# What If Everyone Is Measuring MSTR Wrong?

Page: https://stenobird.com/podcast/one-chair-podcast-7451310/what-if-everyone-is-measuring-mstr-wrong
Text version: https://stenobird.com/podcast/one-chair-podcast-7451310/what-if-everyone-is-measuring-mstr-wrong.md
Podcast: [One Chair Podcast](https://stenobird.com/podcast/one-chair-podcast-7451310)
Published: 2026-06-07T20:06:25+00:00
Episode link: https://podcasters.spotify.com/pod/show/one-chair/episodes/What-If-Everyone-Is-Measuring-MSTR-Wrong-e3kf9ra
Audio file: https://anchor.fm/s/104c39ac4/podcast/play/121136426/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-5-7%2F425684130-44100-2-a12d7e3f0510d.mp3
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JSON: https://stenobird.com/v1/public/podcasts/one-chair-podcast-7451310/episodes/what-if-everyone-is-measuring-mstr-wrong
Duration seconds: 3921

## Resource

Is mNAV really a valuation metric? Is Bitcoin per share actually meaningful? And what if most investors are measuring MSTR completely wrong? In this episode of One Chair, we sit down with Adrian Morris, longtime Bitcoiner and founding member of MSTR True North, for a deep dive into Strategy (MSTR), Bitcoin Treasury Companies, mNAV, Bitcoin per share, STRC, SATA, and the future of Bitcoin adoption. Adrian argues that mNAV is sentiment. He explains why Bitcoin per share may be one of the most misunderstood metrics in the Bitcoin Treasury space, why defending mNAV could be a mistake, and what Strategy's recent Bitcoin sale really tells us about market psychology. We also explore the future of Bitcoin Treasury companies, Strategy's preferred shares, dividend sustainability, institutional adoption, and why AI may be attracting the capital that Bitcoin expected to receive. Whether you're a Strategy shareholder, Bitcoin investor, or simply trying to understand the next phase of Bitcoin adoption, this conversation challenges some of the most widely accepted assumptions in the market. Follow our guest: - Adrian Morris on X: https://x.com/_Adrian - True North on X: https://x.com/TNorth - True North on Youtube: https://www.youtube.com/@BTCTrueNorth 00:00 Adrian Morris' Bitcoin Journey & Why He Bought MSTR 05:02 The Real Meaning of mNAV (Market Sentiment) 10:10 Why Bitcoin Treasury mNAVs Eventually Collapse 11:22 Should Bitcoin Treasury Companies Defend Their mNAV? 15:56 The Fatal Flaw in mNAV Buybacks 17:57 Why Strategy Should NOT Sell Bitcoin to Buy Back Shares 20:15 Why Did Strategy Sell 32 Bitcoin? 23:55 MSTR Myths, Margin Calls & X Misinformation 25:38 Why Bitcoin Per Share May Be Misleading Investors 31:09 The Endgame for Bitcoin Treasury Companies 34:42 The Future:…

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## Transcript

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