Strategy sold $216M more Bitcoin. Ram, Austin, and Chris ask if Saylor's now a recurring seller, and whether tokens can ever coexist with equity. Plus: the stablecoin wars get real.
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Strategy sold $216 million worth of Bitcoin this week, its largest single sale yet, raising the question of whether Michael Saylor's company has quietly flipped from Bitcoin buyer to seller.Ram Ahluwalia, Austin Campbell, and Chris Perkins dig into the mechanics behind the sale, the STRC preferred dividend Strategy is racing to protect, and a bigger structural fight over whether tokens can ever function alongside equity in a company's capital stack without one cannibalizing the other.
They also cover the widening stablecoin wars: Robinhood's new USDG yield product running through Morpho vaults, Tether's retreat from a MiCA-regulated Europe, and the backlash after Global Dollar Network's OUSD launch named partners who say they were never consulted. The hosts weigh which banks, from JPMorgan to Europe's regional lenders, are positioned to win as deposits migrate onchain, and why Securitize's freshly public stock is already trading like a call option.
Hosts:
Austin Campbell, Host of Bits + Bips, Zero Knowledge Consulting
Ram Ahluwalia, Co-Host, CEO of Lumida
Chris Perkins, Co-Host, President of CoinFund
Timestamps
💰 02:10 Strategy sells $216M more Bitcoin: is Saylor now a recurring seller?
⚖️ 09:55 Why Ram says there's no room for a third category beyond debt and equity
🪙 22:41 Ram: could up to 99% of today's tokens end up worthless?
📣 28:52 Cape: Use code UNCHAINED for 33% off your first six months at https://cape.co/unchained
🌍 29:51 Robinhood's USDG yield, Tether's Europe exit, and the OUSD backlash
🏦 42:44 Why Austin says the banks that ignored stablecoins risk becoming Borders
📈 50:12 Securitize goes public: why Austin says the stock trades like a call option
🤖 53:59 Why quality stocks are clawing back share from the AI and semis rally
