Is Wall Street fundamentally mispricing Bitcoin-backed credit? In Episode 6 of Inside the Walls, we had a fascinating conversation with @AlexandreLaizet from @_ALCPB, @Andre_Dragosch from @Bitwise, and @YChoueifaty from TOBAM. A few particularly interesting takeaways: → Strategy's $STRC could be significantly mispriced. André argues that its yield is far above what comparable credit risk would suggest. → Strive $ASST is pushing financial innovation further. The introduction of $SATS, offering a 15% dividend, could actually strengthen $SATA rather than undermine it. → Smarter Web $SWC is opening a new frontier for Digital Credit. With £10M raised through $MORE, the UK now has its first Bitcoin-backed perpetual preferred stock, potentially paving the way for broader institutional adoption across Europe. → The next capital rotation could favor Bitcoin. As inflation accelerates and the AI trade cools, André sees the potential for billions to rotate from semiconductor stocks into Bitcoin over the coming months. And we finish with a provocative discussion about Bitcoin custody: Is "not your keys, not your coins" really scalable? Or is institutional custody an inevitable part of Bitcoin's future? Another fantastic conversation with three incredibly insightful minds. The financial system isn't being replaced overnight. It's being transformed from within. 00:00 Bitcoin Market Update: Inflation, MSTR, Strive & Smarter Web 03:05 The Digital Credit Revolution: STRC, SATA, SATS & MORE 07:25 Smarter Web's MORE: Was the £10M Launch a Success? 12:37 Can Bitcoin-Backed Credit Become an Institutional ETF? 15:52 Retail vs. Institutional Demand: Who Will Drive Digital Credit? 23:24 Can Credit Ratings Unlock Institutional Bitcoin Adoption? 27:38 Is STRC Mispriced? Bitcoin Credit vs. Traditional High-Yield Bonds 31:41 Why SATS Actually Strengthens SATA 39:05 Strive's 15% SATS Dividend: Is the Yield Sustainable? 41:39 Inflation Shock: Will the Fed Raise Interest Rates Again? 45:53 When Could Billions Rotate Into Bitcoin? 47:15 TOBAM Challenges “Not Your Keys, Not Your Coins” 51:40 Is Institutional Bitcoin Custody Inevitable? 55:55 How TOBAM Secured Bitcoin Before Institutional Custodians 58:03 The Future of Bitcoin Custody: Multisig vs. Self-Custody 59:42 Final Thoughts: Bitcoin's Institutional Future Watch the full episode! 🔥👇

Did Strategy spend over $1 BILLION on $STRC buybacks… for virtually no measurable impact on price? @_Adrian from @TNorth is back, challenging some of the biggest narratives in Bitcoin Treasuries and Digital Credit. And his research raises some uncomfortable questions. We went deep into: → $STRC buybacks: Why their impact on price becomes statistically indistinguishable from zero once other market factors are accounted for. → Daily dividends: Is Strategy $MSTR overengineering $STRC without addressing what actually drives its price? → USD reserves: Does holding billions in cash really make Digital Credit safer, or are we seeing diminishing returns? → Strive $ASST: Are $SATA's investor protections and disciplined USD reserve strategy really giving it an edge over $STRC? → $STRC vs. $SATA: Why Bitcoin, parent equities, and the broader Digital Credit market are the real drivers of price action. → Market intervention: Are Strategy's buybacks signaling weakness rather than strength to the market? → Bitcoin Treasury KPIs: Why BTC Yield, amplification ratios, and Bitcoin per share don't necessarily translate into investor returns. → The future of $MSTR: Why the common equity ATM could remain Strategy's most powerful capital-raising engine. But here's what makes this conversation particularly interesting. Despite being critical of Strategy's recent financial engineering, Adrian remains extremely bullish on its long-term future. One of our most analytically rigorous deep dives into Bitcoin Treasuries and Digital Credit yet. 00:00 Intro: Adrian Morris Returns to One Chair Podcast 01:21 STRC vs. SATA: Why Is Strive Losing Its Edge? 04:01 Do Daily Dividends Actually Help STRC Trade at Par? 07:11 True North Research: What Really Drives STRC's Price? 14:55 Are Strategy's Buybacks Delivering Diminishing Returns? 18:26 Does Strategy's USD Reserve Actually Support STRC? 22:23 STRC vs. SATA: How Much Cash Reserve Is Enough? 28:48 Would Stronger Investor Protections Fix STRC? 34:18 Daily vs. Semi-Monthly Dividends: Is Strategy Overengineering STRC? 38:54 Is Strategy Listening Too Much to Bitcoin Twitter/X? 43:35 Should Strategy Copy Strive's Podcast and Media Strategy? 48:20 Why Strategy Needs More Data-Driven Investor Communication 50:26 Did Strategy Ignore the Warning Signs in STRC Buybacks? 53:56 Why MSTR's Common Stock ATM Could Dominate the Next Decade 01:00:51 Could Strategy Become a Bitcoin and AI Powerhouse? 01:01:55 Where to Find Adrian Morris and True North Research Watch the full episode 👇