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In this episode, Brian Brookshire provides a comprehensive analysis of MicroStrategy\u2019s bitcoin acquisition strategy. He begins with his background in fintech product marketing, including experiences at Stanford and in Asia. Brian explores MicroStrategy's use of convertible debt to accumulate more bitcoin per share, evaluating the marginal returns and looking back at the NAV discount in 2022. He discusses the risks of MicroStrategy as a bitcoin yield vehicle, potential new products, and future acquisitions. The conversation compares spot bitcoin to spot MSTR and considers whether other companies will soon follow MicroStrategy's lead. Last, Brian dives into his perspective on the stock-to-flow and power law models.

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TIMESTAMPS:

00:00:00 Intro

00:01:11 Brian\u2019s background\u2014Stanford, Asia, and fintech product marketing

00:02:49 MSTR\u2019s bitcoin convertible debt strategy

00:12:08 Accumulating more bitcoin per share

00:15:26 Marginal returns on increasing bitcoin per share?

00:18:27 MSTR\u2019s NAV blowing out?

00:19:41 MSTR\u2019s NAV discount in 2022

00:21:50 MSTR as bitcoin yield?

00:22:48 MSTR new products and potential future acquisitions

00:24:12 Spot bitcoin vs spot MSTR

00:25:49 Will other companies finally follow MSTR?

00:30:08 S2F, power law, and the models

00:32:00 What\u2019s the biggest risk to bitcoin?

00:34:44 What\u2019s something you believe about bitcoin that many bitcoiners would disagree with?

00:35:26 Closing thoughts

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