If Bitcoin goes up 50%, everyone looks great. If it goes down 50%, people lose their jobs. That imbalance is still the biggest thing keeping institutions away from Bitcoin, and it’s starting to break.
In this episode of reDeFined, Jeremy Almond sits down with Loren Asmus, Head of Investor Relations at UTXO Management, a Bitcoin-focused investment firm backing public companies and early-stage startups building the Bitcoin economy. Loren spent more than a decade in manager research at a large TradFi asset manager before going all in on Bitcoin.
They talk about why holding 0% Bitcoin will soon be as hard to defend as having no AI exposure, why corporate cash has become a moat that’s a melting ice cube, how operating companies should think about Bitcoin on their balance sheet, why annual rebalancing has beaten simply holding, whether the four-year cycle still applies, and how sovereign funds and global capital are quietly getting ready to move.
⏱️ Timestamps
00:00 – Intro
01:00 – Welcome Loren Asmus, UTXO Management
02:00 – From TradFi asset management to the Bitcoin rabbit hole
04:30 – The tipping point for institutions: education
05:30 – How a small Bitcoin allocation improves risk-adjusted returns
07:00 – What UTXO is and its investment thesis
09:00 – Beyond spot: treasury companies, digital credit and other options
12:00 – Inside UTXO’s strategies: absolute return and digital credit
13:00 – AI vs. Bitcoin: where institutional capital is going
16:00 – Agentic commerce needs digital money
17:00 – Miners moving to AI and HPC
20:00 – Operating companies vs. pure-play Bitcoin treasury companies
22:00 – Corporate cash: a moat that’s a melting ice cube
23:00 – Strategy’s STRC and the Bitcoin carry trade
24:30 – Why boards hesitate, and how companies should think about treasury allocation
27:00 – The end of the 30-year bond bull market
28:30 – Is the four-year cycle over?
31:30 – Institutional rebalancing and lower volatility
36:00 – The 1% allocation thought experiment
36:30 – Tokenization, SEC/CFTC guidance and Bitcoin adoption
41:00 – Sovereign funds and global capital
43:00 – Building through the bear market
45:00 – What’s next for UTXO and Nakamoto
47:30 – Where to find Loren and UTXO
The views expressed by Loren Asmus are his own and are provided for informational purposes only. They are not investment, legal or tax advice. Nothing in this content is an offer to sell, or a solicitation of an offer to buy, any security or interest in any fund. Any offer will be made only through confidential offering documents to eligible investors. Research and backtested allocation results discussed are hypothetical, do not reflect the performance of any UTXO fund or account, and have inherent limitations. References to UTXO's strategies describe objectives, and there is no assurance they will be achieved. UTXO, its funds and its personnel hold or may hold Bitcoin and positions in companies or securities discussed, including Strategy's STRC. Past performance does not guarantee future results. Bitcoin is highly volatile and can lose value. Forward-looking statements reflect current views and may not materialize.
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