Michael Saylor's Strategy has not had the year it hoped for. Amid an explosion of copycats and Bitcoin price weakness, the company has seen its valuation and so-called mNAV crash. In this special episode of Unchained, Praxos co-founder Vinny Lingham and The Benchmark Company Analyst Mark Palmer join Unchained Executive Editor Steve Ehrlich to debate Strategy's outlook. They discuss the impact of new preferred stocks on common shareholders, the company's new cash reserve and the potential impacts of MSCI exclusion.   They also delve into what the Bitcoin digital asset treasury ecosystem could look like in the future and whether Strategy could have employed a better acquisition model. Thank you to our sponsors! ⁠Uniswap⁠ ⁠Mantle Host: Steve Ehrlich, Executive Editor at Unchained Guests: Vinny Lingham, Co-founder of Praxos Capital Mark Palmer, Senior Equity Research Analyst at The Benchmark Company Links: Unchained: Bits + Bips: Vanguard’s Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners Bits + Bips: Why the Markets Now Have a Bullish Setup Senate Committee Shares Bipartisan Draft on Crypto Market Structure Bill Timestamps: 🚀 00:00 Introduction  📈 2:14 Why Mark still expects Strategy to outperform  📉 5:28 Why Vinny says Strategy preferred stocks are “vampiric” 🤔 11:45 Is Strategy's cash reserve a little too late? 👀 17:11 Debating Strategy's preferreds v. common stock 💡 19:44 How preferreds and CLARITY Act could enable Strategy to start buying Bitcoin dips as well 🫠 24:26 What happens if MSCI delists Strategy 🧠 30:34 The implications of Strategy's recent talk of selling and lending Bitcoin ⚠️ 36:25 Why it might be too late when Strategy decides to sell 🔮 39:28 How the Bitcoin DAT ecosystem could evolve as companies differentiate 🤔 44:17 Could Strategy have employed a better Bitcoin acquisition strategy? 💫 45:30 Closing thoughts on Strategy's future Learn more about your ad choices. Visit megaphone.fm/adchoices