What Bitcoin Did Is MSTR a Ponzi? | Lyn Alden & Andy Constan
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Aug 11, 2025 
Lyn Alden, an investment strategist known for her macroeconomic insights, teams up with Andy Constan, a 39-year finance veteran, to discuss Bitcoin treasury companies. They tackle the legitimacy of these firms, questioning if they border on Ponzi schemes. The duo examines how returns are generated, why there are premiums to net asset value, and whether these companies can sustain operations without new capital. Alden offers a bullish outlook on well-run treasuries, while Constan warns of their unsustainable reliance on fresh investments.
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Earnings Versus Capital Gains Question
- The core valuation question is whether treasury firms generate recurring income beyond price gains.
- Without clear income streams, NAV premiums are harder to justify versus ETFs or options.
Corporate Issuance Grows Bitcoin Per Share
- Treasury companies like Microstrategy use debt and equity issuance to increase bitcoin per share.
- That strategy compounds holdings per share but depends on continued capital access.
MNAV Creates A Recursive Flywheel
- A higher MNAV lets companies raise capital faster and buy more bitcoin per share.
- That creates a bull-cycle flywheel that can quickly reverse if sentiment shifts.
