Episode Details

For years, Michael Saylor's Strategy was the market's most dependable Bitcoin buyer. Recently, it has done the opposite.

Strategy just sold 3,588 Bitcoin for roughly $216 million, its largest single tranche yet, deepening the question of whether Michael Saylor has become a structural seller instead of a buyer.

Ram Ahluwalia, Austin Campbell, and Chris Perkins break down the STRC dividend mechanics behind the sale, the bull case for a catch-up trade, and the bear case if Bitcoin never rallies back.

Hosts:

• Austin Campbell, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern

• Ram Ahluwalia, Co-host of Bits + Bips and CEO of Lumida

• Chris Perkins, Co-host of Bits + Bips and Head of Franklin Crypto

This clip is from a longer conversation on Strategy's Bitcoin sale, the stablecoin wars, and the token versus equity debate. Full episode here: https://youtube.com/live/H3z68SYty0k 

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Chapters:

💰 00:00 Strategy's record $216M Bitcoin sale: the numbers behind the disclosure

📉 01:14 mNAV falls below 1 for the first time, and the STRC dividend framework

🔁 02:31 Why Ram says selling Bitcoin beats issuing more MSTR shares

⚖️ 04:21 The bear case: what happens if Bitcoin doesn't rally from here

✈️ 05:24 Chris on Saylor's three-body problem after a week of conferences in London

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