One Chair Podcast

What If Everyone Is Measuring MSTR Wrong?

Is mNAV really a valuation metric? Is Bitcoin per share actually meaningful? And what if most investors are measuring MSTR completely wrong? In this episode of One Chair, we sit down with Adrian Morris, longtime Bitcoiner and founding member of MSTR True North, for a deep dive into Strategy (MSTR), Bitcoin Treasury Companies, mNAV, Bitcoin per share, STRC, SATA, and the future of Bitcoin adoption. Adrian argues that mNAV is sentiment. He explains why Bitcoin per share may be one of the most misunderstood metrics in the Bitcoin Treasury space, why defending mNAV could be a mistake, and what Strategy's recent Bitcoin sale really tells us about market psychology. We also explore the future of Bitcoin Treasury companies, Strategy's preferred shares, dividend sustainability, institutional adoption, and why AI may be attracting the capital that Bitcoin expected to receive. Whether you're a Strategy shareholder, Bitcoin investor, or simply trying to understand the next phase of Bitcoin adoption, this conversation challenges some of the most widely accepted assumptions in the market. Follow our guest: - Adrian Morris on X: https://x.com/_Adrian - True North on X: https://x.com/TNorth - True North on Youtube: https://www.youtube.com/@BTCTrueNorth 00:00 Adrian Morris' Bitcoin Journey & Why He Bought MSTR 05:02 The Real Meaning of mNAV (Market Sentiment) 10:10 Why Bitcoin Treasury mNAVs Eventually Collapse 11:22 Should Bitcoin Treasury Companies Defend Their mNAV? 15:56 The Fatal Flaw in mNAV Buybacks 17:57 Why Strategy Should NOT Sell Bitcoin to Buy Back Shares 20:15 Why Did Strategy Sell 32 Bitcoin? 23:55 MSTR Myths, Margin Calls & X Misinformation 25:38 Why Bitcoin Per Share May Be Misleading Investors 31:09 The Endgame for Bitcoin Treasury Companies 34:42 The Future: REITs, Options & Bitcoin Financial Products 36:46 STRC, SATA & Bitcoin Preferred Shares Explained 41:22 Does STRC Guidance Even Matter? 43:12 Why SATA Outperformed STRC 45:42 Daily Dividends: Innovation or Hype? 48:30 Will STRC & SATA Eventually Cut Dividends? 54:54 Is AI Stealing Capital From Bitcoin? 01:00:51 Can Bitcoin Become AI's Security Layer? 01:03:56 Adrian's Message to Bitcoin Investors 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 Referral links: - Roxom: https://roxom.com/auth/signup?referral=a7m4wx

Strategy Sold 32 Bitcoin. Strive Bought 2,000+

Strategy sold Bitcoin for the first time since 2022... and the internet panicked. But while everyone was focused on Strategy's sale of just 32 BTC, another Bitcoin treasury company may have quietly accumulated more than 2,000 Bitcoin in a single week. In this episode, we break down: ✅ Why Michael Saylor's Strategy sold Bitcoin ✅ Why the 32 BTC sale may be completely irrelevant ✅ The reaction from Bitcoin critics like Peter Schiff and Jim Cramer ✅ Strive's explosive Bitcoin accumulation through SATA ✅ Whether Strive is becoming the next Metaplanet ✅ STRC dividend updates and what investors should watch ✅ ProCap selling Bitcoin for share buybacks ✅ Sequans abandoning its Bitcoin treasury strategy ✅ The future of Bitcoin treasury companies in a bear market We also discuss why many investors may be focusing on the wrong signal while some of the fastest-growing Bitcoin treasury companies continue accumulating aggressively behind the scenes. 00:00 Strategy Sells Bitcoin for the First Time Since 2022 04:45 Will Strategy Change Its STRC Guidance? 08:31 Strive Quietly Bought 2,000+ Bitcoin Last Week? 11:56 Why Strive Could Become the Next Metaplanet 14:17 What If Bitcoin Doubles From Here? The Upside Nobody Discusses 15:33 Anthony Pompliano's ProCap Sells Bitcoin — Smart Move? 17:40 Sequans Exits Bitcoin Treasury Strategy After Selling 456 BTC 19:37 Schrödinger's Bitcoin: Can Bitcoin Win While Strategy Fails? 22:20 Why the Bitcoin Treasury Model Is Just Getting Started 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 Referral links: - Roxom: https://roxom.com/auth/signup?referral=a7m4wx

Strive Will Outperform MSTR — The 55x Gap Nobody’s Pricing In

Bitcoin Treasury companies are entering a new phase, and the market may be massively underpricing what happens next. In this episode, we break down why Strive (ASST) could outperform Strategy (MSTR) despite being dramatically smaller, how the 55x size gap changes the upside potential, and why Bitcoin Treasury stocks may be replacing the altcoin trade entirely. We also discuss: - Strategy’s $1.5B bond buyback - Michael Saylor’s latest comments on STRC - Why daily Bitcoin dividends matter - The rise of Bitcoin yield products - Why institutions may rotate into Bitcoin treasury companies - The future of Bitcoin-backed digital credit - Lightning Network and financial engineering - Metaplanet, STRC, SATA, and the next wave of Bitcoin finance If Bitcoin treasury companies become the new financial rails for Bitcoin capital markets, this shift could become one of the biggest investing narratives of the decade. 00:00 Why Strategy Didn’t Buy Bitcoin This Week 03:22 Strategy’s Balance Sheet Cleanup & Preferred Share Opportunity 05:37 Will STRC Follow SATA With Daily Dividends? 08:29 The Hidden Power of Daily Bitcoin Yield Products 10:59 Strive vs Strategy: The Bitcoin Treasury Race Heats Up 14:16 Should Bitcoin Treasury Companies Sell BTC to Defend NAV? 19:05 Strategy’s Next Catalysts: Credit Ratings, S&P Inclusion & Innovation 22:06 Jeff Walton’s Bankless Interview & the ETH Capitulation Debate 25:21 Why Bitcoin Yield Could Replace the Altcoin Narrative 27:36 Metaplanet, Lightning & the Future of Bitcoin Treasury Companies 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 Referral links: - Roxom: https://roxom.com/auth/signup?referral=a7m4wx

The 13% Yield Machine That Could Send Bitcoin to $1.6M

Joe Burnett joins the show to explain why Bitcoin treasury companies, digital credit, and “amplified Bitcoin” could completely reshape global finance. We break down Michael Saylor’s latest earnings call, Strive’s explosive growth, the rise of Bitcoin-backed yield products, and why Joe believes Bitcoin could eventually reach $1.6 million per coin. We also discuss: - Why digital credit may become Bitcoin’s biggest catalyst - The future of Bitcoin treasury companies like Strive & Strategy - Whether Bitcoin companies should ever sell BTC - Why altcoins may struggle in the new Bitcoin era - The Jeff Walton vs Coffeezilla debate - How Bitcoin portfolios could evolve beyond the classic 60/40 model - Why Wall Street is starting to pay attention to Bitcoin yield Follow our guest: - Joe Burnett on X: https://x.com/IIICapital - Joe Burnett on Youtube: https://www.youtube.com/@JoeBurnett27 - True North on X: https://x.com/TNorth - True North on Youtube: https://www.youtube.com/@BTCTrueNorth 00:00 Joe Burnett's Journey into Bitcoin 06:42 What Joe Burnett Actually Does at Strive 07:53 Why Strive Is Moving Faster Than Every Other Bitcoin Treasury Company 13:09 Strategy’s Shocking New Bitcoin Selling Plan Explained 19:06 The Most Important Takeaway from Strategy’s Earnings Call 25:18 Why Altcoins May Never Recover Against Bitcoin 28:11 Why Debt Is Dangerous for Bitcoin Treasury Companies 30:43 “The World Will Change This Week” — What Is Strive Building? 31:44 Strive’s New Digital Credit ETF Explained 34:31 Joe Burnett Reacts to Jeff Walton vs Coffeezilla 39:07 The Insurance Analogy That Changed the Debate 43:07 Which Bitcoin Treasury Companies Actually Matter? 47:58 Will Digital Credit Replace the 60/40 Portfolio? 52:17 Could Digital Credit Dividend Rates Stay High Forever? 57:58 Why Joe Thinks Bitcoin Is Entering a Historic New Era 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 Referral links: - Roxom: https://roxom.com/auth/signup?referral=a7m4wx

Strive’s Secret Weapon Could Supercharge Its Bitcoin Strategy

Michael Saylor may have just revealed the future of Bitcoin treasury companies… and Strive is already building it. In this episode, we sit down with Strive's Chief Strategy Officer and Bitcoin policy expert Avik Roy for a deep dive into the next phase of the Bitcoin treasury revolution. We cover: ⚡ Why Michael Saylor’s latest earnings call validated Strive’s strategy⚡ The “secret weapon” behind Strive’s Bitcoin accumulation model ⚡ Why preferred shares like STRC and SATA are changing capital markets ⚡ How digital credit could unlock trillions in institutional demand ⚡ Why some Bitcoin treasury companies failed during the bear market ⚡ The hidden risks of convertible debt and overleverage ⚡ Why Strategy may start SELLING Bitcoin, and why it could actually be bullish ⚡ The future of Bitcoin treasury consolidation and global expansion ⚡ Why Avik compares Bitcoin treasury companies to private equity in the 1980s Avik also shares his incredible personal journey from biotech hedge funds and healthcare policy to becoming one of the leading voices in Bitcoin strategy and policy. If you want to understand where Bitcoin treasury companies, digital credit, and institutional Bitcoin adoption are headed next — this conversation is essential. Follow our guest: - Avik Roy on X: https://x.com/Avik - Avik Roy on Youtube: https://www.youtube.com/@Avik - The Foundation for Research on Equal Opportunity (FREOPP): https://freopp.org/ 00:00 Avik Roy’s Bitcoin Origin Story 14:26 What Avik Actually Does at Strive 17:39 Why Strive Wants to Become a PURE Bitcoin Company 20:19 Will Bitcoin Treasury Companies Start Consolidating? 27:14 Europe vs US Bitcoin Treasury Markets 29:00 Michael Saylor’s BIGGEST Earnings Call Hint 30:25 Why STRC Is Dominating the Market 33:22 The Most Shocking Part of Strategy’s Earnings Call 37:32 “Bitcoin Is Fungible… But Not for Taxes” 41:19 The Credit Rating Catalyst That Could Change Everything 44:18 Why Some Smaller Bitcoin Treasury Companies Failed 48:19 Will SATA & STRC Keep Paying Huge Yields? 52:35 Which Bitcoin Treasury Company Is Next? 56:44 “Bitcoin Treasuries Are Like Private Equity in the 1980s” 01:01:18 Macro Outlook: Bitcoin, Inflation & The Fed 01:05:08 Final Thoughts & Where to Follow Avik Roy Big thanks to Little Bubble for allowing us to use his song: "One Chair": https://open.spotify.com/track/0XW7JgR2Nlg7WXGOeVT64h?si=a344b82984f74f81DISCLAIMER: 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 Referral links: - Roxom: https://roxom.com/auth/signup?referral=a7m4wx