Nothing Burger

NYDIG's Greg Cipolaro and Pete Janney unpack Strategy's recent signal that it may sell some of its bitcoin holdings, the first time the company has ever indicated anything other than buying. Greg and Pete walk through why Strategy, which holds nearly 820,000 bitcoin or about 4% of all bitcoin that will ever exist, is choosing to inoculate the market before any actual sales, and how growing dividend obligations on instruments like STRC factor into the move.The conversation then broadens to what Greg calls the trifurcation of digital asset treasury companies: those issuing bitcoin-backed digital credit, those using bitcoin balances to acquire operating businesses, and those running active treasury management strategies. Greg and Pete lay out how the relevant valuation metrics, mNAV, EBITDA, and bitcoin per share, shift depending on which lane a company occupies, and why Strategy is still expected to be a net buyer.