Dario

₿ehind the scenes at @OneChairPod

[One Chair @OneChairPod]

Strategy is selling Bitcoin again.

But the real question is what they're building toward.

This week, we break down:
→ Strategy sells $108M of BTC to buy back $STRC
→ Another $650M raised through the $MSTR ATM
→ USD reserves hit $4.65B
→ Is Strategy targeting ZERO net debt?
→ @H100Group $H100 becomes Europe's largest public Bitcoin treasury
→ Why Strive $ASST keep quietly executing
→ The probably reason why $SATA remains closer to par compared to $STRC

The Bitcoin treasury playbook is evolving in real time. And some of the most important changes are happening beneath the surface.

00:00 Why Strategy Sold Bitcoin to Buy STRC
03:34 Is Strategy Targeting ZERO Net Debt?
10:13 Bitcoin Doesn’t Care About Strategy Selling
13:10 H100 Just Became Europe’s #1 Bitcoin Treasury
14:44 Europe’s Bitcoin Credit Opportunity
19:12 Why $SATA Is Outperforming Strategy’s Preferreds

New episode 👇

[One Chair @OneChairPod]

Strategy $MSTR is no longer just accumulating Bitcoin.

It's actively managing its balance sheet.

This week alone:
• Issued $290M of $MSTR
• Sold $104M of BTC
• Increased its USD reserve to $4B
• Bought back $81M of $STRC

The goal isn't maximizing Bitcoin accumulation today.

It's rebuilding confidence in the capital structure so it can compound faster tomorrow.

00:00 Strategy SHOCKS the Market Again
03:25 Is STRC Finally Recovering?
05:17 The Next Big Move: Cleaning Up the Balance Sheet
07:50 The Hidden Cost of Strategy's Plan
09:30 Why This Could Pay Off Long-Term
10:36 The Biggest Lesson About Bitcoin Custody

watch the full episode 👇

[One Chair @OneChairPod]

Strategy's Q2 earnings call confirmed something we've been discussing for months:

The company is entering a new phase.

This wasn't just about accumulating more Bitcoin. It was about optimizing the capital structure around Bitcoin.

Some of our biggest takeaways:
• The USD reserve is no longer just a dividend fund—it's becoming a strategic balance sheet tool that provides optionality during bear markets.
• Strategy $MSTR appears to be adopting an approach Strive $ASST pioneered by allocating a portion of future $STRC proceeds to the USD reserve.
• The company is moving away from a dogmatic "buy and hold" approach toward more active balance sheet management.
• Despite a difficult Bitcoin market, Strategy continues to demonstrate extraordinary access to capital—a competitive advantage that may matter more than Bitcoin's short-term price.
• Perhaps the biggest shift: Strategy is increasingly building products and messaging for TradFi, not Bitcoiners. That's how fresh capital enters the Bitcoin ecosystem.

To us, this earnings call marked @Strategy's evolution from the world's largest corporate Bitcoin holder into the first Bitcoin-native capital markets platform.

00:00 Strategy Q2 Earnings: Biggest Takeaways
02:32 Why Strategy's $3.75B USD Reserve Changes Everything
08:49 Will Strategy Raise the STRC Dividend Again?
12:45 The Shocking Amount of Capital Strategy Raised
15:33 Strategy's Biggest Strategic Shift Since Buying Bitcoin
18:01 Did Strategy Learn From Its Biggest Mistake?
20:25 How Strategy Bought More Bitcoin During a Bear Market
23:08 Who Is Strategy REALLY Marketing To?
25:58 Final Thoughts: Is Strategy Stronger Than Ever?

Watch the full episode 👇

[Halston @halstonvalencia]

Always love joining my friends @GrafYves and @quentinisonx, thanks for having me!!

[One Chair @OneChairPod]

Most Bitcoin treasury companies won't survive.

Simply buying Bitcoin isn't enough.

In this episode, @halstonvalencia explains why the next phase belongs to companies that combine a strong operating business with a Bitcoin treasury, and what that means for Strategy $MSTR, Strive $ASST, XXI Capital $XXI, and the future of digital credit $STRC & $SATA.

We also discuss:
• Why Jack Mallers stepped down from XXI Capital
• @orangejuice_btc and a new Bitcoin treasury model
• @Strategy's evolving playbook
• Proof of Reserves
• Bitcoin Maxis vs. Wall Street
• The latest from @BitcoinQuant_

00:00 The Story Behind BitcoinQuant's Massive Pivot
06:42 Jack Mallers Leaving XXI Capital Wasn't a Surprise
11:59 Orange Juice Could Change Bitcoin Treasuries Forever
14:08 Why Most Bitcoin Treasury Companies Will Fail
17:26 Has Strategy's Bitcoin Playbook Changed?
21:47 STRC, SATA or Bitcoin? Halston's Portfolio Answer
24:27 Why She Isn't Buying AI Stocks
27:37 Bitcoin Maxis vs Suitcoiners: Who's Right?
30:19 The Real Reason Bitcoin Is in a Bear Market
33:15 Is Bitcoin Losing Its Culture?
35:55 Are Bitcoin Treasury Companies Creating Paper Bitcoin?
41:40 Should Corporations Influence Bitcoin Development?
45:05 "Stack Sats" Isn't Enough Anymore
47:28 Final Thoughts & Where to Find Halston

Watch the full episode 👇

[Adrian Morris @_Adrian]

$STRC | $SATA: Sharing thoughts on price action & the impact of leverage on how $STRC has traded.

Also share why the nature of the Perpetual Preferred Offerings as Bitcoin derivatives will be a new reality for investors.

[Adrian Morris @_Adrian]

$BTC | $MSTR | $STRC | $SATA: Expanding on my thoughts around @Strategy S&P 500 inclusion and credit ratings for the preferred offerings from my appearance on the One Chair Pod.

The TL/DR: S&P 500 inclusion for Strategy is unlikely in the near term. That would represent a major legitimacy signal for BTC, effectively putting it on “equal footing” with the US Dollar through passive index allocation.

Index inclusion could (and likely would) fundamentally re-rate BTC higher, but the market and institutions aren’t ready for that yet.

BTC still represents a fundamentally unique and new way of thinking about assets and value since it lacks a traditional real world anchor (unlike gold or silver for example), and inclusion would likely require demonstrably shallower drawdowns and greater stability than we’ve seen.

Credit ratings for instruments like $STRC and $SATA are also unlikely near term and I don’t think this has much to do with the size of USD Reserves; that’s mostly narrative justification. A positive credit rating on the prefs would further legitimize BTC-backed vehicles in a way the broader market isn’t prepared for, which could unlock much larger flows. 

Rating agencies (and by extension the S&P) likely operate with an implicit bias against BTC that they cannot publicly disclose. They can’t openly appear prejudiced or say “we don’t like Bitcoin”, especially as it gains institutional traction. Instead, they provide “guidance” on meeting technical requirements while the actual decisions reflect deeper concerns about how BTC is perceived. The real headwind is Bitcoin’s market perception as a highly volatile, high-beta to tech asset with a niche | novel risk profile.

The punitive 1,250% Basel risk weighting is strong evidence of how regulators still view BTC since they effectively require dollar for dollar capital at the minimum requirement. Market perception of BTC drives outcomes on price action and rating considerations far more than the specific capital structure or corporate actions of the companies in question. 

Selling BTC to support dividends might deliver short-term price bumps, but it ultimately undermines the model because it reduces the core asset base that the market is actually pricing. Without a shift in market perception (or evolution beyond “pure” BTC Treasury plays), reflexivity faces stress during market downturns, and these vehicles remain vulnerable to BTC’s volatility.

Even with a marked shift in perception, these equities will remain closely tethered to BTC, thus BTC will be the deciding factor in their success.

[One Chair @OneChairPod]

MSTR's biggest challenge isn't Bitcoin.

It's whether a pure Bitcoin treasury model can survive long term.

In this episode, @_adrian argues that Strategy may eventually need to evolve beyond simply buying Bitcoin.

Some of his hottest takes:
• Bitcoin treasury companies are being mispriced
• $STRC & $SATA are Bitcoin derivatives, not stable income products
• Strategy $MSTR may never join the S&P 500 under current Bitcoin market conditions
• Strive $ASST could outperform by evolving faster than Strategy
• AI isn't rotating into Bitcoin
• Metaplanet $MPJPY $MTPLF may already be building the next-generation Bitcoin treasury model
• Growing Strategy's AI/BI business could become its biggest competitive advantage

Whether you agree or disagree, this conversation challenges some of the biggest assumptions in the Bitcoin treasury space.

00:00 Adrian Morris Returns: Why Everyone Is Wrong About Bitcoin Treasury Stocks
03:30 Why AI Money Isn't Rotating Into Bitcoin Anytime Soon
05:20 What's the NEXT Catalyst for Bitcoin? (Not What You Think)
07:52 What Happens If NVIDIA Starts Buying Bitcoin?
11:55 Should Apple Replace Stock Buybacks With Bitcoin?
13:52 Strategy's Emergency 5-Point Plan Explained
18:09 Credit Ratings Are Missing the Real Problem
23:07 Will STRC & SATA Ever Become Stable?
28:33 Will Leverage Return? "Degens Are Gonna Degen"
29:46 The Hidden Volatility Nobody Sees in STRC
33:20 Strategy's Secret Growth Opportunity: AI & M&A
38:02 Could Strategy Become a Double Threat? (Bitcoin + AI)
42:13 Why Strategy Must Evolve Beyond Bitcoin
46:27 Is Strategy Still a Pure Bitcoin Company?
51:09 The Future of Bitcoin Treasury Companies (5-10 Year Outlook)
54:29 Why Metaplanet Might Be Ahead of Everyone Else
57:28 Is Strategy TOO Transparent?
01:00:56 Final Bitcoin Outlook: Ignore the Noise

Watch the full epsiode 👇

[One Chair @OneChairPod]

Strategy has built a $3 billion cash reserve to strengthen its preferred securities.

But does becoming safer come at the cost of what made MSTR unique in the first place?

We sat down with @JodyFlournoy to discuss:
• Strategy’s $3 billion cash reserve and its impact on Bitcoin per share growth
• Whether MSTR still offers an advantage over holding Bitcoin directly
• Market reaction to Strategy’s recent moves
• Custody risk, proof of reserves, and treasury company considerations
• The role of AI in shaping portfolio construction and future capital flows

$BTC $MSTR $STRC $SATA $ASST

00:00 Jody's Bitcoin Story: Buying BTC in 2017 & Never Selling
06:07 How Bitcoin Treasury Companies Changed Everything
08:59 Is Strategy (MSTR) Good or Bad for Bitcoin?
12:53 Could Strategy Ever Dump 850,000 Bitcoin?
15:06 The Biggest Risk for Bitcoin Treasuries: Custody & Governance
19:45 Proof of Reserves vs Traditional Custody: What Investors Need to Know
22:10 Could Governments Confiscate Bitcoin Treasury Holdings?
27:40 Why MSTR Stock Fell While Bitcoin Stayed Flat
32:46 Should You Buy Bitcoin or Bitcoin Treasury Stocks?
36:50 The AI Trade: Where Smart Money Is Moving Now
42:53 Will Money Rotate From AI Back Into Bitcoin?
47:29 Which Bitcoin Treasury CEO Impressed Jody the Most?
52:08 Using AI to Build a Better Bitcoin Investment Strategy
56:02 Why Every Bitcoiner Needs a Small "Trading Bag"
57:04 Why Self-Custody Helps You Avoid Emotional Trading
57:34 Where to Follow Jody Flournoy & The Daily Stack

Full episode 👇

[One Chair @OneChairPod]

“People are waiting for the market to price things.

But you have to do your own analysis based on first principles: absolute scarcity and global demand for scarce, valuable assets.

Bitcoin is the most valuable capital asset in the world.

The price is what you pay. The value is what you get.” - @AlexandreLaizet

[One Chair @OneChairPod]

Can Europe build its own Bitcoin capital markets model?

I sat down with @AlexandreLaizet from @_ALCPB to discuss:

• How $ALCPB is adapting the $MSTR playbook to European markets
• What the recent $STRC and $SATA stress test revealed
• Why seniority, cash reserves, and investor protections matter
• Whether institutions are already positioning for Bitcoin’s next bull market
• Why digital credit could become one of the largest sources of future $BTC demand
The opportunity is not to copy the US model.
It is to adapt the playbook to European regulation, capital markets, and investor demand.

00:00 Prague Takeaways: The Growing Divide in Bitcoin
04:35 Capital B's €100B Credit Strategy Explained
12:42 How Close Is Capital B to Launching Digital Credit?
13:52 Why Bitcoin-Backed Credit Could Transform Finance
20:57 Bitcoin Convertible Notes vs Perpetual Digital Credit
26:53 Lessons from Strategy & Strive's Digital Credit Products
31:55 What STRC, STRF & SATA Taught the Market
38:15 Can Europe Replicate America's Bitcoin Credit Boom?
41:10 Why Bitcoin Treasury Companies Still Prefer Bitcoin
46:03 Capital B's Cash & Bitcoin Reserve Strategy
52:13 Bitcoin Market Outlook: Are Sellers Finally Exhausted?
57:29 Bitcoin to $300K? Alexandre's Bull Case
01:01:51 Where to Follow Alexandre & Learn More

Watch the full episode 👇

[Richard Byworth ∞/21M @RichardByworth]

It was a pleasure to join the @OneChairPod with @GrafYves

Thanks for the great discussion

[One Chair @OneChairPod]

🚨 Strategy sold 3,588 BTC... and the market rallied.

Why?

In my latest conversation with @RichardByworth, we break down:
• Why selling Bitcoin can actually be bullish for shareholders
• The real reason Strategy $MSTR is defending its balance sheet
• Why hedge funds are targeting Bitcoin treasury companies
• Why @xceofficial is building what could be Bitcoin Treasury 2.0
• Why Metaplanet $MTPLF $MPJPY, digital credit $STRC $SATA, and capital markets are entering a new era
• Why nation-state adoption may be closer than most people think

00:00 Richard's Bitcoin Journey: From Gold Bug to Bitcoin Maximalist
05:44 Why Sapiens Orange-Pilled Richard (Unexpected Origin Story)
07:00 How Michael Saylor Created the Bitcoin Treasury Revolution
10:37 Understanding Convertible Bonds (Why Most Investors Miss This)
12:43 Strategy SOLD 3,588 BTC... Why the Market Loved It
16:47 Why Bitcoin Treasury Stocks Are So Hard to Value
18:14 Did Strategy Sell Bitcoin to Improve Its Credit Rating?
19:22 Why Every Bitcoin Treasury Should Defend a 1.0 mNAV
25:10 Are Traders Manipulating STRC & SATA?
27:44 Strategy's New Playbook: Less Transparency on Purpose?
29:24 Best Bitcoin Treasury Stocks Outside Strategy
35:39 Why Switzerland Rejected a Bitcoin Treasury Listing
39:01 When Will Digital Credit Come to Europe?
41:27 Richard's New Bitcoin Hedge Fund Explained
45:52 Nation States Are Quietly Preparing for Bitcoin
50:00 Is Bitcoin's Bottom Already In? Richard's Market Outlook
50:59 The Return of Richard's Podcast & Where to Follow Him

Watch the full episode 👇

[Yves-André Graf @GrafYves]

This is a notable milestone.

For the first time, Strategy $MSTR has sold Bitcoin, not to survive, not to deleverage, but to fund dividends on its Digital Credit securities: $STRF, $STRC, $STRE, $STRK and $STRD.

The amount is small (3,588 $BTC, ~0.4% of its holdings), and they still hold 843,775 $BTC plus $2.55B in cash. But it's an important precedent: Bitcoin is no longer just an asset being accumulated, it's beginning to be used as a productive treasury asset supporting capital markets.

This reinforces the idea that Strategy's BTC holdings are becoming a productive balance-sheet asset, not just a store of value.

Strategy keeps evolving.

[Yves-André Graf @GrafYves]

The philosophy surrounding Bitcoin is changing.

Does that mean we should stop advocating for its fundamental values?

Quite the opposite.

Individual sovereignty. Self-custody. Sound money. Censorship resistance. Decentralization. Voluntary cooperation.

Those principles matter even more as Bitcoin becomes mainstream.

History suggests that every successful idea accumulates institutions, politics, and competing narratives.

That's exactly when people who remember the original philosophy become indispensable.

The protocol can preserve itself. Its philosophy can't. That's up to us.

[One Chair @OneChairPod]

250 years after declaring independence, the pursuit of freedom continues.

Today, millions are choosing a different kind of independence: the freedom to save in money that can't be printed away.

That's Bitcoin.

Happy 4th of July y'all! 🇺🇸🟠

[Peter Duan @BTCBULLRIDER]

Fun conversation with @OneChairPod about Bitcoin Treasuries.

[One Chair @OneChairPod]

Is Metaplanet's panic already over?

I sat down with @BTCBullRider to discuss:
• Why Metaplanet $MPJPY $MTPLF could have the biggest structural advantage among Bitcoin treasury companies
• What's really happening with Strategy $MSTR, $STRC & $STRF
• Whether hedge funds are driving the recent selloff
• Michael Saylor's communication strategy
• Why Japan could become the ultimate Bitcoin treasury hub

If the market is pricing this wrong, today's panic could look very different a year from now.

00:00 Introduction to Peter Duan and Bitcoin Journey
03:28 Discovering Strategy (MSTR) & Bitcoin Treasury Companies
04:24 Why Peter Created Bull Standard
06:50 Did Anyone Expect Bitcoin Treasury Stocks to Crash This Hard?
09:26 Is Strategy (MSTR) Failing Its Investors?
12:59 The Biggest Communication Mistake Michael Saylor Made
15:37 Why Strategy Should Stop Making Changes
18:10 What Strategy MUST Do Next
20:02 Why Metaplanet Could Be the Biggest Winner
25:06 The Secret Advantage Only Metaplanet Has
27:17 Could Metaplanet Finance U.S. Bitcoin Treasury Companies?
30:16 Are Hedge Funds Crushing STRC, STRF & Bitcoin Preferreds?
36:11 Why Bitcoin Preferred Shares Could Stay Volatile
38:00 Should Strategy Sell Bitcoin to Save Preferred Shares?
43:02 The Most Underrated Bitcoin Treasury Companies
45:22 Why Smarter Web Is Winning the Communication Game
47:38 What's Wrong With Bitcoin Twitter Right Now?
48:26 The Massive Opportunity Nobody Is Talking About

Full episode 👇

[BitcoinTreasuries.NET @BTCtreasuries]

LIVE: Bitcoin Treasuries Takeover with @ChasePalmieri @GrafYves @TylerCompiler

Bitcoin's price slump, Strategy's new 5-point plan to defend MSTR and STRC, and the Bitcoin Treasuries Conference returning to NYC this September.

WATCH ⚡️https://t.co/qZWFWRUEUe

[One Chair @OneChairPod]

MSTR liquidation panic is back.

Every time Bitcoin corrects, the same narrative resurfaces: "Strategy is going to get liquidated."

But if you actually look at the balance sheet, the math tells a very different story.

In this episode, we break down Strategy's latest announcement, including:
• The new $2.55B USD reserve and why it's a major shift
• Why $STRC's dividend was increased to 12%
• What the new reserve policy means for preferred shareholders
• Why Strategy changed course after recent criticism
• The new Bitcoin monetization program
• Why we believe the real challenge isn't liquidation: it's restoring investor trust

The market has clearly lost confidence over the past few weeks, especially after the depletion of the USD reserve. Strategy's latest actions appear to be a direct response to those concerns.

The company is under pressure.
Its securities are under pressure.
But based on the numbers, liquidation is a completely different discussion.

00:00 Overview: Everything Strategy just changed
03:16 New USD Reserve Policy explained
05:38 Why rebuilding the reserve matters
09:11 STRC dividend policy changes
12:54 Preferred share & MSTR buyback program
14:34 Bitcoin monetization: Why Strategy may sell BTC
16:15 Debunking the biggest MSTR misconceptions
19:57 Bitcoin, ETF outflows & what's next

$MSTR $STRC $ASST

Full episode 👇