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 Wednesday, May 28th, and today we are talking about the latest

micro strategy clone from a fairly interesting source. 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.ly slash breakdown pod. Well, friends, the big question of the moment is this. Are the micro

strategy clones a bubble that will bring down the Bitcoin market, or are they a new dawn for

Bitcoin-based finance? Over the past few months, we've seen a huge number of Bitcoin

Treasury companies come to market. Metaplanet started the trend few months, we've seen a huge number of Bitcoin treasury companies come to

market. Metaplanet started the trend last December, taking a zombie Japanese hotel chain and

turning it into a leveraged Bitcoin holding company. The pace, however, has really picked up recently,

with GameStop, a new joint venture between Tether SoftBank and Cantor Fitzgerald, and a new vehicle

from Bitcoin magazine CEO David Bailey,

all adopting the Michael Saler Playbook. The news this week is that Trump Media Group, the parent

company of Truth Social, is also becoming a leveraged Bitcoin vehicle. After calling the Financial

Times dumb, their word, for reporting the scoop on Monday, the company announced they would raise

$2.5 billion to buy Bitcoin.

The fundraise will include $1.5 billion in equity alongside $1 billion in convertible notes.

The notes are offered at a conversion price equivalent to a 35% premium, making them extremely

attractive to traders in that market. Basically almost a direct copy of the Michael Saylor plan.

CEO and Chairman Devin Nunes said,

...