MSTR Sold 3,588 BTC — Then Bitcoin Went Up

Strategy just sold 3,588 Bitcoin, Bitcoin treasury stocks are under pressure, and a new battle is unfolding between corporate Bitcoin adoption and hedge funds.In this episode, Richard Byworth joins us to break down Strategy's latest Bitcoin sale, why the market reacted positively, and how Bitcoin treasury companies are evolving. We discuss Michael Saylor's capital markets playbook, why defending a 1.0 mNAV matters, and how companies like Strategy, Metaplanet, and XCE Connecting Excellence are reshaping corporate finance.

Richard also shares his views on digital credit, Switzerland's Bitcoin treasury landscape, nation-state Bitcoin adoption, and why he believes the next phase of Bitcoin adoption will be driven by capital markets rather than retail investors.

Whether you're following Strategy (MSTR), Metapanet, Bitcoin treasury companies, or the future of Bitcoin-backed financial products, this conversation is packed with insights you won't hear anywhere else.

Topics covered:

- Why Strategy sold 3,588 BTC and why the market liked it

- Michael Saylor's evolving Bitcoin treasury strategy

- Why defending a 1.0 mNAV matters

- How hedge funds attack Bitcoin treasury companies

- Strategy's new capital allocation framework

- Metaplanet and the next generation of Bitcoin treasury companies

- Why Switzerland is falling behind on Bitcoin treasury adoption

- Digital credit and the future of Bitcoin-backed financial products

- Nation-state Bitcoin adoption and sovereign Bitcoin reserves

- Richard Byworth's outlook on Bitcoin's next major move

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00:00 Richard's Bitcoin Journey: From Gold Bug to Bitcoin Maximalist

05:44 Why Sapiens Orange-Pilled Richard (Unexpected Origin Story)

07:00 How Michael Saylor Created the Bitcoin Treasury Revolution

10:37 Understanding Convertible Bonds (Why Most Investors Miss This)

12:43 Strategy SOLD 3,588 BTC... Why the Market Loved It

16:47 Why Bitcoin Treasury Stocks Are So Hard to Value

18:14 Did Strategy Sell Bitcoin to Improve Its Credit Rating?

19:22 Why Every Bitcoin Treasury Should Defend a 1.0 mNAV

25:10 Are Traders Manipulating STRC & SATA?

27:44 Strategy's New Playbook: Less Transparency on Purpose?

29:24 Best Bitcoin Treasury Stocks Outside Strategy

35:39 Why Switzerland Rejected a Bitcoin Treasury Listing

39:01 When Will Digital Credit Come to Europe?

41:27 Richard's New Bitcoin Hedge Fund Explained

45:52 Nation States Are Quietly Preparing for Bitcoin

50:00 Is Bitcoin's Bottom Already In? Richard's Market Outlook

50:59 The Return of Richard's Podcast & Where to Follow Him

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 financial advice. This podcast is for educational and entertainment purposes only.

Thank you for listening!

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