MSTR Just Hit Zero Net Debt—Now the Real Bitcoin Trade Begins

🚨 Bitcoin just surged 22% in a single week, and the Bitcoin treasury flywheels are starting to turn again.

In this episode of the One Chair Podcast, we break down one of the most important weeks yet for Strategy (MSTR), Strive (ASST), STRC, SATA and the broader Bitcoin treasury market.

Strategy raised another $2 billion through its common stock ATM, increased its USD reserve to $5.1 billion, created a separate $1.59 billion cash reserve, and repurchased $136 million of STRC.

With more than $6.7 billion in cash, Strategy has effectively reached a major milestone: near-zero net debt when comparing its cash position against its convertible debt.

But there’s a question investors can’t ignore:

Why did MSTR barely outperform Bitcoin while companies like Strive and Metaplanet exploded higher?

We discuss whether Strategy’s aggressive common stock ATM is suppressing MSTR, why STRC remains below par despite massive de-risking, and whether Strategy needs to finish cleaning up its balance sheet before the next major repricing can begin.

Then we turn to Strive (ASST), which ripped nearly 50% in a single week.

Strive raised capital through both SATA and its common ATM, acquired another 1,110 BTC, increased its Bitcoin holdings by more than 5% in one week, and continued building its USD reserve.

After months of disciplined execution, we may finally be seeing what the Strive flywheel looks like when Bitcoin enters a bull market.

And that brings us to the biggest question of the episode:🔥 Was Bitcoin’s 22% move the beginning of a new bull market?

After weeks of low volatility and sideways price action, Bitcoin suddenly exploded higher, liquidating shorts, attracting attention back from AI stocks, and potentially restarting the reflexive flywheels of Bitcoin treasury companies.

We break down

:- Bitcoin’s massive 22% weekly move

- Why the Bitcoin bull market may be entering its early innings

- Strategy’s $6.7B+ cash position

- The new Strategy USD cash reserve

- Strategy’s near-zero net debt milestone

- Why MSTR may continue lagging ASST and Metaplanet

- Why STRC is still struggling to return to par

- Strive ASST’s nearly 50% weekly rally

- Strive’s latest 1,110 BTC acquisition

- The return of the Bitcoin treasury flywheel

- Why Bitcoin treasury equities could violently reprice in a bull market

The flywheels are turning again. The question now is how fast they can spin.

00:00 Strategy $MSTR Raises Another $2 BILLION

06:59 Why MSTR Could Keep Lagging ASST & Metaplanet

12:40 Strive ASST Explodes Nearly 50% in ONE WEEK

15:03 Why the Bitcoin Bull Case Is Getting Stronger

Mentions:

- Anthony Pompliano Podcast: https://youtu.be/fhZiG-Uzs1c

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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