Bitcoin Treasury Dual Flywheel Explained: Beyond Strategy’s Playbook

What if corporate Bitcoin strategy is evolving beyond Strategy (MSTR)?

In this episode, we sit down with Scott Ellam, CEO of XCE Connecting Excellence Group, to break down a new model for Bitcoin treasury companies: the Dual Flywheel Strategy.

Instead of just raising capital to buy Bitcoin, XCE combines:

• A cash-flow generating executive recruitment business

• A Bitcoin treasury strategy• Bitcoin-denominated convertible bonds

• Performance-based share options tied to Bitcoin per share

This creates two compounding engines:

1️⃣ Operating revenue (Human Capital) flywheel

2️⃣ Bitcoin treasury (Digital Capital) flywheel

Together, they connect human capital to digital capital, and may represent the next evolution in corporate Bitcoin adoption.

We also cover:

- Scott’s Bitcoin journey (2016 → BTC-only)

- The 2020 money printing catalyst

- Why executive recruitment is uniquely suited for a Bitcoin standard

- How XCE’s Bitcoin-denominated bonds work

- ATM equity offerings and Bitcoin yield

- Why CEOs secretly want Bitcoin exposure

- The roadmap to 300–500 BTC and beyond

- How Bitcoin treasuries are innovating past the Strategy model

00:00 Introduction: Scott Ellam and XCE - Connecting Excellence

07:12 What XCE is + what Spencer Riley does (executive recruitment engine)

11:41 Does a Bitcoin treasury help recruit top talent?

16:57 Employee education + why people don’t need to be maximalists

22:51 Why big firms could copy it — but move too slowly

25:04 “Version 2.0” Bitcoin treasury company + the dual-flywheel model

27:08 ATM-style equity issuance: when XCE uses it to buy more Bitcoin

30:51 Preferred shares + pooled-Bitcoin idea (H100 concept) — Scott’s take

39:22 Bond mechanics deep dive: conversion, soft call, capped downside

44:04 Bitcoin executive recruitment division (placing talent into Bitcoin companies)

47:10 Where to follow Scott + XCE

48:29 One Chair outro_9-16_shortened.mp4

Follow our Guest:

- Scott Ellam: https://x.com/btconlyscott

- XCE - Connecting Excellence: https://x.com/XCEofficial

- XCE - Connecting Excellence: https://www.linkedin.com/company/xce-connecting-excellence/

- XCE - Connecting Excellence: https://xce.io/

🚨 EVENT 🚨 Make sure to get your One Chair Podcast Ticket!

- Front Run — The Bitcoin Treasuries Pre-Party: https://luma.com/FrontRun

Big thanks to Little Bubble for allowing us to use his song: "One Chair": https://open.spotify.com/track/0XW7JgR2Nlg7WXGOeVT64h?si=a344b82984f74f81

DISCLAIMER: This is not is financial advice. This podcast is for educational and entertainment purposes only.

Thank you for listening!

Follow us on:

- X: https://x.com/OneChairPod

- Youtube: https://www.youtube.com/@OneChairPod