Did Strive Just Force MSTR to Change Strategy?

Strategy is selling Bitcoin again, but the bigger story may be WHY.

This week, Strategy sold $108 million of Bitcoin and used the proceeds to buy back STRC, while raising another $650 million through the MSTR ATM and pushing its USD reserve to $4.65 billion.

Is Strategy simply strengthening its balance sheet, or could Michael Saylor be preparing for something much bigger?

We explore a potential zero net debt strategy, whether MSTR dilution is starting to go too far, why Strategy continues selling Bitcoin, and why the market barely seems to care anymore.

Meanwhile, a major shift is happening in Europe.H100 has completed its acquisition and jumped from 1,051 BTC to 3,506 BTC, becoming the largest European public Bitcoin treasury company. Could the next step be a Bitcoin-backed preferred — potentially denominated in Swiss francs?

We also look at why a CHF-denominated Bitcoin credit instrument could have very different dynamics from $STRC or $SATA, and why Europe's fragmented capital markets may actually create a unique opportunity for Bitcoin treasury companies.

Finally, we break down Strive's latest results, its disciplined 18-month USD reserve strategy, and why SATA continues to trade remarkably well.

In this episode:

• Strategy sells Bitcoin to buy back STRC

• MSTR raises another $650M• Strategy's USD reserve reaches $4.65B

• Is Strategy targeting zero net debt?

• Is MSTR dilution becoming excessive?

• Why Bitcoin isn't reacting to Strategy's BTC sales

• H100 becomes Europe's largest Bitcoin treasury company

• The potential for a Swiss franc Bitcoin preferred

• Europe's emerging Bitcoin credit market

• Strive adds more Bitcoin• Why SATA continues to perform

• Strategy vs. Strive's approach to USD reserves

If you follow Strategy (MSTR), Bitcoin treasury companies, STRC, SATA, H100, Strive, or the emerging Bitcoin capital markets, this episode is for you.

00:00 Why Strategy Sold Bitcoin to Buy STRC

03:34 Is Strategy Targeting ZERO Net Debt?

10:13 Bitcoin Doesn’t Care About Strategy Selling

13:10 H100 Just Became Europe’s #1 Bitcoin Treasury

14:44 Europe’s Bitcoin Credit Opportunity

19:12 Why $SATA Is Outperforming Strategy’s Preferreds

Big thanks to Little Bubble for allowing us to use his song: "One Chair": https://open.spotify.com/track/0XW7JgR2Nlg7WXGOeVT64h?si=a344b82984f74f81DISCLAIMER: 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

Referral links:

- Roxom: https://roxom.com/auth/signup?referral=a7m4wx