TIMESTAMPS: 00:00:00 - Introduction 00:03:37 - Is Strategy’s Bitcoin Play Sustainable? 00:07:30 - The Evolution of Corporate Bitcoin Treasuries 00:15:27 - Bitcoin Per Share & MNAV Flywheel Risks 00:18:20 - Zombie Companies vs Profitable Treasuries 00:39:16 - What’s a Fair NAV Premium? 00:46:46 - The End Game 00:49:54 - Are These Ponzi Schemes? 01:06:18 - Chances of Failure 01:08:12 - Stablecoins & Global Dollar Demand