Yves-André Graf

Bitcoin maximalist | Founder & Host of @OneChairPod | Research Fellow @SwissBTCInst | $MSTR $ASST Minotaur | Peaceful protestor | Traveler

[Yves-André Graf @GrafYves]

Is Strategy trying to engineer its way out of a problem it can't control?

$STRC buybacks. Billions in USD reserves. Upcoming daily dividends.

Yet $STRC still struggles to hold par.

@_Adrian brings the data, and his findings challenge much of the conventional wisdom surrounding Digital Credit.

But here's the twist:
Despite questioning Strategy's recent financial engineering, he's extremely bullish on the long-term future of $MSTR.

Critical of the execution. Bullish on the vision.

A fantastic deep dive with Adrian. Don't miss this one. 👇

[One Chair @OneChairPod]

Did Strategy spend over $1 BILLION on $STRC buybacks… for virtually no measurable impact on price?

@_Adrian from @TNorth is back, challenging some of the biggest narratives in Bitcoin Treasuries and Digital Credit.

And his research raises some uncomfortable questions.

We went deep into:
→ $STRC buybacks: Why their impact on price becomes statistically indistinguishable from zero once other market factors are accounted for.
→ Daily dividends: Is Strategy $MSTR overengineering $STRC without addressing what actually drives its price?
→ USD reserves: Does holding billions in cash really make Digital Credit safer, or are we seeing diminishing returns?
→ Strive $ASST: Are $SATA's investor protections and disciplined USD reserve strategy really giving it an edge over $STRC?
→ $STRC vs. $SATA: Why Bitcoin, parent equities, and the broader Digital Credit market are the real drivers of price action.
→ Market intervention: Are Strategy's buybacks signaling weakness rather than strength to the market?
→ Bitcoin Treasury KPIs: Why BTC Yield, amplification ratios, and Bitcoin per share don't necessarily translate into investor returns.
→ The future of $MSTR: Why the common equity ATM could remain Strategy's most powerful capital-raising engine.

But here's what makes this conversation particularly interesting.

Despite being critical of Strategy's recent financial engineering, Adrian remains extremely bullish on its long-term future.

One of our most analytically rigorous deep dives into Bitcoin Treasuries and Digital Credit yet.

00:00 Intro: Adrian Morris Returns to One Chair Podcast
01:21 STRC vs. SATA: Why Is Strive Losing Its Edge?
04:01 Do Daily Dividends Actually Help STRC Trade at Par?
07:11 True North Research: What Really Drives STRC's Price?
14:55 Are Strategy's Buybacks Delivering Diminishing Returns?
18:26 Does Strategy's USD Reserve Actually Support STRC?
22:23 STRC vs. SATA: How Much Cash Reserve Is Enough?
28:48 Would Stronger Investor Protections Fix STRC?
34:18 Daily vs. Semi-Monthly Dividends: Is Strategy Overengineering STRC?
38:54 Is Strategy Listening Too Much to Bitcoin Twitter/X?
43:35 Should Strategy Copy Strive's Podcast and Media Strategy?
48:20 Why Strategy Needs More Data-Driven Investor Communication
50:26 Did Strategy Ignore the Warning Signs in STRC Buybacks?
53:56 Why MSTR's Common Stock ATM Could Dominate the Next Decade
01:00:51 Could Strategy Become a Bitcoin and AI Powerhouse?
01:01:55 Where to Find Adrian Morris and True North Research

Watch the full episode 👇

[Yves-André Graf @GrafYves]

@LyudaKozlovska @X Suddenly I feel less torn! 🧡

[Yves-André Graf @GrafYves]

As a Bitcoiner, I can't decide whether @X is one of the best or worst things about being part of this community.

On one hand, it's an endless time sink filled with noise and slop.

On the other, it's where I've met some genuinely incredible people and had conversations I could never have in my everyday life.

Sometimes I wonder how many of those people I'd have never met if it weren't for this platform.

[Yves-André Graf @GrafYves]

Steady lads, deploying BIG capital!

$BTC $MSTR $ASST

[Bitcoin Treasuries @BTCtreasuries]

NEW: #Bitcoin Treasuries Takeover #25

📌 $MSTR buys 1,036 BTC + $188M $STRC buyback

📌 Did $SATS cannibalize $SATA?

📌 Is Digital Credit a perpetual "vibe check?"

@ChasePalmieri @TheOtherParker_ @GrafYves @TylerCompiler break it all down.

Watch ⚡️

TIMESTAMPS:
00:00 Bitcoin tests $72K — what's driving the drawdown
03:00 40 of 41 data center ballot initiatives passed
07:17 Can the hyperscalers win the towns back?
10:51 Why data centers became the Democrats' villain
14:19 Strategy buys 1,036 BTC, repurchases $188M STRC
15:24 Buy below par, issue above par — the STRC model
18:02 Are there structural problems with STRC?
20:36 Digital credit is a vibes game, not a fundamentals game
25:01 Did SATS cannibalize SATA?
26:00 The race to the bottom in cost of capital
31:53 Is a higher cost of capital really an advantage?
34:50 Cost of capital is just leverage by another name
39:41 These are marketing companies — go hire a sales force
45:27 Sell STRC to the BI customer base
48:37 Will Bitcoin ever have real yield?
54:08 Why Lightning can't generate yield at scale
56:31 The Bitcoin bank and infrastructure inversion

[11.10.2026 Livestream]

[Yves-André Graf @GrafYves]

@LyudaKozlovska @X Completely agree! You just don't get the same depth of intellectual discussion on Instagram, TikTok, or even LinkedIn. That's actually why I've pretty much stopped using those platforms altogether.

[Yves-André Graf @GrafYves]

@chasepalmieri @X Absolutely my friend!

[Yves-André Graf @GrafYves]

@Strive4Bitcoin 💯

[Yves-André Graf @GrafYves]

Higher! Much higher! ☝️

$MSTR $ASST $BTC

[The Kobeissi Letter @KobeissiLetter]

BREAKING: US M2 money supply jumped +$113 billion in August, to a record $23.41 trillion.

YoY, M2 grew +5.7%, its largest YoY increase since May 2022.

This also marks the 3rd consecutive month of accelerating growth.

So far in 2026, M2 has risen by an average of +$136 billion per month.

This is 89% above the average monthly growth of +$72 billion recorded throughout 2025.

US money creation is gaining momentum.

[Yves-André Graf @GrafYves]

@nassquantum @BTCtreasuries @chasepalmieri @TheOtherParker_ @TylerCompiler That's the TLD;DR indeed!

[Tyler Rowe @TylerCompiler]

Talking macro, election fallout, data centers and of course #Bitcoin treasuries with the boys!
@chasepalmieri @TheOtherParker_ @GrafYves

[Yves-André Graf @GrafYves]

🚨 WE'RE LIVE!

Bitcoin, $MSTR, $ASST, and probably a few spicy takes along the way. 🌶️

Joining the crew @TylerCompiler @chasepalmieri @TheOtherParker_ to make sense of the madness in Bitcoin and capital markets.

Come hang out with us! 👇

[Bitcoin Treasuries @BTCtreasuries]

LIVE: #Bitcoin Treasuries Takeover #25

📌 Strategy $MSTR buys 1,036 BTC

📌 $188M $STRC buyback, $560M left

📌 $ASST adds just 29 BTC — $SATA under pressure

@ChasePalmieri @TheOtherParker_ @GrafYves @TylerCompiler break it all down.

Watch ⚡️https://t.co/hkJAoGNYZN

[Yves-André Graf @GrafYves]

@AlexandreLaizet @Kosanovic_V Great work, team! Keep it going! 👏

[Yves-André Graf @GrafYves]

@JasonPLowery

[Yves-André Graf @GrafYves]

Strategy $MSTR and Strive $ASST aren't just accumulating Bitcoin. They're building an entirely new financial system around it.

Through digital credit $STRC, $SATA and innovative financing structures, they're creating new ways for investors to gain exposure to Bitcoin, earn income, and allocate capital.

And we're only scratching the surface.

By combining the world's hardest money with the power of capital markets, these companies are creating financial instruments that simply didn't exist a few years ago.

As Bitcoin becomes an increasingly important part of the global financial system, Bitcoin Treasury Companies will evolve from early pioneers into core pillars of this new financial architecture.

Bitcoin Treasury Companies are the inevitable evolution of capital markets.

And therein lies one of the greatest asymmetric opportunities of our generation: investing in the companies building this new financial system before the rest of the world fully grasps its potential.

The next era of finance will be built around Bitcoin.

[Yves-André Graf @GrafYves]

Strategy $MSTR has already won the Bitcoin accumulation race. But the real game is only getting started.

Two of my favourite people in the Bitcoin Treasury space, @ChasePalmieri and @TylerRowe, having an absolutely fantastic conversation!

One takeaway that really stood out to me:

Strategy's next phase is about leveraging its massive head start to attract institutional capital at scale.
And that requires more than financial engineering. It requires a compelling narrative, consistent communication, and predictable execution.

The next $100 billion won't come from retail.

Plenty of food for thought in this one. Highly recommend watching! 👇

[Yves-André Graf @GrafYves]

@chasepalmieri @Strategy @TylerCompiler

[Yves-André Graf @GrafYves]

@chasepalmieri @TylerRowe Appreciate that, Chase!🙏🏼

[Yves-André Graf @GrafYves]

Strategy $MSTR has already won the Bitcoin accumulation race. But the real game is only getting started.

Two of my favourite people in the Bitcoin Treasury space, @ChasePalmieri and @TylerRowe, having an absolutely fantastic conversation!

One takeaway that really stood out to me:

Strategy's next phase is about leveraging its massive head start to attract institutional capital at scale.
And that requires more than financial engineering. It requires a compelling narrative, consistent communication, and predictable execution.

The next $100 billion won't come from retail.

Plenty of food for thought in this one. Highly recommend watching! 👇

[Chase Palmieri @chasepalmieri]

🚨 Strategy needs an intervention.

@TylerCompiler and I believe @Strategy has the strongest investment theses in the world. So why isn't management hammering home these 5 messages every time they're in front of a hot mic 🎙️ ?

1) What matters in the end is who owns the most bitcoin and Strategy has already won.

2) Strategy's bitcoin balance sheet makes it the most disruption-proof company in the world.

3) $MSTR WILL outperform Bitcoin.

4) Investors have an opportunity front-run S&P 500 inclusion.

5) Management is laser-focused on institutional demand and will not be distracted by short-term retail narratives.

Two committed MSTR bulls challenging Strategy to make its strongest possible case.

New episode of RE:Bitcoin, watch on Youtube here:
https://t.co/InqQTHQjX7

[Yves-André Graf @GrafYves]

Chase, regarding your question about whether Strategy could make itself immune to a nation-state attack (similar to Executive Order 6102), one interesting example worth looking into is @bitcoinhodlco, the UK-listed Bitcoin Treasury Company.

@FreddieNew mentioned during one of our conversations that B-HODL uses a multi-signature, multi-device, and multi-jurisdictional self-custody setup.

While this doesn't necessarily make their Bitcoin immune to government confiscation, distributing signing authority across multiple jurisdictions could make it significantly harder for any single government to compel a transfer.

As Bitcoin Treasury Companies continue to accumulate increasingly significant amounts of Bitcoin, I believe this is becomes important and will deserve more attention. I definitely would love to see Strategy have something similar.

[Yves-André Graf @GrafYves]

@Codedscientist Andreas is the GOAT 🐐

[Yves-André Graf @GrafYves]

What if this sell-off is exactly what Bitcoin Treasury Companies need?

Markets are bleeding. Investors are nervous. But something important is happening beneath the surface.

Bitcoin is showing greater resilience, while digital credit instruments like $STRC and $SATA are being tested in real market conditions.

And that's precisely what institutional investors need to see.

Every stress test survived helps build the track record needed to attract the next wave of institutional capital. But resilience alone isn't enough.

In the Bitcoin Treasury race, accumulating $BTC per share faster than everyone else is only part of the equation.

The real winners will be those that can sustain that growth through multiple market cycles.

It's not just about being the fastest horse. It's about being the winning horse.

We unpack all of this and much more with @AlexandreLaizet and @Kosanovic_V in the latest Inside the Walls.

👇 Watch the full episode.