Richard Byworth: H100, the MSTR Flywheel, Preferreds vs Converts, and Paper Bitcoin

Richard Byworth: H100, the MSTR Flywheel, Preferreds vs Converts, and Paper Bitcoin

Author: Tony Carrera March 6, 2026 Duration: 44:57

In this episode of Proof of Pain, Tony sits down with Richard Byworth, Chairman at Future Holdings and an active participant in the H100 expansion into Switzerland. We talk about Bitcoin treasury companies, MSTR’s capital markets evolution, preferreds vs convertible bonds, and whether “paper Bitcoin” is a real concern.


We also cover why Bitcoin denominated convertible bonds matter for smaller treasuries, what private companies can do if they cannot access capital markets, what retail misunderstands about treasury stocks, and Richard’s BTC outlook for 2026 and 2030.


What we cover

• Richard’s path from Nomura and convertibles to Bitcoin

• MSTR’s flywheel and why converts created stock sellers

• Preferreds vs convertibles and why the strategy shifted

• Small BTCTCs in bear markets and the Bitcoin denominated convert path

• Private company playbook for stacking BTC responsibly

• Paper Bitcoin, futures, and short term market pressure

• BTC targets for end of 2026 and end of 2030


Follow
@RichardByworth on X

@tonycarrera on X

@ProofOfPainBTC on X


YouTube video link of this episode:

https://www.youtube.com/watch?v=I2SMlxLALZI


Not financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research.


Chapters

0:00 Intro

0:18 Richard’s TradFi background

15:25 Finding MSTR through pension constraints

19:30 Why Saylor shifted away from convertibles

23:52 Flywheel for smaller BTCTCs

25:54 Bitcoin denominated converts (XCE)

34:12 Why 2024 to 2025 expectations broke

37:43 Paper Bitcoin explained

41:20 Lightning round

44:03 BTC targets


Hosted by Tony Carrera, Proof of Pain digs into the tangible sacrifices and strategic decisions required in an economy increasingly shaped by sound money principles. This isn't about abstract theory; it's a close examination of the real-world costs and the consequential opportunities that emerge from this financial shift. While the core of the podcast is firmly rooted in Bitcoin-exploring its ecosystem, mining operations, treasury strategies, and derivative markets-the conversation often finds compelling parallels elsewhere. Carrera brings on guests from diverse fields like professional sports and traditional business, individuals who understand fundamental incentives and high-stakes tradeoffs in their own arenas. Through these discussions, the show builds a broader narrative about value, risk, and commitment. You'll hear detailed analysis on specific Bitcoin-focused investment vehicles and company strategies, balanced with wider reflections on how the mindset of sound money applies far beyond digital assets. For anyone navigating the complexities of modern investing, this podcast offers a grounded, often provocative perspective on what it truly takes to build and preserve wealth in a changing world. New episodes are released on a regular schedule.
Author: Language: en-us Episodes: 12

Proof of Pain
Podcast Episodes
Pierre Rochard: What Cash Flow Investors Miss About Bitcoin [not-audio_url] [/not-audio_url]

Duration: 1:02:03
In this episode of Proof of Pain, Tony sits down with Pierre Rochard for a deep Bitcoin conversation that connects economics, investing, and Bitcoin’s design.We cover Bitcoin Treasury Companies and why the market is star…