Strategy’s Path to 1 Million Bitcoin
In this episode, we break down Strategy’s latest Bitcoin purchases, MSTR stock issuance, mNAV dynamics, and why Michael Saylor may be maximizing accumulation before Bitcoin’s next major move. We also discuss the role of preferred shares, the creation of Strategy’s USD reserve, and whether market education is holding back demand.
We explore Bitcoin’s potential “IPO moment,” where ETFs, Wall Street, and treasury companies accumulate while early Bitcoin holders distribute, and what this means for price action going into 2026.
Finally, we share our base case and bull case predictions for Bitcoin…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.