Bitcoin Is Replacing Corporate America | Adam Back & Sean Bill

Live from the Bitcoin 2025 conference, Adam Back and Sean Bill of Blockstream break down the quiet but massive shift underway as institutions, pensions, and sovereign funds begin allocating to Bitcoin. They discuss Blockstream's mining investment strategies, institutional Bitcoin income funds, and the rise of Bitcoin treasury companies like MicroStrategy. They explain how institutions are navigating custody, risk management, and public sentiment, while warning of potential excesses in debt-fueled Bitcoin accumulation strategies. Enjoy!

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Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at https://Ledger.com.

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Timestamps:
00:00 Introduction
01:59 Blockstream
04:29 New Wealth Coming to Bitcoin
05:56 Ledger Ad
06:42 New Wealth Coming to Bitcoin
09:29 What’s Holding Back Institutions?
19:15 Bitcoin Treasury Companies
22:57 Ledger Ad
23:43 Bitcoin Treasury Companies
33:42 Merging Blockstream Tech with Institutions

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Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.