MSTR at 6x mNAV? The Buyback Mechanism Bears Aren’t Ready For

Michael Saylor’s Strategy (MSTR) just changed the Bitcoin market forever.

In this deep-dive conversation, Chase Palmieri (COO at Sovana & Founder of Acropolis) breaks down the latest Strategy earnings call, STRC, Bitcoin treasury companies, digital credit, MSTR valuation, Metaplanet, Jack Mallers’ XXI, and why Bitcoin-backed financial products could disrupt global banking.

We cover:

• Why Strategy’s earnings call was so important

• The real meaning behind STRC and digital credit

• How Strategy could buy back MSTR shares

• Why Bitcoin treasury companies are just getting started

• Basel rules, S&P 500 inclusion & future credit ratings

• Why banks may soon wrap STRC products

• The hidden risks (and opportunities) of DeFi on STRC

• MSTR valuation, mNAV & Bitcoin price targets

• Metaplanet, XXI, Strike & the next wave of Bitcoin companies

• Why Bitcoin treasury products may become the new global carry trade

Follow our guest:

- Chase Palmieri: https://x.com/chasepalmieri

- Sovana: https://x.com/SovanaHQ

- Sovana: https://www.sovana.io/

00:00 Chase’s Bitcoin Origin Story

03:47 How Chase Discovered Strategy & MSTR

06:05 Strategy Earnings Call: Biggest Takeaways

08:20 Convertible Debt, Preferreds & Capital Strategy

09:59 Which Strategy Preferreds Could Be Retired?

11:45 Why Strategy Keeps Its Software Business

14:38 Could MSTR Reach a 6x mNAV?

19:46 STRC’s Growth During a Down Market

20:36 Strategy’s Credit Rating & USD Reserve

23:44 Banks, STRC & the Coming Yield War

25:07 Can STRC Become a High-Yield Cash Alternative?

28:14 DeFi Risks Built on Top of STRC

32:36 Why STRC’s Yield May Stay High

36:04 Digital Credit in a Bitcoin Portfolio

36:38 Digital Credit: Portfolio Positioning and Growth

41:03 Could Digital Credit Yields Reach 25%?

43:19 Other Bitcoin Treasury Companies to Watch

48:14 Macro Outlook: Has Bitcoin Bottomed?

50:08 The Next Wave of Bitcoin Treasury Companies

52:03 Jack Mallers, Strike, XXI & Tether

58:33 Bitcoin & MSTR Price Targets for Year-End

59:39 Closing Thoughts

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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