goalie is how much time is left in the game . According to Brown/Asness, it made sense to pull the goalie with six minutes left - an uncomfortably long time that seems unintuitive but maximizes winning probability.<br/><br/>From: Pensions<br/><a href="https://bfi-deploy.vercel.app/#/section/13">https://bfi-deploy.vercel.app/#/section/13</a> 2026-02-09T13:48:46Z https://yabu.me/nevent1qqstnk34c9zpdts22d9hzhy3l6dyy7d4lz9rg7zv5xhr7tnv8v4zevgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qx9efss Existential Necessity<br/><br/>It usually requires an existential problem to get all of the battleships aligned around a single long-term objective.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/4">https://bfi-deploy.vercel.app/#/section/4</a> 2026-02-09T11:56:49Z https://yabu.me/nevent1qqsqe8ta6tfnxahqt87dwuce4fxyq3c35w7twts5kemdx599m68a8wczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qznywu8 Bitcoin can be uniquely used by companies which hold it in their treasury to lower their operating costs . This is of interest to CFOs and management teams because &#34;operating profitability&#34; is typically how they are judged by their boards and what their incentive compensation payouts depend on.<br/><br/>From: Treasury / Balance Sheet - Having Optionality<br/><a href="https://bfi-deploy.vercel.app/#/section/11">https://bfi-deploy.vercel.app/#/section/11</a> 2026-02-09T10:17:24Z https://yabu.me/nevent1qqs0r9aef8ag32z5ac7u9fraaa8jzmxyx73xvp7lqha0het4ayfthmczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qv8nzes Key Insight from Bitcoin for Institutions:<br/><br/>5. Self-custody enables unprecedented sovereignty —unlimited wealth stored in a 12-word seed phrase, accessible anywhere on Earth.<br/><br/>Chapter: Bitcoin is a Bearer Asset<br/><a href="https://bfi-deploy.vercel.app/#/section/5">https://bfi-deploy.vercel.app/#/section/5</a> 2026-02-09T09:11:01Z https://yabu.me/nevent1qqs83mwve5mxtud3u0dqzfzfrs2xnq4ez4ncwafexd5je6g4ucwl0jczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qfv063w Key Insight from Bitcoin for Institutions:<br/><br/>2. Small employers should consider new pension plans as a tax-advantaged vehicle for bitcoin accumulation.<br/><br/>Chapter: Pensions<br/><a href="https://bfi-deploy.vercel.app/#/section/13">https://bfi-deploy.vercel.app/#/section/13</a> 2026-02-09T07:21:27Z https://yabu.me/nevent1qqsx93qq73ja4hy27pqk9jnw89z873r27agr5ulu2ral9ny4rla8y2czyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qdzksn6 Key Insight from Bitcoin for Institutions:<br/><br/>3. Tesla&#39;s exit validates the theory - without a dominant individual, institutional pressure will force selling.<br/><br/>Chapter: Strategy (Balance Sheet Strength)<br/><a href="https://bfi-deploy.vercel.app/#/section/7">https://bfi-deploy.vercel.app/#/section/7</a> 2026-02-09T05:46:17Z https://yabu.me/nevent1qqsvxgx9yt2e4yucsztqu44xz2knxpn85a436h0luaene3tyn4lgzzszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qhwhuwq ℹ️ Bitcoin is already less inflationary than gold, and will eventually add no new stock to the world&#39;s supply. When inserted into a monetary landscape of vastly inflationary monies like fiat currencies, stocks, bonds, and real estate, the supply-capped bitcoin will continue to absorb the monetary energy of its peers.<br/><br/>From: Bitcoin Requires a Deflationary Mindset<br/><a href="https://bfi-deploy.vercel.app/#/section/2">https://bfi-deploy.vercel.app/#/section/2</a> 2026-02-09T03:21:51Z https://yabu.me/nevent1qqsxjxkkxef5qvzmyr3e9tw7wz0armem7ddwnqs7fztzykkd6eng5pgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qllzaeu Key Insight from Bitcoin for Institutions:<br/><br/>1. Mastery takes time —just as learning guitar requires years of dedicated practice, understanding bitcoin requires sustained commitment.<br/><br/>Chapter: Bitcoin Requires More Patience and Time than Institutions Have<br/><a href="https://bfi-deploy.vercel.app/#/section/4">https://bfi-deploy.vercel.app/#/section/4</a> 2026-02-08T23:47:28Z https://yabu.me/nevent1qqsrfrgwwrf8rqp3ewf64028jj0xnrg6xmh3fqgmjjmlxda78f5zmwszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qacaujs Key Insight from Bitcoin for Institutions:<br/><br/>4. KYC/AML regulations are weaponized —while most crime happens in dollars, these regulations strangle innovation and honest business.<br/><br/>Chapter: Bitcoin Users Value Privacy<br/><a href="https://bfi-deploy.vercel.app/#/section/6">https://bfi-deploy.vercel.app/#/section/6</a> 2026-02-08T22:48:13Z https://yabu.me/nevent1qqstumve75e2ldks2q0y6caya2y3t38cf89lnpk48a0zfnwcr6y8nrgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qq59mph Key Insight from Bitcoin for Institutions:<br/><br/>4. Coinbase&#39;s legacy technology predates Segwit best practices, creating systemic risk for ETFs using them as custodian.<br/><br/>Chapter: Bitcoin Custody Requires a Higher Understanding of Tradeoffs<br/><a href="https://bfi-deploy.vercel.app/#/section/3">https://bfi-deploy.vercel.app/#/section/3</a> 2026-02-08T21:43:53Z https://yabu.me/nevent1qqsqazllsujmk4tgajwv0mwaj4q3mydlxs0ucevnypmyuz6ckn4j09qzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qf0tr4y The Four-Year Rhythm: The earliest that bitcoin collateral can be wound down is four years, aligned with bitcoin&#39;s four-year halving cycle. The loan carries a single-digit interest rate and has a maturity of 10 years. Credit markets operate around the concept of subordination - which loans get paid off first if a borrower has multiple loans. The most senior loan (paid off first) is the most creditworthy and demands the lowest yield. This idea of seniority is about to be flipped on its head by Battery Finance&#39;s loan product. If a borrower posts bitcoin as collateral, this loan would automatically become the most senior loan - not because of contractual priority, but because of behavioral prio...<br/><br/>From: Structured Credit<br/><a href="https://bfi-deploy.vercel.app/#/section/12">https://bfi-deploy.vercel.app/#/section/12</a> 2026-02-08T20:45:17Z https://yabu.me/nevent1qqsfp59khr6g78uw5q3sjvmlekewk4juy73lzefgnf4jyxa440tdqeszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qqmcn9r Key Insight from Bitcoin for Institutions:<br/><br/>3. Present Value masks debasement —traditional financial valuation hides the erosion of purchasing power in fiat currencies.<br/><br/>Chapter: Bitcoin Requires a Deflationary Mindset<br/><a href="https://bfi-deploy.vercel.app/#/section/2">https://bfi-deploy.vercel.app/#/section/2</a> 2026-02-08T19:38:04Z https://yabu.me/nevent1qqszwj2sck3wuynjq6z0ny7ueq65tgk6x3m096ag7m0mu630g48hj8gzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qdwd020 Key Insight from Bitcoin for Institutions:<br/><br/>5. Start today —there are no easy answers, but beginning the journey now will get institutions there faster than waiting.<br/><br/>Chapter: Bitcoin Requires More Patience and Time than Institutions Have<br/><a href="https://bfi-deploy.vercel.app/#/section/4">https://bfi-deploy.vercel.app/#/section/4</a> 2026-02-08T18:56:28Z https://yabu.me/nevent1qqsdfc6p0a2cc5s6jhkmw6mdvshnmykwh5dau2pk0rf9vjm57knqklgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qt5nc2g Key Insight from Bitcoin for Institutions:<br/><br/>2. Bitcoin is already less inflationary than gold at ~0.8% annual supply increase, halving every four years until 0% in 2140.<br/><br/>Chapter: Bitcoin Requires a Deflationary Mindset<br/><a href="https://bfi-deploy.vercel.app/#/section/2">https://bfi-deploy.vercel.app/#/section/2</a> 2026-02-08T17:45:07Z https://yabu.me/nevent1qqsxf0ly06am6r48076080hkl2yxc7mv5v0ele9jlrkz9pjsjttzctczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qs296g7 Institutional Holdings<br/><br/>Even dedicated institutions like Strategy will act like individuals with limited power in the Bitcoin economy.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/0">https://bfi-deploy.vercel.app/#/section/0</a> 2026-02-08T16:49:46Z https://yabu.me/nevent1qqsraudav79uuhd5u6r4a5m6zs0m9mjptlagrfvzl526e2mhkrnxtxgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qctslxa Key Insight from Bitcoin for Institutions:<br/><br/>2. Freedom to transact is an extension of free speech —monetary transactions in the digital world are just messages.<br/><br/>Chapter: Bitcoin Users Value Privacy<br/><a href="https://bfi-deploy.vercel.app/#/section/6">https://bfi-deploy.vercel.app/#/section/6</a> 2026-02-08T15:42:13Z https://yabu.me/nevent1qqst7a087na0d6ujut0cw086hplpkxxr8ltelz7xryhzxp3k39egeeszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qflu6y6 📌 What you&#39;ll gain: By working through Bitcoin for Institutions , you&#39;ll develop a comprehensive understanding of Bitcoin from an institutional perspective— including its limitations, its opportunities, and the specific strategies available for institutional exposure through deferred compensation, ETFs, treasury management, structured credit, and pension funds.<br/><br/>From: Introduction<br/><a href="https://bfi-deploy.vercel.app/#/section/0">https://bfi-deploy.vercel.app/#/section/0</a> 2026-02-08T14:48:00Z https://yabu.me/nevent1qqsz42dp7dc2casxe0fpce4v0s2v77pg9yxjkwlwzen24wtfm4rjz9gzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qyrzvg3 The Strategy<br/><br/>1. Assume a forward-looking return of bitcoin as an actuarial assumption (30% or 40% a year is reasonable based on historical data). 2. Establish a clearly defined program that actually sells a certain amount of bitcoin regularly. 3. Demonstrate to auditors and regulators the ability to execute this strategy. 4. Classify a percentage of treasury gains as operating income instead of capital gains. To illustrate how a company could do this, consider a large bitcoin mining company that holds a BTC treasury from their mining operations:<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/11">https://bfi-deploy.vercel.app/#/section/11</a> 2026-02-08T13:56:46Z https://yabu.me/nevent1qqs02m96uwettvmttgm6xgzlnqs4cgxtnmr2595rfakuvcqldrejllqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qzjskme Key Insight from Bitcoin for Institutions:<br/><br/>2. &#34;Risk-free&#34; assets proved to be an illusion - government bonds lost 30-50% of value, shattering Modern Portfolio Theory.<br/><br/>Chapter: BlackRock (Redefining Portfolio Construction)<br/><a href="https://bfi-deploy.vercel.app/#/section/8">https://bfi-deploy.vercel.app/#/section/8</a> 2026-02-08T13:13:40Z https://yabu.me/nevent1qqsv0wxk3xv8wlcljhl55cww5e05ataxes637j7pfkjfdll078pserqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qd38x4n ℹ️ Market Cap Explosion: Strategy&#39;s market capitalization has grown from approximately $1 billion to nearly $100 billion, driven primarily by their bitcoin holdings. They await S&amp;P 500 entry despite meeting the criteria.<br/><br/>From: Strategy (Balance Sheet Strength)<br/><a href="https://bfi-deploy.vercel.app/#/section/7">https://bfi-deploy.vercel.app/#/section/7</a> 2026-02-08T11:36:38Z https://yabu.me/nevent1qqsr5y6thjflxc62vzkld4sgpmvfht5fwq9r0mw3zunhvqku829yexqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q8s9vvt Key Insight from Bitcoin for Institutions:<br/><br/>5. 100% allocation is justified for pensions that will survive the next two halving cycles (eight years).<br/><br/>Chapter: Pensions<br/><a href="https://bfi-deploy.vercel.app/#/section/13">https://bfi-deploy.vercel.app/#/section/13</a> 2026-02-08T10:48:26Z https://yabu.me/nevent1qqsxysxt4f5f79ss94ccs50ggg8dccd8km0nqgqcle095yygk5vsehgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q5g5stk Key Insight from Bitcoin for Institutions:<br/><br/>4. Six minutes left in the game - there are limited bailouts remaining, and pensions need to act now.<br/><br/>Chapter: Pensions<br/><a href="https://bfi-deploy.vercel.app/#/section/13">https://bfi-deploy.vercel.app/#/section/13</a> 2026-02-08T09:45:45Z https://yabu.me/nevent1qqst7gsa2fa9ajcm43ysna2pe6zpkg79kmv3mt20rvwfkk5aqcmp75czyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qnum2xx Key Insight from Bitcoin for Institutions:<br/><br/>2. The power of bitcoin as capital depends on its owner—not just the quantity held.<br/><br/>Chapter: Introduction<br/><a href="https://bfi-deploy.vercel.app/#/section/0">https://bfi-deploy.vercel.app/#/section/0</a> 2026-02-08T08:51:19Z https://yabu.me/nevent1qqsypl3dxme4tknetze3zzmje3d0h5559mzlnkg4nry3r20lajzwdwqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q5nmcj2 Key Insight from Bitcoin for Institutions:<br/><br/>5. Self-custody enables unprecedented sovereignty —unlimited wealth stored in a 12-word seed phrase, accessible anywhere on Earth.<br/><br/>Chapter: Bitcoin is a Bearer Asset<br/><a href="https://bfi-deploy.vercel.app/#/section/5">https://bfi-deploy.vercel.app/#/section/5</a> 2026-02-08T07:50:54Z https://yabu.me/nevent1qqszd3s26vsnd0eanj8dy44l6wq50daq8jtn7ynx83luxl85fks6rcgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qrwvsfg The Four-Year Rhythm: The earliest that bitcoin collateral can be wound down is four years, aligned with bitcoin&#39;s four-year halving cycle. The loan carries a single-digit interest rate and has a maturity of 10 years. Credit markets operate around the concept of subordination - which loans get paid off first if a borrower has multiple loans. The most senior loan (paid off first) is the most creditworthy and demands the lowest yield. This idea of seniority is about to be flipped on its head by Battery Finance&#39;s loan product. If a borrower posts bitcoin as collateral, this loan would automatically become the most senior loan - not because of contractual priority, but because of behavioral prio...<br/><br/>From: Structured Credit<br/><a href="https://bfi-deploy.vercel.app/#/section/12">https://bfi-deploy.vercel.app/#/section/12</a> 2026-02-08T07:08:30Z https://yabu.me/nevent1qqsv6ydataxjz2hrdfz96v28e2yl4h9avkhv288xmjv4kuqczg224cqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qt0jn5r ℹ️ 16 Years of Returns: Bitcoin&#39;s 16-year return history makes it the best-performing asset class in history, despite massive drawdowns along the way. Professional money managers who ignored it have significant explaining to do.<br/><br/>From: Mutual Funds / ETFs - Wielding the Blade<br/><a href="https://bfi-deploy.vercel.app/#/section/10">https://bfi-deploy.vercel.app/#/section/10</a> 2026-02-08T05:41:28Z https://yabu.me/nevent1qqsd5r7mukclceuwj3pwmyvgxj9cqk2326yc2h9hmj4wxx5epp829ngzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qkqj3jm Like with speech, there cannot be truly free markets without the total freedom to transact .<br/><br/>From: Bitcoin Users Value Privacy<br/><a href="https://bfi-deploy.vercel.app/#/section/6">https://bfi-deploy.vercel.app/#/section/6</a> 2026-02-08T03:35:13Z https://yabu.me/nevent1qqsvrh70welmmyyp3em7h2rmdwntpyae4r7sv6yk5c44mrednnjnkkczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qgely5x Key Insight from Bitcoin for Institutions:<br/><br/>1. Bitcoin is the largest fixed-supply asset on Earth with 21 million units capped by immutable protocol, 95% already issued.<br/><br/>Chapter: Bitcoin Requires a Deflationary Mindset<br/><a href="https://bfi-deploy.vercel.app/#/section/2">https://bfi-deploy.vercel.app/#/section/2</a> 2026-02-07T23:47:56Z https://yabu.me/nevent1qqsxqueasw02kapvveak9af845yca793p2mzlqvzergqzh8ama8fygczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qte4xxk 📝 On writing this book: &#34;Bitcoin doesn&#39;t write books, but it enables people to see value more clearly for themselves, particularly when it comes to what a person spends their scarce time on. Understanding what in the world comes from work and energy, as opposed to the stroke of someone&#39;s pen or from printed money, helps people clarify what has true value.&#34;<br/><br/>From: Introduction<br/><a href="https://bfi-deploy.vercel.app/#/section/0">https://bfi-deploy.vercel.app/#/section/0</a> 2026-02-07T22:47:15Z https://yabu.me/nevent1qqsfhdjl4jpxqhgrapx4pdmf5cyh2ruv6xyf5kst4rr8m9qn2sjswqgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qtdc5dm Key Insight from Bitcoin for Institutions:<br/><br/>1. LDI strategies failed spectacularly when rates reversed in 2022, requiring Bank of England emergency intervention.<br/><br/>Chapter: BlackRock (Redefining Portfolio Construction)<br/><a href="https://bfi-deploy.vercel.app/#/section/8">https://bfi-deploy.vercel.app/#/section/8</a> 2026-02-07T21:42:14Z https://yabu.me/nevent1qqstf5dqlufw474fm3c6x73lwguzllja4wn9ayxtqmczmxyvljtcczszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qe64rxu Key Insight from Bitcoin for Institutions:<br/><br/>5. Companies must understand bitcoin&#39;s impact on individuals to offer competitive compensation and financial services.<br/><br/>Chapter: Bitcoin Requires a Deflationary Mindset<br/><a href="https://bfi-deploy.vercel.app/#/section/2">https://bfi-deploy.vercel.app/#/section/2</a> 2026-02-07T20:45:17Z https://yabu.me/nevent1qqsrss0jnzf02rnlwwu86470ch6cyvdsnzarvfg6rwg3uh44xehjnxqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qn4u8t3 Key Insight from Bitcoin for Institutions:<br/><br/>2. Saylor&#39;s engineering mindset elevated bitcoin from &#34;Magic Internet Money&#34; to &#34;Thermodynamically Sound Digital Real Estate.&#34;<br/><br/>Chapter: Strategy (Balance Sheet Strength)<br/><a href="https://bfi-deploy.vercel.app/#/section/7">https://bfi-deploy.vercel.app/#/section/7</a> 2026-02-07T19:36:03Z https://yabu.me/nevent1qqsx78pqv32jfhmnlnvaelu6hcrrxfrwvcq5eazxnh6g4v3jd7q7uzqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q5z6cr3 From the Brown/Asness Paper:<br/><br/><br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/13">https://bfi-deploy.vercel.app/#/section/13</a> 2026-02-07T18:54:40Z https://yabu.me/nevent1qqsf7ennu792j02x7tef88hnfjfla66eekpvdaq2e4q8vx5fy7tn7lczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qmpamtx Key Insight from Bitcoin for Institutions:<br/><br/>3. Companies think in quarters, not years —but bitcoin mastery is closer to a human lifetime than a quarter.<br/><br/>Chapter: Bitcoin Requires More Patience and Time than Institutions Have<br/><a href="https://bfi-deploy.vercel.app/#/section/4">https://bfi-deploy.vercel.app/#/section/4</a> 2026-02-07T17:44:09Z https://yabu.me/nevent1qqs2nlhnu4w6xzqazmd8ty2qe3vu0gtl7m593qmsy49vhcp53lfxc9czyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qeyqv2d Long Horizons<br/><br/>Young workers have 30-40 year horizons - perfect for bitcoin&#39;s volatility profile.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/10">https://bfi-deploy.vercel.app/#/section/10</a> 2026-02-07T16:49:41Z https://yabu.me/nevent1qqsf7yz5g3uwev87pt7au5mvve9sd7lk4yug4nty06adwzu829duhlszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qzd595x Existential Necessity<br/><br/>It usually requires an existential problem to get all of the battleships aligned around a single long-term objective.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/4">https://bfi-deploy.vercel.app/#/section/4</a> 2026-02-07T15:42:01Z https://yabu.me/nevent1qqsrmryajkcrm0mf2t3xh0ltthgs3lgsvjajhtq0kuwaj745gxyz0gszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qpqqs4v Key Insight from Bitcoin for Institutions:<br/><br/>4. Corporate balance sheet holdings require a dominant individual (like Saylor) to overcome institutional pressure to sell.<br/><br/>Chapter: HODL&#39;ing Bitcoin is Irrational<br/><a href="https://bfi-deploy.vercel.app/#/section/1">https://bfi-deploy.vercel.app/#/section/1</a> 2026-02-07T14:45:33Z https://yabu.me/nevent1qqsr0hg8yu7nyj46a8vfm0es03ecr7cye7vlcrcwj7g550ak96mmzgszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q8alfet Credit is one of the fundamental features of any high-functioning society. The ability to borrow and lend at a healthy equilibrium is what separates the highest functioning economies from the lowest ones. Credit is built on trust and trustworthiness - characterized by its own term: creditworthiness.<br/><br/>From: Structured Credit<br/><a href="https://bfi-deploy.vercel.app/#/section/12">https://bfi-deploy.vercel.app/#/section/12</a> 2026-02-07T13:54:28Z https://yabu.me/nevent1qqsfnsqpsn32yt6sgxarqm4cdqszpykn5p087nlvp0604jgm80xruuqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qh3zfjt Debts are assigned a priority so lenders understand where they stand on each particular loan<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/12">https://bfi-deploy.vercel.app/#/section/12</a> 2026-02-07T13:12:43Z https://yabu.me/nevent1qqspc08uad4p6692zfw3n2lka3c307ftueay4mfmccdrm8jnccwjcyszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q5cqm64 Key Insight from Bitcoin for Institutions:<br/><br/>5. Institutions must understand why individuals value bitcoin to successfully integrate it into their strategies.<br/><br/>Chapter: Introduction<br/><a href="https://bfi-deploy.vercel.app/#/section/0">https://bfi-deploy.vercel.app/#/section/0</a> 2026-02-07T11:35:13Z https://yabu.me/nevent1qqs0294zqg8swmsyj4hhnr9xc0k6fpcm000r7f7rug77hsuw6q72ahqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qmla95e &#34;&#34;A bearer asset is a type of financial asset where ownership is determined by physical possession, rather than by registration or the holder&#39;s identity. In the past, traditional bearer assets included cash, because back in the gold standard era, cash represented a claim on the Central Bank gold reserve.&#34;&#34;<br/> — Brian Hirschfield<br/><br/>From: Bitcoin is a Bearer Asset<br/><a href="https://bfi-deploy.vercel.app/#/section/5">https://bfi-deploy.vercel.app/#/section/5</a> 2026-02-07T10:46:54Z https://yabu.me/nevent1qqswfu8ggyfqx47yevl36qcufah7u2ejmsgtynf8kq55cksdzxen9wgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qa0nqcq &#34;&#34;Holding a bitcoin treasury and using it in lieu of ETFs is a superior strategy that eliminates the counterparty credit risk entirely.&#34;&#34;<br/> — Brian Hirschfield<br/><br/>From: Deferred Compensation - Riding the Wave<br/><a href="https://bfi-deploy.vercel.app/#/section/9">https://bfi-deploy.vercel.app/#/section/9</a> 2026-02-07T09:45:59Z https://yabu.me/nevent1qqsdcjh54yuzc0c8ahaeena8dzuur6zrm6ff4hhh5dqlvqlf3wvnh9czyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qt9hszz Key Insight from Bitcoin for Institutions:<br/><br/>5. Convertible debt enables leverage - Strategy pioneered using corporate finance to accelerate bitcoin accumulation.<br/><br/>Chapter: Strategy (Balance Sheet Strength)<br/><a href="https://bfi-deploy.vercel.app/#/section/7">https://bfi-deploy.vercel.app/#/section/7</a> 2026-02-07T08:49:39Z https://yabu.me/nevent1qqsy8fwvlkynu7a4vuw4xxv6hnuvec42lynmm30elxpu5uqv22tm5zqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qxyqrga Authenticity Risk<br/><br/>Gold and silver bars must be verified to ensure they are not just gold-plated tungsten.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/5">https://bfi-deploy.vercel.app/#/section/5</a> 2026-02-07T07:46:14Z https://yabu.me/nevent1qqsznpq5dmlwcv8kuws97rgpwz52jpq0j575u3mtfxw4h54wh8tfhsgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qwjk042 Con: Fast-Track Adoption<br/><br/>BlackRock spent the majority of the last decade hating bitcoin until 2023. They wanted to fast-track their adoption, choosing speed over security.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/3">https://bfi-deploy.vercel.app/#/section/3</a> 2026-02-07T07:02:33Z https://yabu.me/nevent1qqsrwg7zkrjwj9ku9v9gh40zcqhe6vj4seaeqy8zc73dt2q008z0azqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q58cq76 Phase 1: ETF-Based Program<br/><br/>Start with ETFs (IBIT, FBTC) to get the program operational. This is the fastest path to offering bitcoin in NQDC.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/9">https://bfi-deploy.vercel.app/#/section/9</a> 2026-02-07T05:57:50Z https://yabu.me/nevent1qqsdy7fensvp8meqzylmp4caeehwn5xnypgws7k2exr6jfrw93mlgsqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qew4fda &#34;&#34;Cryptography is ruthless, and there are two types of people in the world — those who have been burned and those who have yet to be.&#34;&#34;<br/> — Brian Hirschfield<br/><br/>From: Bitcoin Custody Requires a Higher Understanding of Tradeoffs<br/><a href="https://bfi-deploy.vercel.app/#/section/3">https://bfi-deploy.vercel.app/#/section/3</a> 2026-02-07T04:48:24Z https://yabu.me/nevent1qqsp2yzz4hq53atm6mmypnquxhg3thrlty6qzldh68m88c5k8tvjxeqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qyestjw Bitcoin Parallel<br/><br/>The market doesn&#39;t know how to value Strategy (MSTR) because they don&#39;t know how to associate value with their bitcoin treasury. Same problem, new asset.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/14">https://bfi-deploy.vercel.app/#/section/14</a> 2026-02-07T02:50:24Z https://yabu.me/nevent1qqsd0w0tfygezrjt6mkqv47qfjupj8c92fsu0zxxwhj7y90603fkhzgzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qx87kcu Key Insight from Bitcoin for Institutions:<br/><br/>3. Accounting standards shape behavior - FAS87&#39;s treatment of pensions caused irrational equity allocations, just as goodwill treatment discouraged bitcoin treasury adoption.<br/><br/>Chapter: Epilogue<br/><a href="https://bfi-deploy.vercel.app/#/section/14">https://bfi-deploy.vercel.app/#/section/14</a> 2026-02-06T23:41:38Z https://yabu.me/nevent1qqsdjnh4rvhgxs2kkk870vz3cxpe3ayuxn9amm9xam647jm7jg4sxngzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qekyd7t Clear Communication<br/><br/>Investors need to understand bitcoin&#39;s role in the fund and why temporary drawdowns don&#39;t indicate failure.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/10">https://bfi-deploy.vercel.app/#/section/10</a> 2026-02-06T22:44:20Z https://yabu.me/nevent1qqsdpralw9rj6kwm9svamn3pvarteqpfvjejyht86my20vny8erd7pczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q7pefje Key Insight from Bitcoin for Institutions:<br/><br/>2. Bitcoin requires multi-disciplinary knowledge —economics, computer science, history, mathematics, game theory, and cryptography.<br/><br/>Chapter: Bitcoin Requires More Patience and Time than Institutions Have<br/><a href="https://bfi-deploy.vercel.app/#/section/4">https://bfi-deploy.vercel.app/#/section/4</a> 2026-02-06T21:45:54Z https://yabu.me/nevent1qqspf580a5lqjmzkjl995ced6vhq8zxhgyht5t4zvc7kukfg5h5lk0gzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q5xw3fy Key Insight from Bitcoin for Institutions:<br/><br/>3. Bitcoin collateral redefines subordination - behaviorally, it becomes the most senior loan regardless of contractual priority.<br/><br/>Chapter: Structured Credit<br/><a href="https://bfi-deploy.vercel.app/#/section/12">https://bfi-deploy.vercel.app/#/section/12</a> 2026-02-06T20:51:05Z https://yabu.me/nevent1qqsffwwsh0vc8v5ruksr486wnz3rhrwevpvnur66vzc0844hwlx2kxszyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qjr0jdx Operating Profitability<br/><br/>Operating revenue less operating expenses - what the company expects to experience on a &#34;run-rate&#34; or under typical conditions.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/11">https://bfi-deploy.vercel.app/#/section/11</a> 2026-02-06T19:50:11Z https://yabu.me/nevent1qqs93r2j44aquaaflrv8vpxhplusatx2537cd9pmqmt5l98wxzxysaqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q9g2w2c The Required Pivot<br/><br/>The contrast in purchasing power will require institutions to focus more on Future Value as opposed to Present Value. This pivot will be much more intuitive for individuals to adopt than institutions. Institutions will need to understand the time and risk preferences of individuals, and how bitcoin is already reshaping them.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/2">https://bfi-deploy.vercel.app/#/section/2</a> 2026-02-06T19:08:12Z https://yabu.me/nevent1qqspu3qmn7juls3ctue2xrp0qkxkye0swde87xsm2cdva36qnmnexqczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qsevhyu Key Insight from Bitcoin for Institutions:<br/><br/>4. IBIT broke every ETF record - fastest to $10B, $20B, $30B, $40B, and $50B in assets under management.<br/><br/>Chapter: BlackRock (Redefining Portfolio Construction)<br/><a href="https://bfi-deploy.vercel.app/#/section/8">https://bfi-deploy.vercel.app/#/section/8</a> 2026-02-06T18:00:27Z https://yabu.me/nevent1qqs0xj8clxuaq7dv5wjddlpjl402nf0dk6x4gu82nmtk2v2pszxvqpczyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qs3585f HODL&#39;ing requires a willful ability to be irrational or unreasonable. This ability is difficult to model into software, and even more difficult to execute through corporate or institutional governance, where reputations are built and destroyed at these crucial points. Human action is based on an individual&#39;s unique set of circumstances at a given moment— specifically, the largest source of dissatisfaction that can be removed at the lowest cost. This is the water/diamond paradox : a person would forgo all the diamonds in the world for their first glass of water. At an institutional level, the decision to remove the largest source of dissatisfaction stems from the human beings who have the pow...<br/><br/>From: HODL&#39;ing Bitcoin is Irrational<br/><a href="https://bfi-deploy.vercel.app/#/section/1">https://bfi-deploy.vercel.app/#/section/1</a> 2026-02-06T17:04:27Z https://yabu.me/nevent1qqspkazrkygn3w3nwnmg56ypr72vssudjlyvc2gy2w2fp4ruf4ud4kqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qng6ker The 2022 Reality<br/><br/>&#34;Risk-free&#34; assets lost 30-50% of value. The foundation of portfolio construction was revealed to be an illusion.<br/><br/>From: Bitcoin for Institutions<br/><a href="https://bfi-deploy.vercel.app/#/section/8">https://bfi-deploy.vercel.app/#/section/8</a> 2026-02-06T15:57:50Z https://yabu.me/nevent1qqsty0uy2p9r5aamdwupdtumlz2ap56wx7jcp5ysamsp7fhl2tdlrwqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qyhyhym Pensions are the king when it comes to OPM expertise. By OPM, I mean &#34;Other People&#39;s Money.&#34; Everybody is an expert on how to manage other people&#39;s money, and nothing brings out people&#39;s greatest and wildest ideas like pensions. There is very little written about pensions that is truly original - but as an actuary with 30 years of experience who understands both pensions and bitcoin deeply, some insights can be offered.<br/><br/>From: Pensions<br/><a href="https://bfi-deploy.vercel.app/#/section/13">https://bfi-deploy.vercel.app/#/section/13</a> 2026-02-06T15:00:13Z https://yabu.me/nevent1qqsdjpus22g6x8y97cjsw9vzd75u7dfs3k4vjs87ekncdxj2696jjkqzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qm6k3nz Key Insight from Bitcoin for Institutions:<br/><br/>2. Small allocations generate significant alpha - even 1-2% bitcoin can meaningfully improve portfolio Sharpe ratios.<br/><br/>Chapter: Mutual Funds / ETFs - Wielding the Blade<br/><a href="https://bfi-deploy.vercel.app/#/section/10">https://bfi-deploy.vercel.app/#/section/10</a> 2026-02-06T13:35:43Z https://yabu.me/nevent1qqs0xhlhup6adjc9p0na020g5jcwvnyvcymt7v4fwkce78n5446at5gzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34q6wwylv Key Insight from Bitcoin for Institutions:<br/><br/>5. 100% allocation is justified for pensions that will survive the next two halving cycles (eight years).<br/><br/>Chapter: Pensions<br/><a href="https://bfi-deploy.vercel.app/#/section/13">https://bfi-deploy.vercel.app/#/section/13</a> 2026-02-06T11:48:48Z https://yabu.me/nevent1qqsg4ge20h7zhqtgy6r3xletm5nspgg06fxxw22p0nvukpnc3vyk76gzyqnwj29nxy82lqau4d2w8lqc6wtzr7zrukl0jwrvcq4vgxefsm34qu6ftlh As an engineer, Saylor explained the properties of bitcoin from an engineering perspective in a way that is likely responsible for levelling up the understanding of bitcoin from &#34;Magic Internet Money&#34; to &#34;Thermodynamically Sound Digital Real Estate.&#34; Saylor&#39;s worldview was simple. He had a $250 million pile of cash in 2020 and was looking at an epic monetary debasement of Western fiat currencies. The US was on its way to printing $7 trillion over an M2 monetary base of $15 trillion. $7 trillion printed over $15 trillion M2 base - nearly a 50% expansion of the money supply in a short period. Western cash holders were caught off guard, lulled into complacency by fifteen years of gaslighting ab...<br/><br/>From: Strategy (Balance Sheet Strength)<br/><a href="https://bfi-deploy.vercel.app/#/section/7">https://bfi-deploy.vercel.app/#/section/7</a> 2026-02-06T11:01:22Z