BITCOIN SEASON 2: Saylor Is Lapping The Bitcoin Treasury Competition
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 26 July 2025
⏱️ 37 minutes
🧾️ Download transcript
Summary
Analyzing MicroStrategy's new preferred stock strategy that requires $400M in annual dividends while their core business only generates $111M in revenue. Are Bitcoin treasury companies creating a bubble?
Michael Saylor's controversial pentagram post and MicroStrategy's pivot to preferred stocks. With 145+ companies now adopting Bitcoin treasury strategies and institutions holding 10% of all Bitcoin, we explore whether this paper Bitcoin summer represents genuine adoption or a dangerous leveraged bubble waiting to burst.
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**Notes:**
• MicroStrategy owes $400M annually in dividends
• Core business only generates $111M revenue
• 145 Bitcoin treasury companies now exist
• Institutions hold 10% of Bitcoin supply
• Daily institutional buying 10x mining rate
• Treasury companies bought 39K BTC/month
Timestamps:
00:00 Start
00:48 Bitcoin's "Defense Dept"
03:04 Preferred stock pivot
04:40 Where does the yield come from?
07:29 Dividends can't come from company profits
19:22 MSTR memes
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Transcript
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| 0:00.0 | At Matalan, the one you've been waiting for is here. The big sale is now even bigger, with up to 70% off in the final reductions. It's your chance to save big across women's men's kids and home. Shopping store now or online at matelan.com.uk. Seasonse apply. |
| 0:20.9 | Hey everyone. Charlie here. |
| 0:22.9 | We're running a quick survey. |
| 0:24.5 | We want to better understand who our listeners are. |
| 0:27.4 | Do me a huge favor and fill out that survey. |
| 0:29.9 | It takes under a minute and the link is in the show description. |
| 0:33.2 | This helps us make better content for you. |
| 0:35.5 | Thanks a ton for listening. |
| 0:36.8 | Link in the show notes. |
| 0:38.9 | Michael Saylor announces the Bitcoin Defense Department. |
| 0:42.9 | Yes, that is actually five points of the micro strategy big boy, big idea play to secure |
| 0:52.0 | your paper Bitcoin because it's paper, Bitcoin, summer. |
| 0:56.6 | All of that seems like gobbledy gook to you. |
| 0:59.3 | Stay on the line. |
| 1:00.4 | We're going to talk about it on Bitcoin Season 2. |
| 1:08.9 | Okay, we're back. |
| 1:10.3 | It's Bitcoin Season 2 Riders Room. |
| 1:12.0 | We are the screenwriters for Bitcoin Season 2. |
| 1:14.3 | It feels like a movie. |
| 1:16.0 | Last night was a movie. |
| 1:17.9 | And this is the morning after. |
| 1:20.6 | We're going to talk about Michael Saylor's crazy post this week, Colin. |
... |
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