What Bitcoin Did, Released on 8/11/25

Lyn Alden and Andy Constan go deep on Bitcoin treasury companies like Strategy, debating whether they’re outright Ponzi schemes or legitimate vehicles for leveraged Bitcoin exposure. We dig into how these companies actually generate returns, why premiums to NAV exist, and the conditions that could cause the model to unravel. Lyn lays out her cautiously bullish case for well-run treasuries, while Andy argues the structure depends on new capital in ways that can’t last forever.

00:00:00 – Introduction
00:03:37 – Is Strategy’s Bitcoin Play Sustainable?
00:07:30 – The Evolution of Corporate Bitcoin Treasuries
00:15:27 – Bitcoin Per Share & MNAV Flywheel Risks
00:18:20 – Zombie Companies vs Profitable Treasuries
00:39:16 – What’s a Fair NAV Premium?
00:46:46 – The End Game
00:49:54 – Are These Ponzi Schemes?
01:06:18 – Chances of Failure
01:08:12 – Stablecoins & Global Dollar Demand

Lyn Alden is the founder of Lyn Alden Investment Strategy. Lyn has a bachelor’s degree in electrical engineering and a master’s degree in engineering management, with a focus on engineering economics and financial modeling. She worked as an electrical engineer at an aviation facility, and over the course of a decade worked her way up from being an intern to being the lead engineer and running the day-to-day operations and finances of the facility, before retiring early at age 33 with financial independence. Since then, Lyn has been a full-time investor and independent analyst. Her latest book is Broken Money: Why Our Financial System is Failing Us and How We Can Make it Better.

  bitcoin, Crypto, lyn alden, michael saylor, money, MSTR, Ponzi Scheme