"Strategy is the JPMorgan of the crypto economy." I join @KellyCNBC and @TheDomino on @CNBC today to discuss $MSTR and $BTC. 00:53 - Bitcoin’s bear cycle, macro headwinds, and how Strategy is navigating volatility through active capital management 02:05 - Legislative clarity as the catalyst for tokenization, stablecoins, bank adoption, and Bitcoin’s role as an inflation hedge 02:45 - Why Strategy is not a forced seller of $BTC, and why Bitcoin Per Share matters more than average cost 03:43 - Net Bitcoin accumulation: ~170,000 BTC added this year and 35x more bitcoin bought than sold 04:02 - Why Strategy sells bitcoin: funding dividends, buying back $STRC below par, and increasing Bitcoin Per Share 05:01 - Strategy’s Bitcoin scale: 842,138 BTC, over 4% of total supply, and the largest institutional Bitcoin position 05:36 - Balance sheet flexibility: $4B of USD reserves and multiple ways to fund dividend obligations 06:00 - The Clarity Act, executive rulemaking, and why regulatory decisions matter for the broader digital asset industry