Strategy sold Bitcoin for the first time since 2022 — a small sale, but a meaningful signal. Ram, Austin, and Chris work through the capital stack math: $15 billion in preferred stock needs Bitcoin to appreciate 11.5% annually just to cover dividends. What happens if it doesn’t?

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This clip is from a longer conversation on Strategy’s Bitcoin capital stack, the Anthropic IPO, and crypto’s political fight with the banking lobby. Full episode here.

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