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Bitcoin Treasuries Are Naked: The TradFi Hedge That Changes Everything with Patrick Wood from DelphX

Published 26, Nov 2025

Colors of Web3 & Entrepreneurship


Description:
What if the biggest risk to Bitcoin treasuries isn’t a bear market… it’s the fact that almost none of them are actually hedged like real treasuries?

In episode 82, Patrick Wood, President & CEO of DelphX Capital Markets (CSE: DELX | OTCQB: DPXCF), reveals the structured-finance product his team spent years perfecting. The new product is a fully collateralized, transparent, yield-generating downside hedge built specifically for Bitcoin corporate treasuries. No counterparty risk, no opaque OTC deals, no retail-style iBit puts. Just institutional-grade protection that still captures unlimited upside.

Patrick shares his 30-year Wall Street journey, how he cleaned up a failing public shell, why Canada was once the go-to listing venue for U.S. growth companies, and why he believes most of today’s 200+ digital-asset treasuries are behaving more like leveraged speculators than fiduciaries. If you’re wondering why MNAV is collapsing, why leverage is quietly piling up again, and how one company plans to bring real risk management to crypto treasuries, then this episode is for you.

⌛ Timestamps:
00:00:00 Episode trailer
00:00:35 Show & guest introduction
00:02:00 30-year Wall Street journey & taking companies public in Canada
00:08:00 How Patrick discovered blockchain in 2013
00:13:20 Patrick explains how to hedge Bitcoin
00:16:16 Deep dive into DelphX's new Bitcoin hedge product
00:22:45 DelphX new product's intended target users: hedge funds + treasuries
00:25:15 The product is designed to capture upside and protect downside
00:30:15 Patrick's thought on Digital Asset Treasury (DAT) companies
00:35:48 Competitors to DelphX's new Bitcoin hedge product
00:39:52 Current traction and business model
00:41:48 Challenges facing DelphX
00:43:55 Why treasuries should hedge (FTX-style risks still exist)
00:48:55 Advice for aspiring entrepreneurs
00:51:43 Where to follow Patrick & DelphX
00:52:44 Episode outro and next episode preview

Follow DelphX Capital Markets:
DelphX's Website: https://www.delphx.com/
DelphX's Twitter/X: https://x.com/delphx_
DelphX's LinkedIn: https://www.linkedin.com/company/delphx-capital-markets-inc

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LinkedIn: linkedin.com/company/colors-of-web3-entrepreneurship

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