Is MSTR a Ponzi? | Lyn Alden & Andy Constan
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 […]