Stephan Livera Podcast
Stephan Livera
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Bitcoin Treasury Stocks: Sentiment or Structure? Deep Dive with Adrian Morris | SLP749
In this episode, Adrian Morris joins the show to discuss Bitcoin Treasury Companies. We explore whether MSTR and STRC are over, sustainable mNAV premiums, the impact of leverage, the right way to calculate mNAV, how many such companies can realistically exist, and how this space evolves through bull and bear markets. Timestamps: 00:00 What are Bitcoin Treasury Skeptics Getting Wrong? 03:55 Is it over for STRC? Par vs Peg 06:30 The level of correlation to Bitcoin price 07:10 Critiques of STRC marketing? 09:02 Market Dynamics and Bitcoin Correlation 10:50 Should Strategy Do Something About STRC? 13:55 Is it a waiting game? 14:40 Is the bitcoin treasury risk mispriced? When is a premium justified? 19:26 Leverage or Amplification embedded in the structure 24:10 Operating or Financing Flows to Get Bitcoin? 26:15 mNAV 29:12 Thoughts on CEBE Analysis 32:30 Different forms of mNAV 36:12 Sentiment’s role is amplified 40:32 “Just Tread Water and Survive Until the Bull” 42:47 Will the Correlation to Bitcoin Price increase over time? 46:18 Growth Opportunities: Mergers and Acquisitions 48:23 The Bitcoin Treasury Model - How Replicable is it? 51:50 Where are we in this cycle? 53:42 AI Analysis: Tools and Techniques for Investors 58:55 Is AI being overbuilt? 1:01:40 Open Weights and Local AI? Links: Adrian on X: https://x.com/_Adrian True North: https://tnorth.com/ Bitcoin For Corporations: https://bitcoinforcorporations.com/ Stephan Livera links: Follow me on X: @stephanlivera Subscribe to the podcast Subscribe to Substack
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