Institutions are no longer debating whether to own Bitcoin. Now the question is how. TD Cowen Managing Director Lance Vitanza explains why Bitcoin is evolving from a standalone asset into a capital markets ecosystem of common stock, preferreds, bonds and income products. He shares what he heard at the Bitcoin Treasuries conference in New York and why institutional investors increasingly evaluate Bitcoin within a portfolio.

Chapters:
00:00 Bitcoin Is Evolving From an Asset Into a Capital Markets Ecosystem
01:36 Bitcoin Preferreds, Bonds and Dividend-Paying Instruments
03:25 How Analysts Are Evaluating Digital Credit
05:23 Which Bitcoin Treasury Companies Survive a Downturn
07:28 Strive, Metaplanet and Nakamoto: Why Operating Businesses Matter
10:24 Could MSCI Index Removal Hurt Bitcoin Treasury Companies?
12:27 Blockchain Surveillance, Front-Running and Trust in Bitcoin Prices
14:20 Sponsor: Cash App
15:01 TD Cowen’s Bitcoin Price Target for 2027
16:38 Why Well-Run Bitcoin Treasury Companies Could Outperform Bitcoin

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