Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Tuesday, December 2nd, and today we are talking about a new strategy dividend reserve, Kalshi tokenization, and a report from Congress on Operation Chokepoint 2.0. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.L.Y slash breakdown pod. All right, friends, a bit of a grab bag today. Lots of medium-sized stories, starting with the latest from Micro Strategy who have laid out a plan to avoid the need to sell their Bitcoin. On Monday's show, we covered a recent interview from Micro Strategy CEO, Fong Le. Vong acknowledged that it might make sense for the company to sell their Bitcoin. On Monday's show, we covered a recent interview from Micro Strategy CEO,

Fong acknowledged that it might make sense for the company to sell some Bitcoin to meet debt and dividend obligations at some point. Now, he made it clear that Bitcoin sales would

be a last resort, but said that Micro Strategy would sell if all other funding channels had been

exhausted. In an SEC filing on Monday, Micro Strategy announced a new cash

reserve that would serve as a buffer to push that last resort out a little further. The cash reserve

will hold $1.44 billion and would be funded from the sale of regular shares. The company

noted this amount would be enough to cover two years of their current dividend obligations,

but they plan to maintain at least a one-year buffer.

Micro Strategy wrote,

We believe this improves the quality and attractiveness of our preferred debt and common equity.

The cash reserve has already been raised, with Micro Strategy funding the reserve through share sales in less than nine trading days. The announcement came alongside another Bitcoin buy,

with Micro Strategy adding a relatively small 130 Bitcoin for around 11.7 million.

That amount brings their total Bitcoin Treasury to an even 650,000 BTC, meaning they now

hold 3.1% of the 21 million Bitcoin that will ever exist.

In addition, Micro Strategy has lowered their targets for this year's results.

They now expect to finish the year with between 22 and 26% Bitcoin yield.

They also drop their Bitcoin price expectation to between $85,000 and $110,000 by the end of the year.

Michael Saylor seems fully on board with the new strategy stating,

Establishing a USD reserve to complement our Bitcoin reserve marks the next step in our evolution,

and we believe it will better position us to navigate short-term market volatility,

...