Unchained
Is Strategy's Model Unraveling? What is Driving the Recent Rout and Where It Can Go From Here - Ep. 971
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Show notes
Michael Saylor's Strategy has not had the year it hoped for. Amid an explosion of copycats and Bitcoin price weakness, the company has seen its valuation and so-called mNAV crash.
In this special episode of Unchained, Praxos co-founder Vinny Lingham and The Benchmark Company Analyst Mark Palmer join Unchained Executive Editor Steve Ehrlich to debate Strategy's outlook.
They discuss the impact of new preferred stocks on common shareholders, the company's new cash reserve and the potential impacts of MSCI exclusion.
They also delve into what the Bitcoin digital asset treasury ecosystem could look like in the future and whether Strategy could have employed a better acquisition model.
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Host:
Steve Ehrlich, Executive Editor at Unchained
Guests:
Vinny Lingham, Co-founder of Praxos Capital
Mark Palmer, Senior Equity Research Analyst at The Benchmark Company
Links:
Unchained:
Bits + Bips: Vanguard’s Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners
Bits + Bips: Why the Markets Now Have a Bullish Setup
Senate Committee Shares Bipartisan Draft on Crypto Market Structure Bill
Timestamps:
🚀 00:00 Introduction
📈 2:14 Why Mark still expects Strategy to outperform
📉 5:28 Why Vinny says Strategy preferred stocks are “vampiric”
🤔 11:45 Is Strategy's cash reserve a little too late?
👀 17:11 Debating Strategy's preferreds v. common stock
💡 19:44 How preferreds and CLARITY Act could enable Strategy to start buying Bitcoin dips as well
🫠 24:26 What happens if MSCI delists Strategy
🧠 30:34 The implications of Strategy's recent talk of selling and lending Bitcoin
⚠️ 36:25 Why it might be too late when Strategy decides to sell
🔮 39:28 How the Bitcoin DAT ecosystem could evolve as companies differentiate
🤔 44:17 Could Strategy have employed a better Bitcoin acquisition strategy?
💫 45:30 Closing thoughts on Strategy's future
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