Michael Saylor's controversial pentagram post and MicroStrategy's pivot to preferred stocks. With 145+ companies now adopting Bitcoin treasury strategies and institutions holding 10% of all Bitcoin, we explore whether this paper Bitcoin summer represents genuine adoption or a dangerous leveraged bubble waiting to burst.

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**Notes:**

• MicroStrategy owes $400M annually in dividends

• Core business only generates $111M revenue

• 145 Bitcoin treasury companies now exist

• Institutions hold 10% of Bitcoin supply

• Daily institutional buying 10x mining rate

• Treasury companies bought 39K BTC/month

Timestamps:

00:00 Start

00:48 Bitcoin's "Defense Dept"

03:04 Preferred stock pivot

04:40 Where does the yield come from?

07:29 Dividends can't come from company profits

19:22 MSTR memes

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