One Chair Podcast

Strive is closing in on becoming the world's #2 Bitcoin Treasury company. But can its explosive growth continue?In just 13 months, Strive (ASST) has gone from holding zero Bitcoin to potentially accumulating over 44,000 BTC, challenging Metaplanet for the second-largest publicly traded corporate Bitcoin treasury.And with its massive $700 million SATS IPO, Strive is opening another capital-raising engine that could accelerate its Bitcoin accumulation even further.Meanwhile, Strategy (MSTR) has spent over $1+ billion buying back STRC preferred shares, yet the stock continues to struggle to return to its $100 par value.Is Strategy's Digital Credit model running into trouble? Has Strive built a better Bitcoin accumulation machine? And could preferred equities fundamentally transform capital markets?In this episode of One Chair Podcast, we're joined by Tyler Rowe, Head of Content at BitcoinTreasuries.net, to break down the latest developments reshaping the Bitcoin Treasury industry.🔥 What we cover:- Strive's incredible Bitcoin accumulation: How ASST could reach over 44,000 BTC and challenge Metaplanet for the #2 position.- The $700M SATS IPO: Why Strive's new preferred stock offers an effective yield of approximately 15%, and the risks investors shouldn't ignore.- Strategy's STRC buybacks: Why more than $1 billion in repurchases hasn't restored the preferred stock to par.- STRC vs SATA vs SATS: How these Digital Credit instruments compare in yield, risk, capital structure, and Bitcoin coverage.- The race to 100,000 BTC: Could Strive reach this milestone by the end of 2027?- Bitcoin amplification: Why Strive's preferred equity strategy could generate outsized returns for common shareholders in a Bitcoin bull market.- Metaplanet's US expansion: How Super Planet (SUPA) could unlock access to American capital markets.- The future of Bitcoin Treasury companies: Why perpetual preferred equities could become a defining financial innovation of this cycle.Follow our guest:- Tyler Rowe: https://x.com/TylerCompiler- BitcoinTreasuries.net: https://x.com/BTCtreasuries- BitcoinTreasuries.net: https://www.youtube.com/@BitcoinTreasuriesNet- BitcoinTreasuries.net: https://bitcointreasuries.net/- Treasury Orange: https://www.youtube.com/@UCXA4-UZCUf87wBA6TromGxQ 00:00 Intro: Strategy, Strive & the Bitcoin Treasury Race01:16 Strategy's STRC Buyback: Is It Working?02:33 Should Strategy Raise STRC's 12% Dividend?06:01 Are STRC Buybacks Signaling Weakness?10:08 What Happens to STRC if Bitcoin Hits $100K?10:58 Strive's Explosive Growth: 4,045 BTC in One Week13:34 Why Strive Is the Fastest-Growing Bitcoin Treasury15:42 SATS Explained: Is a 15% Yield Worth the Risk?19:00 Can SATS Push SATA Back to $100 Par?24:20 Could Strive Become the Next Strategy?26:59 Can Strive Reach 100,000 BTC by 2027?30:17 Bitcoin Amplification: Strive vs Strategy32:26 Metaplanet's US Expansion: Super Planet (SUPA)35:23 The Future of Bitcoin Treasury Companies38:16 Where to Follow Tyler Rowe & BitcoinTreasuries.netBig thanks to Little Bubble for allowing us to use his song: "One Chair": https://open.spotify.com/track/0XW7JgR2Nlg7WXGOeVT64h?si=a344b82984f74f81DISCLAIMER: This is not is financial advice. This podcast is for educational and entertainment purposes only.Thank you for listening!Follow us on:- X: https://x.com/OneChairPod- Youtube: https://www.youtube.com/@OneChairPodFollow the crew on X:- Yves: https://x.com/GrafYves- Quentin: @quentinisonx- Dario: @dariostackssatsReferral links:- Roxom: https://roxom.com/auth/signup?referral=a7m4wx

Is Wall Street mispricing Bitcoin-backed credit? And could the next wave of institutional adoption fundamentally change how investors own Bitcoin?Digital Credit is expanding rapidly. Strive (ASST) is introducing SATS, a new perpetual preferred stock offering a 15% dividend. Smarter Web (SWC) has launched MORE in the UK. And Strategy (MSTR) continues to reshape the market with STRC.In Episode 6 of Inside the Walls, we explore the accelerating evolution of Bitcoin Treasury companies, the institutional opportunity in Digital Credit, the macroeconomic forces shaping Bitcoin's next move, and why the future of Bitcoin custody might look very different from what many Bitcoiners imagined.In this episode:🔸 The Digital Credit Revolution: Strive's new SATS preferred stock, offering a 15% dividend, and what its introduction means for SATA, Strategy's STRC, and the broader Bitcoin credit market.🔸 Smarter Web's MORE Launch: Why TOBAM participated in the £10 million offering, how institutional investors evaluate its risk-adjusted returns, and why European Digital Credit could become a major opportunity.🔸 Is STRC Fundamentally Mispriced? André Dragosch examines Strategy's credit rating, dividend yield, and the potential disconnect between Bitcoin-backed securities and traditional high-yield markets.🔸 The Next Institutional Asset Class: Could Bitcoin-backed perpetual preferred stocks eventually become part of diversified credit ETFs, institutional portfolios, and traditional income strategies?🔸 Inflation, the Fed & Bitcoin: With US inflation accelerating and financial conditions tightening, could Bitcoin and Bitcoin Treasury companies benefit from a rotation away from expensive equities, AI stocks, and gold?🔸 The Future of Bitcoin Custody: Following a reported Ledger supply-chain compromise, we challenge one of Bitcoin's most deeply held principles: Not your keys, not your coins. Is institutional custody inevitable as Bitcoin adoption scales?Bitcoin is no longer simply entering traditional finance through ETFs. It is beginning to reshape the instruments, capital structures, and institutions operating within it.Follow the crew on X:- Alexandre Laizet: https://x.com/AlexandreLaizet- André Dragosch: https://x.com/Andre_Dragosch- Yves Choueifaty: https://x.com/YChoueifaty- Valentin Kosanovic: https://x.com/Kosanovic_VFollow Capital B on Youtube: https://www.youtube.com/@UCEXICiXdOXjh0jigU64inPg 00:00 Bitcoin Market Update: Inflation, MSTR, Strive & Smarter Web03:05 The Digital Credit Revolution: STRC, SATA, SATS & MORE07:25 Smarter Web's MORE: Was the £10M Launch a Success?12:37 Can Bitcoin-Backed Credit Become an Institutional ETF?15:52 Retail vs. Institutional Demand: Who Will Drive Digital Credit?23:24 Can Credit Ratings Unlock Institutional Bitcoin Adoption?27:38 Is STRC Mispriced? Bitcoin Credit vs. Traditional High-Yield Bonds31:41 Why SATS Actually Strengthens SATA39:05 Strive's 15% SATS Dividend: Is the Yield Sustainable?41:39 Inflation Shock: Will the Fed Raise Interest Rates Again?45:53 When Could Billions Rotate Into Bitcoin?47:15 TOBAM Challenges “Not Your Keys, Not Your Coins”51:40 Is Institutional Bitcoin Custody Inevitable?55:55 How TOBAM Secured Bitcoin Before Institutional Custodians58:03 The Future of Bitcoin Custody: Multisig vs. Self-Custody59:42 Final Thoughts: Bitcoin's Institutional FutureFollow us on:- X: https://x.com/OneChairPod-Youtube: https://www.youtube.com/@OneChairPodFollow the One Chair crew on X:- Yves: https://x.com/GrafYves- Quentin: @quentinisonx- Dario: @dariostackssatsDISCLAIMER: This is not is financial advice. This podcast is for educational and entertainment purposes only.Thank you for listening!

What if a Bitcoin Treasury company could disrupt an entire industry?XCE (Connecting Excellence Group) nearly doubled its revenue with one acquisition, added Bitcoin to its balance sheet, and increased Bitcoin per share. CEO Scott Ellam says this is only the beginning.In this One Chair Podcast episode, we sit down with XCE founder and CEO Scott Ellam to explore an ambitious new business model in the Bitcoin Treasury space.Unlike Bitcoin Treasury companies focused on capital markets, XCE is combining two powerful growth engines: acquiring profitable, cash-generating recruitment businesses and accumulating Bitcoin on its balance sheet.With its first acquisition, XCE has already demonstrated what this model can achieve:🔥 97.4% increase in pro forma annual revenue, reaching approximately £3.63 million🔥 8.216 BTC added through the acquisition of James Gray Recruitment & Engineering🔥 Approximately £150,000 net cash cost to complete the acquisition🔥 Over 81 BTC on the balance sheet🔥 11.26% Bitcoin Yield for the quarterBut the ambitions go much further.Scott outlines XCE's roadmap toward 100, 200, 500, and eventually 1,000 BTC, alongside revenue milestones of £10 million, £25 million, £50 million, and £100 million.And perhaps most importantly, we discuss how XCE's decentralized acquisition model could accelerate corporate Bitcoin adoption far beyond the recruitment industry.In this episode, we explore:→ How XCE's double flywheel combines Bitcoin accumulation with profitable business acquisitions→ Why XCE's first acquisition nearly doubled revenue while increasing Bitcoin per share→ How decentralized M&A could transform the executive recruitment industry→ XCE's roadmap toward 1,000 BTC and £100 million in annual revenue→ Whether XCE could eventually issue its own Digital Credit instrument→ What STRC, SATA, and MORE mean for the future of Bitcoin-backed financial products→ How a Bitcoin bull market could accelerate XCE's growth strategy→ Why executive recruitment could become an unexpected catalyst for global corporate Bitcoin adoptionFollow our Guest:- Scott Ellam: https://x.com/btconlyscott- XCE - Connecting Excellence: https://x.com/XCEofficial- XCE - Connecting Excellence: https://www.linkedin.com/company/xce-connecting-excellence/- XCE - Connecting Excellence: https://xce.io/- Scott's presentation at Bitcoin Treasuries Conference: https://www.youtube.com/live/DxNiM5st20o?si=I10RB6MhZoJlCSX-&t=916200:00 Introduction: Scott Ellam, CEO of XCE01:30 XCE's Double Flywheel: Bitcoin Treasury Meets Business Acquisitions05:42 XCE's First Acquisition: Doubling Revenue and Growing Bitcoin per Share10:36 Why the Recruitment Industry Is Perfect for Bitcoin Adoption11:52 Bitcoin Treasury M&A: Why Industry Expertise Matters15:31 XCE's Roadmap: 100 to 1,000 BTC and £100M in Revenue17:58 The Next Milestone: Scaling XCE and Reaching More Recruiters21:32 Could XCE Become a Bitcoin-Backed Financial Powerhouse?24:23 Digital Credit: Could STRC, SATA and MORE Fit XCE's Strategy?27:12 Will XCE Issue Its Own Digital Credit Instrument?30:32 How Smarter Web Is Paving the Way for UK Bitcoin Treasuries32:18 Is Bitcoin Adoption Accelerating in the Recruitment Industry?37:01 What Happens to XCE in the Next Bitcoin Bull Market?39:45 XCE's Acquisition Strategy and Bitcoin Recruitment Opportunities41:27 Where to Find Scott Ellam and XCEBig thanks to Little Bubble for allowing us to use his song: "One Chair": https://open.spotify.com/track/0XW7JgR2Nlg7WXGOeVT64h?si=a344b82984f74f81DISCLAIMER: This is not is financial advice. This podcast is for educational and entertainment purposes only.Thank you for listening!Follow us on X: https://x.com/OneChairPodSubscribe on YouTube: https://www.youtube.com/@OneChairPodOr on Apple Podcasts: https://podcasts.apple.com/us/podcast/one-chair-podcast/id1831827737Follow the crew on X:- Yves: https://x.com/GrafYves- Quentin: @quentinisonx- Dario: @dariostackssats

Did Strategy waste over $1+ billion trying to support STRC? And is Michael Saylor overengineering Digital Credit?Adrian Morris, founding member of True North and Bitcoin Treasury analyst, returns to the One Chair Podcast with a data-driven analysis that challenges some of the biggest narratives surrounding Strategy (MSTR), STRC, Strive (ASST), SATA, and the emerging Digital Credit market.His research delivers a surprising finding: after controlling for Bitcoin, MSTR, other preferred equities, and trading activity, STRC buybacks showed no statistically distinguishable impact on price.Adrian challenges the conventional wisdom surrounding Bitcoin Treasury companies, arguing that corporate financial engineering cannot override market forces.And despite his criticism of Strategy's recent decisions, his long-term outlook for MSTR is remarkably bullish.He explains why Strategy's common equity ATM could become its most powerful capital-raising engine, why Bitcoin Yield and amplification ratios may be misleading indicators of investment performance, and how Strategy could eventually combine Bitcoin accumulation with AI and business intelligence to create an entirely different company.In this episode, we discuss:→ STRC vs. SATA: Why are the two preferred equities trading differently, and what really drives their prices?→ STRC Buybacks: What True North's research reveals about Strategy's billion-dollar buyback program and why its impact may be overstated.→ Daily Dividends: Why Adrian believes Strategy's move to daily dividends adds complexity without necessarily improving price stability.→ USD Reserves: Does holding billions in cash actually protect Digital Credit investors, or are there diminishing returns?→ Investor Protections: Could STRF-style protections improve STRC's ability to trade at par?→ Market Intervention: Why Strategy may be sending the wrong signal by intervening in its own preferred equity market.→ Bitcoin Treasury KPIs: Why Bitcoin Yield, Bitcoin per Share, and Amplification Ratio don't necessarily translate into superior investment returns.→ The Future of MSTR: How common equity issuance, Digital Credit, Bitcoin, AI, and business intelligence could reshape Strategy over the next decade.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/@BTCTrueNorthCheck out Adrian's research on True North: https://tnorth.com/research/strc-buybacks-market-structure/00:00 Intro: Adrian Morris Returns to One Chair Podcast01:21 STRC vs. SATA: Why Is Strive Losing Its Edge?04:01 Do Daily Dividends Actually Help STRC Trade at Par?07:11 True North Research: What Really Drives STRC's Price?14:55 Are Strategy's Buybacks Delivering Diminishing Returns?18:26 Does Strategy's USD Reserve Actually Support STRC?22:23 STRC vs. SATA: How Much Cash Reserve Is Enough?28:48 Would Stronger Investor Protections Fix STRC?34:18 Daily vs. Semi-Monthly Dividends: Is Strategy Overengineering STRC?38:54 Is Strategy Listening Too Much to Bitcoin Twitter/X?43:35 Should Strategy Copy Strive's Podcast and Media Strategy?48:20 Why Strategy Needs More Data-Driven Investor Communication50:26 Did Strategy Ignore the Warning Signs in STRC Buybacks?53:56 Why MSTR's Common Stock ATM Could Dominate the Next Decade01:00:51 Could Strategy Become a Bitcoin and AI Powerhouse?01:01:55 Where to Find Adrian Morris and True North ResearchBig thanks to Little Bubble for allowing us to use his song: "One Chair": https://open.spotify.com/track/0XW7JgR2Nlg7WXGOeVT64h?si=a344b82984f74f81DISCLAIMER: This is not is financial advice. This podcast is for educational and entertainment purposes only.Thank you for listening!Follow us on:- X: https://x.com/OneChairPod- Youtube: https://www.youtube.com/@OneChairPodReferral links:- Roxom: https://roxom.com/auth/signup?referral=a7m4wx

Can Bitcoin Treasury companies outperform Bitcoin itself? And could Europe produce the next big winner in the Bitcoin Treasury race?In Episode 5 of Inside the Walls, Yves-André Graf and Alexandre Laizet from Capital B to explore the rapidly evolving Bitcoin Treasury industry, the rise of Digital Credit, and why amplification could become the defining factor separating winners from losers.With Strive pushing toward 60–70% amplification, Strategy defending STRC through buybacks, and Smarter Web preparing to launch MORE, competition among Bitcoin Treasury companies is intensifying.But the biggest opportunity might be hiding in Europe.In this episode, we explore:🔹 Bitcoin Treasury Amplification: Why amplification matters, how much is too much, and whether companies can maintain high amplification ratios through Bitcoin bull and bear markets.🔹 Strategy's STRC Buybacks: Is Strategy supporting its Digital Credit ecosystem or interfering with market price discovery? Should STRC be allowed to find its own equilibrium?🔹 The Fastest Horse: Can Strive (ASST), Strategy (MSTR), Smarter Web (SWC), or Capital B deliver the strongest long-term shareholder returns?🔹 Europe's Hidden Advantage: Why European capital markets could offer extraordinary opportunities for Bitcoin Treasury companies, particularly through Digital Credit and institutional demand.🔹 The Rise of Digital Credit: How perpetual preferred equity instruments such as STRC, SATA, and MORE could transform Bitcoin accumulation and corporate financing.🔹 Capital B's Ambitions: Alexandre explains why Capital B believes it can become a leading European Bitcoin Treasury company and how access to European and US capital markets could support its growth.🔹 Bitcoin 2027 Outlook: What happens when Bitcoin appreciates, amplification capacity expands, and institutional investors begin allocating significantly more capital to Digital Credit?The central questions are:- What happens when Bitcoin appreciation, equity issuance, and Digital Credit create multiple reinforcing capital-raising engines?- Could the next Bitcoin bull market trigger an unprecedented acceleration in corporate Bitcoin accumulation?- And which Bitcoin Treasury company will emerge as the fastest horse?Follow the crew on X:- Alexandre Laizet: https://x.com/AlexandreLaizet- André Dragosch: https://x.com/Andre_Dragosch- Yves Choueifaty: https://x.com/YChoueifaty- Valentin Kosanovic: https://x.com/Kosanovic_VFollow Capital B on Youtube: https://www.youtube.com/@UCEXICiXdOXjh0jigU64inPg 00:00 Intro: Bitcoin Treasury News, Strategy & Strive03:35 Bitcoin Treasury Amplification: Who Has the Biggest Advantage?10:30 How Much Amplification Is Too Much?21:07 STRC Buybacks: Is Strategy Fighting the Market?28:18 The Fastest Horse: Strive vs Strategy vs Smarter Web vs Capital B41:20 Why European Bitcoin Treasuries Could Outperform the US48:48 Can Bitcoin Treasury Companies Expand Across Borders?55:01 Bitcoin Treasury Outlook: What Comes Next in 2027?01:00:09 Outro: Reflexive Growth and the Road AheadFollow us on:- X: https://x.com/OneChairPod- Youtube: https://www.youtube.com/@OneChairPodDISCLAIMER: This is not is financial advice. This podcast is for educational and entertainment purposes only.Thank you for listening!