Strategy (MSTR) just bought another $264 million worth of Bitcoin, even as markets turn bearish and sentiment collapses. In this episode of One Chair, we break down what this latest MSTR Bitcoin purchase really means, why STRC has de-pegged from $100, and whether a STRC dividend hike is about to restart Strategy’s Bitcoin flywheel.

We also discuss:

• Why Strategy’s Bitcoin buying slowed last week

• How STRC’s de-peg could impact future Bitcoin accumulation

• Whether Michael Saylor might raise STRC dividends by 25–50 bps

• The upcoming earnings blackout period and what it means for new buys

• Why Strategy is still issuing stock above book value

• Strive’s aggressive move to retire convertible debt using preferred shares

• What all of this means for Bitcoin treasury companies

• Macro fear, geopolitics, tariffs, and market sentiment

• Why long-term Bitcoin fundamentals still look bullish

Despite weak Bitcoin price action and negative sentiment, Strategy continues stacking BTC — showing just how committed they are to their Bitcoin treasury strategy.

00:00 Strategy’s latest $264M Bitcoin buy

02:30 STRC de-peg & dividend hike speculation

06:39 Strive's Aggressive Fundraising Strategy

09:40 Final thoughts & long-term outlook

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

🚨 EVENT 🚨 Make sure to get your One Chair Podcast Ticket!

- Front Run — The Bitcoin Treasuries Pre-Party: https://luma.com/FrontRun

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

Thank you for listening!

Follow us on:

- X: https://x.com/OneChairPod

- Youtube: https://www.youtube.com/@OneChairPod

What if one company buying Bitcoin consistently can remove the possibility of short-term bear markets?

In this episode, we sit down with Alexandre Laizet (Board Director of Bitcoin Strategy at Capital B, Europe’s first Bitcoin treasury company) to break down the next evolution of the Bitcoin treasury playbook, from Bitcoin-denominated convertible bonds (“the nuclear reactor”) to the rise of digital credit and perpetual preferred share-style instruments inspired by Strategy, formerly known as MicroStrategy (MSTR).

Alexandre explains how Capital B went from 15 BTC to ~2,800 BTC, why BTC yield is still the key KPI, and how the industry could be heading toward a world where Strategy accumulates ~300,000 BTC per year — with potential implications for Bitcoin’s market structure and long-term price targets.

If you’re tracking the future of Bitcoin Treasury Companies, MSTR-style financial engineering, and the emergence of a Bitcoin-denominated credit market, this is the deep dive.

00:00 Introduction: Alexandre Laizet

01:54 The Birth of Europe’s First Bitcoin Treasury Company

05:07 The Bitcoin ‘Nuclear Reactor’ Strategy Explained

08:11 Why No One Else Uses Bitcoin-Denominated Convertible Bonds

10:24 How Capital B Can Double Its Bitcoin Overnight

15:15 Maximizing BTC Yield: The Only KPI That Matters

16:47 Digital Credit + Perpetual Preferred Shares (Strategy’s Playbook)

21:55 Strategy’s STRE in Europe: Competition + Industry Validation

25:21 Digital Credit Industry: 'Win-Win' Across Treasury Companies

29:38 USD Reserve: Sacrificing Short-Term BTC Yield for Long-Term Growth

34:29 Market Doesn’t Understand These Products Yet (But Volumes Explode)

35:28 1.5 Months of Mining Supply + 'No Short-Term Bear Market'

38:27 $5M–$10M Bitcoin + 'Generational Opportunity at $90K'

41:35 Can Capital B Reach 1% of All Bitcoin by 2033?

45:31 M&A? 'Not Our Focus'

47:52 Where to Find Alexandre + Final Message ('Keep One Chair')

🚨 EVENT 🚨 Make sure to get your One Chair Podcast Ticket!- Front Run — The Bitcoin Treasuries Pre-Party: https://luma.com/FrontRun

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:

- Alexandre Laizet: https://x.com/AlexandreLaizet

- Capital B: https://x.com/_ALCPB

- Capital B: https://cptlb.com/

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

Thank you for listening!

Follow us on:

- X: https://x.com/OneChairPod

- Youtube: https://www.youtube.com/@OneChairPod

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!

Follow us on:

- X: https://x.com/OneChairPod

- Youtube: https://www.youtube.com/@OneChairPod

Strategy just executed a record 22,300 BTC buy — and their brand-new STRC “Flywheel 2.0” may be the most powerful Bitcoin accumulation machine ever built.

In this episode of One Chair, we break down how Strategy (formerly MicroStrategy) is using perpetual preferred shares (STRC) to issue billions, stabilize demand, and buy Bitcoin faster than ever — even while Bitcoin and MSTR are down.

At the current pace, Strategy could be on track to own over 1,000,000 BTC by the end of 2026.

Is this the beginning of the most aggressive corporate Bitcoin takeover in history?

00:00 Record Bitcoin Buy Shocks the Market (22,300 BTC Acquired)

00:57 STRC Holds $100 While Bitcoin & MSTR Crash — Why This Matters

04:46 The New Bitcoin Flywheel Explained (Old vs New System)

09:50 57,700 Bitcoin Per Month?! Strategy’s Insane Accumulation Pace

13:10 What Happens When Bitcoin Starts RALLYING Again? (Explosive Setup)

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

🚨 EVENT 🚨 Make sure to get your One Chair Podcast Ticket!

- Front Run — The Bitcoin Treasuries Pre-Party: https://luma.com/FrontRun

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

Thank you for listening!

Follow us on:

- X: https://x.com/OneChairPod

- Youtube: https://www.youtube.com/@OneChairPod

Strategy (MSTR) has built a new Bitcoin flywheel and it may allow them to buy Bitcoin over and over again.

In this episode, we break down how Strategy is combining its common stock ATM with its new preferred shares (STRC) to create a powerful capital engine that continuously accumulates Bitcoin.

We analyze:

- How STRC held $100 on the ex-dividend date (and why that matters)

- Why this new STRC + MSTR flywheel changes Strategy’s Bitcoin strategy

- How preferred shares unlock a new level of Bitcoin accretion

- Why this model is very different from convertible bonds

- What this means for Bitcoin price, MSTR, and other Bitcoin treasury companies

- We also cover the latest updates from:- Strive & Semler and their confirmed merger

- Metaplanet’s recovery and upcoming preferred shares in Japan

The growing role of Bitcoin treasury companies in driving the current market.

This episode shows why Strategy may now have the strongest Bitcoin accumulation machine in the market and why the implications go far beyond one company.

00:00 Introduction to Bitcoin Treasury Companies (Strive, Strategy, Metaplanet)

00:33 Strive–Semler Merger Confirmed: Buying Bitcoin at a 20% Discount?

07:32 STRC Ex-Dividend Day: Why Strategy’s Preferred Stock Is Holding $100

09:50 Strategy’s New Killer Bitcoin Flywheel: STRC + MSTR Explained

13:08 Metaplanet Rebound & Japan’s Preferred Share Opportunity

15:40 Final Thoughts and Market Outlook 2026

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

Mentions:

- Master Yoda: https://x.com/xEBITDA

- Ragnar: https://x.com/RoaringRagnar

- True North: https://x.com/MSTRTrueNorth

- Stephan Livera & Matt Cole Podcast: https://youtu.be/M2lkYHuAskk?si=KO2K8QnvspqMlFAM

🚨 EVENT 🚨 Make sure to get your One Chair Podcast Ticket!

- Front Run — The Bitcoin Treasuries Pre-Party: https://luma.com/FrontRun

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

Thank you for listening!

Follow us on:

- X: https://x.com/OneChairPod

- Youtube: https://www.youtube.com/@OneChairPod

Strategy just bought over 13,000 Bitcoin, adding to one of the most aggressive Bitcoin accumulation strategies ever seen. Is this move genius or disaster?

In this episode, we break down Strategy’s latest Bitcoin purchase, funded through STRC issuance and over $1 billion in common stock ATM, and why the stock continues to trade near 1x mNAV despite massive dilution.

We discuss:

- Why Strategy is buying ~10,000 Bitcoin per week

- How STRC trading at $100 changes the game

- Whether Bitcoin staying flat near $90k is a warning sign

- The Jan 15 ex-dividend date and what it means for STRC holders

- mNAV, ATM pressure, and the future of Bitcoin treasury companies

If Bitcoin goes up, this trade could be remembered as one of Michael Saylor’s greatest moves. If it goes down, critics may call it reckless. Either way, something has clearly changed.

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

Mentions:

- Jeff Walton: https://x.com/PunterJeff

🚨 EVENT 🚨 Make sure to get your One Chair Podcast Ticket!

- Front Run — The Bitcoin Treasuries Pre-Party: https://luma.com/FrontRun

DISCLAIMER: This is not is financial advice. This podcast is for educational and entertainment purposes only.Thank you for listening!

Follow us on:

- X: https://x.com/OneChairPod

- Youtube: https://www.youtube.com/@OneChairPod

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!

Follow us on:

- X: https://x.com/OneChairPod

- Youtube: https://www.youtube.com/@OneChairPod

Metaplanet’s Bitcoin accumulation is accelerating faster than almost anyone realizes.

In this video, we break down Metaplanet’s explosive year, how it grew its Bitcoin holdings from under 2,000 BTC to over 35,000 BTC, and why its strategy puts it in a league of its own among Bitcoin treasury companies.

We cover Metaplanet’s latest updates, including the approval of its preferred shares (MERCURY and MARS), record-breaking Q4 financial results, and its growing focus on income-generating businesses that support continued Bitcoin accumulation. We also discuss why Metaplanet’s execution stands out compared to other Bitcoin treasury plays, and how it may be positioning itself to climb the global Bitcoin treasury rankings.

With strong revenues, disciplined capital allocation, and a clear long-term vision, Metaplanet could be one of the most underrated Bitcoin treasuries heading into 2026.

00:00 Introduction

00:23 EGM Recap & Takeaways: Preferred Shares (Mercury & Mars) and Income Focus

02:36 Bitcoin Accumulation Update

03:52 Financial Performance: Record Q4, Revenues & Dividend Support

05:08 MetaPlanet Growth, Treasury Rankings & Bullish 2026 Outlook

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

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

Thank you for listening!

Follow us on:

- X: https://x.com/OneChairPod

- Youtube: https://www.youtube.com/@OneChairPod

In this episode, we break down Strategy’s latest Bitcoin purchases, MSTR stock issuance, mNAV dynamics, and why Michael Saylor may be maximizing accumulation before Bitcoin’s next major move. We also discuss the role of preferred shares, the creation of Strategy’s USD reserve, and whether market education is holding back demand.

We explore Bitcoin’s potential “IPO moment,” where ETFs, Wall Street, and treasury companies accumulate while early Bitcoin holders distribute, and what this means for price action going into 2026.

Finally, we share our base case and bull case predictions for Bitcoin and MSTR, including scenarios where Bitcoin reaches $175K–$300K and Strategy approaches or surpasses 1 million BTC.

00:00 Introduction

00:19 MSTR stock issuance & aggressive Bitcoin

02:53 MSTR Preferred shares : demand issues and risks

06:02 2026 outlook: MSTR Bitcoin accumulation scenarios

09:27 Bitcoin’s “IPO moment”: ETFs, OG sellers, and market structure

11:31 Bitcoin & MSTR price predictions for 2026

Mentions:

- Book: The Thinking Machine by Stephen Witt

- Jordi Visser's article "Bitcoin’s Silent IPO": https://x.com/jvisserlabs/status/1984578105713770823?s=20

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

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

Thank you for listening!

Follow us on:

- X: https://x.com/OneChairPod

-Youtube: https://www.youtube.com/@OneChairPod

Bitcoin is in a period of fear, yet behind the scenes, the setup may be stronger than ever.

In this episode, we sit down with Stephan Livera, host of the Stephan Livera Podcast, to break down why Bitcoin’s current setup is so compelling and how Bitcoin treasury companies like Strategy (MSTR) and OranjeBTC are reshaping the market.

We discuss why some Bitcoin treasuries outperform while others struggle, the role of leverage and debt, proof of reserves, preferred shares, and how institutional and nation-state adoption could drive the next phase of Bitcoin’s growth.

If you’re wondering whether Bitcoin treasury companies are a risk, an opportunity, or both, this conversation will give you clarity.

Topics covered:

- Why Bitcoin’s setup may be stronger than ever

- How Bitcoin treasury companies actually work

- Strategy (MSTR), OranjeBTC & treasury models explained

- Why some treasuries fail while others accumulate more BTC

- Debt, leverage, MNAV & preferred shares

- Proof of reserves: transparency vs security

- Institutional adoption, ETFs & macro tailwinds

- What to focus on when Bitcoin sentiment is low

00:00 Introduction: Stephan Livera

02:12 Why Bitcoin Treasury Companies Exist vs BTC & ETFs

03:38 How Stephan Joined OrangeBTC (Advisor & Investor)

05:24 Can Anyone Beat Strategy? Winner-Take-Most Dynamics

09:44 What Makes a Winning Bitcoin Treasury Company

14:16 Treasury Drawdowns & Fiat vs Bitcoin Perspective

18:07 When Treasury Models Fail: Debt, Timing, and BTC Liquidations

22:08 Proof of Reserves

24:26 Michael Saylor Keynote & STRC

27:28 Treasuries as a Bridge to Mass Adoption

30:32 Strategy USD Reserve & Preferreds

32:30 The Education Gap in Bitcoin & Bitcoin Treasury Companies

34:35 “Does Saylor Know Something?”

39:33 Market Predictions for 2026

44:43 The Fear and Greed Index Perspective

45:34 Closing Thoughts & Long-Term Bitcoin Conviction

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:

- Stephan Livera: https://stephanlivera.com/

- Stephan Livera: https://x.com/stephanlivera

- Stephan Livera Podcast: https://www.youtube.com/@StephanLivera

- OranjeBTC: https://x.com/ORANJEBTC

- OranjeBTC: https://www.oranjebtc.com/

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

Thank you for listening!

Follow us on:

- X: https://x.com/OneChairPod

- Youtube: https://www.youtube.com/@OneChairPod