{"podcast":{"title":"One Chair Podcast","slug":"one-chair-podcast-7451310","podcast_index_feed_id":7451310,"rss_url":"https://anchor.fm/s/104c39ac4/podcast/rss","website_url":"https://podcasters.spotify.com/pod/show/one-chair","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/43648953/43648953-1756671187621-5b503034254a9.jpg","author":"One Chair Podcast","episode_count":93,"summary":"Your guide to the companies stacking Bitcoin. We track the corporate treasuries holding Bitcoin and explore their strategies. We bring you all the insights, stories, and numbers that are reshaping treasury management in the age of Bitcoin. Whether you’re an investor, Bitcoiner, or finance pro, stay informed on who’s buying, holding, and leading Bitcoin adoption at the highest levels.","last_synced_at":"2026-07-03T08:18:15.504684+00:00","page_url":"https://stenobird.com/podcast/one-chair-podcast-7451310"},"episode":{"title":"MSTR at 6x mNAV? The Buyback Mechanism Bears Aren’t Ready For","slug":"mstr-at-6x-mnav-the-buyback-mechanism-bears-aren-t-ready-for","published_at":"2026-05-07T19:28:26+00:00","page_url":"https://stenobird.com/podcast/one-chair-podcast-7451310/mstr-at-6x-mnav-the-buyback-mechanism-bears-aren-t-ready-for","show_page_url":"https://stenobird.com/podcast/one-chair-podcast-7451310","url":"https://podcasters.spotify.com/pod/show/one-chair/episodes/MSTR-at-6x-mNAV--The-Buyback-Mechanism-Bears-Arent-Ready-For-e3j2377","audio_url":"https://anchor.fm/s/104c39ac4/podcast/play/119655079/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-4-7%2F423705018-44100-2-a00996d625675.mp3","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…","meta_description":"Michael Saylor’s Strategy (MSTR) just changed the Bitcoin market forever. In this deep-dive conversation, Chase Palmieri (COO at Sovana & Founder of A…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3640,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"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","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/one-chair-podcast-7451310/mstr-at-6x-mnav-the-buyback-mechanism-bears-aren-t-ready-for.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}