Episode
MSTR at 6x mNAV? The Buyback Mechanism Bears Aren’t Ready For
- Podcast
- One Chair Podcast
- Published
- May 7, 2026
- Duration seconds
- 3640
- Processing state
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Summary
Michael Saylor’s Strategy (MSTR) just changed the Bitcoin market forever. In this deep-dive conversation, Chase Palmieri (COO at Sovana & Founder of Acropolis) breaks down the latest Strategy earnings call, STRC, Bitcoin treasury companies, digital credit, MSTR valuation, Metaplanet, Jack Mallers’ XXI, and why Bitcoin-backed financial products could disrupt global banking. We cover: • Why Strategy’s earnings call was so important • The real meaning behind STRC and digital credit • How Strategy could buy back MSTR shares • Why Bitcoin treasury companies are just getting started • Basel rules, S&P 500 inclusion & future credit ratings • Why banks may soon wrap STRC products • The hidden risks (and opportunities) of DeFi on STRC • MSTR valuation, mNAV & Bitcoin price targets • Metaplanet, XXI, Strike & the next wave of Bitcoin companies • Why Bitcoin treasury products may become the new global carry trade Follow our guest: - Chase Palmieri: https://x.com/chasepalmieri - Sovana: https://x.com/SovanaHQ - Sovana: https://www.sovana.io/ 00:00 Chase’s Bitcoin Origin Story 03:47 How Chase Discovered Strategy & MSTR 06:05 Strategy Earnings Call: Biggest Takeaways 08:20 Convertible Debt, Preferreds & Capital Strategy 09:59 Which Strategy Preferreds Could Be Retired? 11:45 Why Strategy Keeps Its Software Business 14:38 Could MSTR Reach a 6x mNAV? 19:46 STRC’s Growth During a Down Market 20:36 Strategy’s Credit Rating & USD Reserve 23:44 Banks, STRC & the Coming Yield War 25:07 Can STRC Become a High-Yield Cash Alternative? 28:14 DeFi Risks Built on Top of STRC 32:36 Why STRC’s Yield May Stay High 36:04 Digital Credit in a Bitcoin Portfolio 36:38 Digital Credit: Portfolio Positioning and Growth 41:03 Could Digital Credit Yields Reach 25%? 43:19 O…