What If Everyone Is Measuring MSTR Wrong?

Is mNAV really a valuation metric? Is Bitcoin per share actually meaningful? And what if most investors are measuring MSTR completely wrong?

In this episode of One Chair, we sit down with Adrian Morris, longtime Bitcoiner and founding member of MSTR True North, for a deep dive into Strategy (MSTR), Bitcoin Treasury Companies, mNAV, Bitcoin per share, STRC, SATA, and the future of Bitcoin adoption.

Adrian argues that mNAV is sentiment. He explains why Bitcoin per share may be one of the most misunderstood metrics in the Bitcoin Treasury space, why defending mNAV could be a mistake, and what Strategy's recent Bitcoin sale really tells us about market psychology.

We also explore the future of Bitcoin Treasury companies, Strategy's preferred shares, dividend sustainability, institutional adoption, and why AI may be attracting the capital that Bitcoin expected to receive.

Whether you're a Strategy shareholder, Bitcoin investor, or simply trying to understand the next phase of Bitcoin adoption, this conversation challenges some of the most widely accepted assumptions in the market.

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00:00 Adrian Morris' Bitcoin Journey & Why He Bought MSTR

05:02 The Real Meaning of mNAV (Market Sentiment)

10:10 Why Bitcoin Treasury mNAVs Eventually Collapse

11:22 Should Bitcoin Treasury Companies Defend Their mNAV?

15:56 The Fatal Flaw in mNAV Buybacks

17:57 Why Strategy Should NOT Sell Bitcoin to Buy Back Shares

20:15 Why Did Strategy Sell 32 Bitcoin?

23:55 MSTR Myths, Margin Calls & X Misinformation

25:38 Why Bitcoin Per Share May Be Misleading Investors

31:09 The Endgame for Bitcoin Treasury Companies

34:42 The Future: REITs, Options & Bitcoin Financial Products

36:46 STRC, SATA & Bitcoin Preferred Shares Explained

41:22 Does STRC Guidance Even Matter?

43:12 Why SATA Outperformed STRC

45:42 Daily Dividends: Innovation or Hype?

48:30 Will STRC & SATA Eventually Cut Dividends?

54:54 Is AI Stealing Capital From Bitcoin?

01:00:51 Can Bitcoin Become AI's Security Layer?

01:03:56 Adrian's Message to Bitcoin Investors

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!

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