Bankless · 2026-07-01 · 54 min
Michael Saylor’s Strategy bought itself time, but did it actually solve the problem? David sits down with Jeff Dorman and Matt Walsh to unpack Strategy’s increasingly complex capital structure, why $STRC and MSTR are now fighting for oxygen, whether Saylor may need to sell Bitcoin, and why the company is starting to look less like a levered BTC play and more like an actively managed hedge fund. - OKX | THE NEW MONEY APP - BANKLESS SPONSOR TOOLS: POLYMARKET | #1 PREDICTION MARKET BITGET | TOKENIZED STOCKS 2.0 THE DEFI REPORT | ONCHAIN INSIGHTS BANKLESS PREMIUM | AD-FREE & BONUS EPISODES - TIMESTAMPS 0:00 Intro 2:30 Can Stretch Return to 100? 4:00 Explaining the New Framework 4:43 Can the Capital Stack Coexist? 6:39 Refunding the Converts 8:32 MNAV Near the Breaking Point 11:15 Option Value or Investor Betrayal 15:37 Legal Risk and Retail Exposure 19:52 Buying Time, Not Solving It 22:20 Scenario Odds After the Pivot 24:54 Sell Bitcoin or Wait 28:59 M&A as a New Path 34:13 Temporary Relief, Future Crash 36:21 Slow Bleed, Not Bankruptcy 40:58 Bitcoin Needs a Bigger Narrative 46:56 Would Jeff Buy Stretch? 48:26 Is the Model Actually Genius?
How Ondo Is Bringing Stocks and Perps Onchain | Ian De Bode81 / 100Ethlabs: The New Org to Make Ethereum Win | Ansgar & CasparROLLUP: Bitcoin Breaks Below $60K | Saylor’s Three Bad Options | ETH Labs | The Quantum ClockAI, Surveillance, and the Fight for Digital Sovereignty | Near's Illia Polosukhin"The Fed Can't Print Moore's Law" - How the AI Crash Sends Bitcoin to $1M | Arthur Hayes