# MSTR at 6x mNAV? The Buyback Mechanism Bears Aren’t Ready For Page: https://stenobird.com/podcast/one-chair-podcast-7451310/mstr-at-6x-mnav-the-buyback-mechanism-bears-aren-t-ready-for Text version: https://stenobird.com/podcast/one-chair-podcast-7451310/mstr-at-6x-mnav-the-buyback-mechanism-bears-aren-t-ready-for.md Podcast: [One Chair Podcast](https://stenobird.com/podcast/one-chair-podcast-7451310) Published: 2026-05-07T19:28:26+00:00 Episode link: https://podcasters.spotify.com/pod/show/one-chair/episodes/MSTR-at-6x-mNAV--The-Buyback-Mechanism-Bears-Arent-Ready-For-e3j2377 Audio file: https://anchor.fm/s/104c39ac4/podcast/play/119655079/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-4-7%2F423705018-44100-2-a00996d625675.mp3 Processing state: not_requested JSON: https://stenobird.com/v1/public/podcasts/one-chair-podcast-7451310/episodes/mstr-at-6x-mnav-the-buyback-mechanism-bears-aren-t-ready-for Duration seconds: 3640 ## Resource 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… ## Actions - request_transcript: `POST https://stenobird.com/v1/public/podcasts/one-chair-podcast-7451310/episodes/mstr-at-6x-mnav-the-buyback-mechanism-bears-aren-t-ready-for/transcription-requests` — Idempotently request low-priority transcript generation for this episode. - read_markdown: `GET https://stenobird.com/podcast/one-chair-podcast-7451310/mstr-at-6x-mnav-the-buyback-mechanism-bears-aren-t-ready-for.md` — Read the agent-friendly Markdown representation of this episode resource. A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed. ## Transcript Full transcripts are not published on public pages unless there is a clear rights basis.