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.

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