Building LatAm's Largest Bitcoin Treasury Company with Sam Callahan

In this episode, Mauricio sits down with Sam Callahan, Director of Bitcoin Strategy & Research at Oranje BTC, to discuss his upbringing in a middle-class American family where his father — a self-described gold bug — instilled in him a deep distrust of central banks, a respect for Austrian economics, and the importance of managing your own money, laying the ideological groundwork for what would become a full-time career in Bitcoin. Sam explains what drew him to the space: the rare alignment between asymmetric financial upside and genuine humanitarian impact, drawing on the work of Alex Gladstein and the reality that billions of people suffer from the second-order effects of fiat currency debasement. He then breaks down the current Bitcoin treasury company landscape, cautioning against treating all treasury companies as interchangeable. He argues that the bear market is separating the wheat from the chaff — with well-capitalized, low-leverage companies like Oranje BTC continuing to trade above NAV while overleveraged competitors face existential pressure. Sam walks through the key differences between treasury company archetypes: pure Bitcoin credit distilleries like Strategy and Strive, operator-hybrid models, and companies simply adopting Bitcoin as a debasement hedge — arguing that every corporation will eventually fall into one of these buckets. He then traces the evolution of treasury financing models, from zero-coupon convertible debt — which attracted volatility-harvesting hedge funds misaligned with the long-term thesis — to perpetual preferred equity like STRC, which Saylor has structured to eliminate maturity risk, refinancing risk, and restrictive covenants while creating permanent capital that matches Bitcoin's long-duration nature and is accessible to retail investors. Finally, Sam makes the case for Oranje BTC as a compelling opportunity for international investors. He points to Brazil's outsized crypto adoption, its abundance of natural resources, the ongoing macro rotation toward emerging markets under a weaker dollar regime, the relative lack of competition in the region's public Bitcoin vehicle market, and Oranje BTC's early traction with the largest financial institutions in Latin America.