In this first episode of 2026, we break down Strategy’s (MSTR) latest Bitcoin purchase, its growing USD cash reserve, and what it all means for Bitcoin treasury companies going into the new year.

We discuss why Strategy continues to issue common stock to fund preferred share dividends, even while holding billions in cash, and whether this signals a long-term shift in capital allocation. With six consecutive red months, a brutal -47% performance in 2025, and growing concerns around MSCI exclusion and S&P 500 eligibility, the pressure on MSTR has never been higher.

At the same time, Bitcoin demand remains strong. Treasury companies are now buying more Bitcoin than miners produce, raising the question: is the four-year Bitcoin cycle finally dead, and could 2026 be the turning point?

00:00 MSTR Bitcoin Buy, Capital Raises & Cash Reserves

04:52 Why 2025 Was Brutal for MSTR & Bitcoin Treasuries

07:32 MSCI Exclusion Risk & S&P 500 Inclusion Outlook

11:56 Bitcoin Supply Shock & Why 2026 Could Be the Turning Point

Big thanks to Little Bubble for allowing us to use his song: "One Chair": https://open.spotify.com/track/0XW7JgR2Nlg7WXGOeVT64h?si=a344b82984f74f81

Mentions:

- Chris Millas: https://x.com/ChrisMMillas

DISCLAIMER: This is not is financial advice. This podcast is for educational and entertainment purposes only.

Thank you for listening!

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