BTC Sessions Did They JUST BREAK MicroStrategy?! WTF Is Happening? | Jeff Walton, Dr. Ammous & Joey Temprile
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Aug 14, 2025 
Join Jeff Walton, VP of Bitcoin Strategy at Strive Funds, and Joey Temprile from the Canadian Bitcoiners podcast, as they dive into the precarious situation facing MicroStrategy. They dissect the troubling relationship between MicroStrategy's stock and Bitcoin's value, raising alarms about its debt strategy. The conversation shifts to the impact of new regulations on cryptocurrency, navigating privacy in a regulated world, and the hopeful transformation Bitcoin offers amidst societal challenges. Tune in for a mix of finance, insights, and community perspectives!
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MicroStrategy Is An Equity, Not Bitcoin
- MicroStrategy is an equity and behaves differently from Bitcoin despite holding large BTC reserves.
- New perpetual preferred instruments let MicroStrategy raise non-maturing capital quickly, improving leverage flexibility.
Judge Leverage By Balance Sheet, Not Noise
- Evaluate leverage by comparing capital to debt, not headlines about BTC price moves.
- Consider underwriting capacity: strong net capital lets firms access favorable financing even after price drops.
S&P Inclusion Gets Front‑Run And Then Repriced
- S&P inclusion often gets front-run and can cause a stock to fall post-inclusion.
- Companies with durable future value (like Tesla) can still be heavily front-run before index additions.