Is Strategy (MSTR) building an infinite bid for Bitcoin?

And did Michael Saylor just upgrade the most powerful Bitcoin treasury flywheel in the world?

In this episode, we sit down with Dan Hillery (Buck Token) to break down how MSTR’s new preferred equity product STRC (“Stretch”), combined with aggressive ATM stock issuance, may have created a perpetual Bitcoin-buying machine.

We cover:

- How MSTR can keep buying Bitcoin even at 1x NAV

- Why STRC demand is “insatiable” at 10–11% yield

- The new MSTR flywheel: Common stock + STRC + Bitcoin

- Whether MSTR is becoming the buyer of last resort for Bitcoin

- If this breaks the traditional 4-year Bitcoin cycle

- Why this could end future Bitcoin bear markets

- The rise of Bitcoin treasury companies (MSTR, SATA, Metaplanet)- Buck Token: a “savings coin” backed by STRC and Bitcoin yield

This conversation dives deep into:Bitcoin treasuries, Strategy’s capital structure, preferred shares, NAV mechanics, dilution myths, digital credit, and why the bond market could be disrupted by Bitcoin-backed yield products.If you care about:

Bitcoin

Strategy (MSTR)

STRC / Stretch

Bitcoin treasury stocks

Michael Saylor

Bitcoin yield

The future of money

…this episode will change how you see Bitcoin forever.

00:00 Introduction: Dan Hillery (BuckToken) + what’s covered (2026 outlook)

01:13 Dan’s background: engineering → quant finance → MSTR options

04:58 Bitcoin entry + why 2021 burned people / 2022 reset

06:29 Strategy’s evolution: cash → BTC → converts → ATM machine

10:42 MNAV → ~1: why it happened + what it means now

15:33 The new flywheel: common ATM + STRC issuance together

19:13 “Manufacturing a floor” in BTC + why messaging matters

20:31 Will STRC yield drop? (constraints + why they may hold it)

28:03 Buck Token: the “savings coin” built on STRC (why it exists)

40:00 How Buck works: collateral (STRC + USDC), DAO rewards, black swans

45:06 2026 outlook: 4-year cycle vs power law + closing thesis

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

Follow our Guest:

- Dan Hillery: https://x.com/hillery_dan

- Buck Tocken: https://x.com/BuckToken

- Buck Tocken: https://buck.io/

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

Thank you for listening!

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