What If Everyone Is Measuring MSTR Wrong?

What If Everyone Is Measuring MSTR Wrong?

From One Chair Podcast by One Chair Podcast

June 7, 2026 · 1h 5m

About this episode

Adrian Morris discusses the misconceptions surrounding MSTR and Bitcoin valuation metrics.

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…

People in this episode

Host: One Chair Podcast

Guest: Adrian Morris

Topics covered

  • Bitcoin valuation metrics
  • mNAV
  • Bitcoin Treasury companies
  • market psychology
  • Bitcoin adoption

Keywords

  • mNAV
  • Bitcoin per share
  • Strategy
  • Bitcoin Treasury
  • market psychology
  • institutional adoption
  • AI

Mentioned in this episode

Organizations: MSTR True North, Strategy, Bitcoin Treasury Companies, True North, AI

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