The Income Show is back with host Joe Burnett, joined by Loren Asmus, Head of Investor Relations at UTXO, to unpack how institutional capital is finally starting to bridge into Bitcoin, and why fixed income is at the center of it. Loren brings a traditional finance lens sharpened by years on the institutional side, and walks through the journey that took him from allocating inside legacy portfolios to helping build the infrastructure that lets institutions actually access Bitcoin exposure at scale.

Joe and Loren break down why the 60/40 portfolio is fundamentally broken in a fiscally dominant world, how institutional allocators really think about fixed income, and the structural reasons most institutions still can't just buy Bitcoin outright, no matter how much conviction the CIO has. From there, the conversation moves into the future of income investing and the emergence of digital credit as its own asset class, covering the difference between senior and junior digital credit, how large the market could realistically become, and how it should actually be valued.

They also get into the STRC drawdown and what it revealed about digital credit volatility, why the "just hold Bitcoin and cash" argument misses the point for large pools of capital, the role of the government backstop through the next recession, and why Bitcoin's infinite duration makes it the ultimate long-duration asset on a corporate balance sheet. It's a conversation about where trillions of dollars of fixed income allocation may ultimately end up, and the plumbing being built right now to move it there.

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