One Chair Podcast
The 13% Yield Machine That Could Send Bitcoin to $1.6M
- Joe Burnett's path to Bitcoin: Started as a traditional value investor in 2017, researched Bitcoin fundamentals during the 2018 bear market, and eventually joined Bitcoin treasury companies (Similar Scientific, then Strive).
- Bitcoin per share as the North Star: Strive's strategy focuses on increasing Bitcoin per share over time through careful custody, low-cost acquisition, and optimizing capital structure with perpetual preferred equity rather than debt.
- Digital credit as a paradigm shift: Products like Stretch and Sata are opening Bitcoin exposure to new investor classes (conservative, yield-focused) who wouldn't otherwise hold volatile Bitcoin, representing net new capital inflow into the ecosystem.
- Strategy's earnings call transparency: Michael Saylor's willingness to sell Bitcoin for share buybacks under certain conditions (when trading well below NAV) provides optionality and confidence for equity holders, not a strategy pivot.
- Strive's structural advantages: A lean team (30 employees managing $1.2 billion in Bitcoin), perpetual preferred equity structure (avoiding debt maturity risk), and focus on credit quality of Seda position the company for sustained growth.
- The CoffeeZilla conversation: Digital credit's high yields (11.5–13%) require clear explanation via insurance analogies; public debate with skeptics helps educate retail investors on how digital credit actually functions and differs from Ponzi schemes.