Freedom Tech Summit + BCD 2026 | SLP740

**Stephan Livera** (0:00)
Hey guys, we're here at the Freedom Tech Summit here in Prague. I'm here with Freddie from Bhodl. Some of you may know him also from his work in Bitcoin Policy UK. Freddie, give us a quick update. What's the latest on Bhodl?

**Freddie New** (0:12)
So the latest biggest piece of news is the launch of our LSP service. We announced that when we went to market, and very excited that it's now actually live. We are available on Amboss Magma, big step for us.
First week, we had around 24 million SASS of the quiddity requests and as of last week, we were looking at about 1.6 Bitcoin actually deployed into the LSP already. So that's the addition of a second business line to our initial routing business. So we're very excited about that.

**Stephan Livera** (0:41)
Excellent. So for listeners, the idea is people are setting up Lightning and there's now this conversation around earning actual yield in the Lightning Network from obviously routing payments. And so this is a nascent industry, isn't it? Like as we were saying just before, it's like you can kind of counter them on one hand. You got Block Cash App, you got Zeus, yourselves, LQWD, and that's about it, right? Or there's not that many guys who are really seriously looking at this.

**Freddie New** (1:07)
Exactly right. Probably the best comparator for people to think of is the very, very early days of the internet in the same way as there were not very many ISPs. At the beginning, there are not many LSPs at the moment.
So getting in at this stage is super exciting for us. If you're at all interested in payment technology of any kind.

**Sam Callahan** (1:24)
Yeah, fascinating.

**Stephan Livera** (1:26)
And then just kind of on the treasury company side of things, any updates there on the yield operations?

**Freddie New** (1:33)
Fantastic. So as I said, we went to work, we went to market with our first business time which was The Brutal. And River's data shows that between 2% and 9% yield, we're regularly getting about 6% on the Floyd Capital, which is fantastic. So in the treasury context, we went out to market, we raised money, we caught Bitcoin with that, we're not living in 166 Bitcoin in our treasury.
Key for us is the fact that we actually use our Bitcoin. So we self-custody, we have proof of reserves on our website. And the self-custody for us is absolutely key, not just for transparency, but because we're actually using the Bitcoin to make payments, to reach those payments and to facilitate the network.

**Stephan Livera** (2:14)
I see. Yeah. And so I guess it's almost like there's two hats you can wear because on one side you've got the Lightning routing side of things, and then you've got, let's say, IntradFi, Fiat, yield aspect. Now, yes, obviously we're in a bear market right now, so maybe it's not as easy to raise that kind of capital. But on the Fiat side of things, what are you seeing there in terms of interest in the market, this kind of thing?

**Freddie New** (2:37)
Well, you're completely right that it's a bear market, and you and I have been in the game for long enough to know that these things always pass.
The traditional media, I think we're still in the learning phase there. So treasury companies, we've got to remember a very, very new, easy strategy is only five or six years into that.
It's a very new strategy. And we're even newer still. We haven't even been public for a year. In terms of actually adding to our treasury, we kept a lot of guy power back. We had ourselves been in the market for a long time. We thought a bear was coming, and that has enabled us to be pretty flexible. We've got a very strong balance sheet. We've got a lot of cash, but we still get back the reserve. And that's enabled us actually to keep buying Bitcoin at lower price points since the crash of October last year.

**Stephan Livera** (3:17)
Excellent. And so, yeah, I guess that's always the challenging aspect of how long do you think the bear market is going to go, and how do you position the business? Because I mean, none of us knows when the bear and when the bull comes.
How do you position for that?

**Freddie New** (3:31)
Conservatively in terms of looking at cash management, to be honest. I've been in startup work both in Bitcoin and outside the industry for a long time. Absolutely key for anyone working in a startup, as you all know, is how much runway you have and what your burn rate is. We've kept our costs low, so our burn rate low, and we ensure that when we went to market, we had a long enough cash pile, we thought to get us through a bear market and out the other side laughing.