A recent discussion with @IIICapital delved into the strategic priorities for Bitcoin companies, focusing on whether they should emulate MicroStrategy's (MSTR) use of preferred shares. The conversation explored the structuring of Bitcoin credit ratings, comparing Bitcoin's long-term compound annual growth rate (CAGR) with the S&P 500, and assessing Bitcoin's risk profile relative to traditional stocks. The dialogue also addressed the potential for Bitcoin to serve as a global productivity index and the implications of MSTR potentially joining the S&P 500. Key topics included the attraction of passive capital to Bitcoin, the advantages of preferred shares over convertibles, and the resilience of Bitcoin companies in bear markets. The session concluded with a discussion on the future of Bitcoin-backed credit and equity, and the evolving landscape of Bitcoin corporate finance.