Grain of Salt — the analyst behind True North who has followed Strategy for 5+ years — sits down with Tyler Rowe to break down what nobody expected: how Michael Saylor added 500,000 Bitcoin in just two years, why STRC is Strategy's iPhone moment, and when the institutional waterfall into Bitcoin preferred equity finally arrives. Mike Flaum (@Z06Z07) is featured on True North, one of the most-watched weekly Bitcoin treasury calls with 15,000+ listeners per episode. He was skeptical of Saylor's preferred equity strategy at first. Here's what changed his mind. In this episode: Why Saylor acquiring 500K BTC in 2 years was "impossible" until it wasn't The perpetual liability argument against STRC (and why Mike reversed course) How Strategy raised $23 billion in 2025 and whether they can do it again What a JP Morgan STRC white-label product would mean for the space Why the credit rating is the one thing holding institutional capital back MetaPlanet vs Strategy: who's doing capital markets better right now The "step function" price prediction and why you won't buy the dip in time 00:00 Cold Open 01:05 Intro To Grain of Salt (Mike Flaum) 02:38 MSTR True North & Grain of Salt's Involvement 03:03 Velocity of Michael Saylor's Bitcoin Accumulation Via Microstrategy 06:58 Saylor's Pivot To Preferred Equities As Leverage 10:33 Grain's Prediction of Saylor Raising $50B on the Preferreds 12:11 Bitcoin's Going To $1 Million or It's Going To Zero 16:04 Ratings Agencies & Other Challenges for BTCTCs 20:56 Capital Inflows To STRC & USD Dividend Reserve 23:26 Bitcoiners Who Hate On Treasuries 28:06 Stay Orange 🎙️ Featured Guest: Mike Flaum aka Grain of Salt - Bitcoin educator, MSTR trader, and conviction merchant. Known for MSTR True North & Going Long Bitcoin and MSTR Options. Mike Flaum's Book is The Rise, Fall and Reemergence of Bitcoin Treasury Companies — available on Amazon Kindle Follow Mike at https://twitter.com/@Z06Z07 About True North: True North is a weekly Bitcoin treasury investment podcast streaming live every Wednesday at 10PM EST. One of the most-watched grassroots calls in the MSTR community. Watch at https://www.mstrtruenorth.com https://Youtube.com/@BTCTrueNorth 🤝 SUPPORT OUR SHOW: COLDCARD is the industry-leading hardware wallet. Secure your Bitcoin at https://store.coinkite.com. Use referral code 6BT to get 6% off at checkout! 🔗 Resources: 🔔 Follow Bitcoin Treasuries: https://twitter.com/@btctreasuries 🔔 Follow Tyler: https://twitter.com/@tylercompiler 🔔 Subscribe: https://Youtube.com/@bitcointreasuriesnet 📊 Track every Bitcoin treasury company at https://bitcointreasuries.net 🎬 About the Show: Bitcoin Treasuries with Tyler Rowe interviews executives, investors, and industry leaders navigating the Bitcoin treasury revolution. ⚠️ Disclaimer: This podcast is for informational purposes only. Not financial advice. Always do your own research.