What If Everyone Is Measuring MSTR Wrong?

Is mNAV really a valuation metric? Is Bitcoin per share actually meaningful? And what if most investors are measuring MSTR completely wrong?In this episode of One Chair, we sit down with Adrian Morris, longtime Bitcoiner and founding member of MSTR True North, for a deep dive into Strategy (MSTR), Bitcoin Treasury Companies, mNAV, Bitcoin per share, STRC, SATA, and the future of Bitcoin adoption.Adrian argues that mNAV is sentiment. He explains why Bitcoin per share may be one of the most misunderstood metrics in the Bitcoin Treasury space, why defending mNAV could be a mistake, and what Strategy's recent Bitcoin sale really tells us about market psychology.We also explore the future of Bitcoin Treasury companies, Strategy's preferred shares, dividend sustainability, institutional adoption, and why AI may be attracting the capital that Bitcoin expected to receive.Whether you're a Strategy shareholder, Bitcoin investor, or simply trying to understand the next phase of Bitcoin adoption, this conversation challenges some of the most widely accepted assumptions in the market.Follow our guest:- Adrian Morris on X: https://x.com/_Adrian- True North on X: https://x.com/TNorth- True North on Youtube: https://www.youtube.com/@BTCTrueNorth00:00 Adrian Morris' Bitcoin Journey & Why He Bought MSTR05:02 The Real Meaning of mNAV (Market Sentiment)10:10 Why Bitcoin Treasury mNAVs Eventually Collapse11:22 Should Bitcoin Treasury Companies Defend Their mNAV?15:56 The Fatal Flaw in mNAV Buybacks17:57 Why Strategy Should NOT Sell Bitcoin to Buy Back Shares20:15 Why Did Strategy Sell 32 Bitcoin?23:55 MSTR Myths, Margin Calls & X Misinformation25:38 Why Bitcoin Per Share May Be Misleading Investors31:09 The Endgame for Bitcoin Treasury Companies34:42 The Future: REITs, Options & Bitcoin Financial Products36:46 STRC, SATA & Bitcoin Preferred Shares Explained41:22 Does STRC Guidance Even Matter?43:12 Why SATA Outperformed STRC45:42 Daily Dividends: Innovation or Hype?48:30 Will STRC & SATA Eventually Cut Dividends?54:54 Is AI Stealing Capital From Bitcoin?01:00:51 Can Bitcoin Become AI's Security Layer?01:03:56 Adrian's Message to Bitcoin InvestorsBig thanks to Little Bubble for allowing us to use his song: "One Chair": https://open.spotify.com/track/0XW7JgR2Nlg7WXGOeVT64h?si=a344b82984f74f81DISCLAIMER: This is not is financial advice. This podcast is for educational and entertainment purposes only.Thank you for listening!Follow us on:- X: https://x.com/OneChairPod- Youtube: https://www.youtube.com/@OneChairPodReferral links:- Roxom: https://roxom.com/auth/signup?referral=a7m4wx