Mike Flaum, CEO of Log Scale Investments, joined Bitcoin Magazine TV for an interview covering Strategy's (MSTR) Stretch preferred stock, shareholder-approved daily dividends, Strive's SATS, Bitcoin-backed preferreds versus Treasury bonds for retirees, mNAV valuation metrics, and the debate over Bitcoin's four-year cycle. Flaum also explained why he separates risk from volatility and why he remains bullish on Bitcoin over the long term. Strategy, formerly MicroStrategy, is the largest corporate holder of bitcoin.

Those subjects sit at the center of how the bitcoin treasury company sector now operates. Strategy built its bitcoin position largely by raising capital through common stock, convertible bonds, and preferred offerings — a class of equity that typically pays fixed dividends and ranks ahead of common shares — so whether Stretch can sustain its return to par and how the shareholder-approved daily dividend functions speak directly to the company's capacity to fund new bitcoin purchases. mNAV, the metric Flaum breaks down in the interview, is the sector's yardstick for whether a treasury company trades at a premium or discount to the value of the bitcoin it holds, and it frames the discussion of why Strategy's stock has not kept pace with its bitcoin.

The conversation also widens the lens beyond Strategy. Strive's SATS preferred and its oversubscription illustrate how newer entrants are adopting comparable capital structures — the interview compares Strategy's and Strive's capital stacks directly — while the pairing of bitcoin-backed preferreds with Treasury bonds addresses what role these products could play for income-focused retirees. The four-year cycle debate, in turn, takes up whether bitcoin's historically recurring pattern around its halving events still applies, including why bitcoin has hit all-time highs before a halving.

The full interview is available on Bitcoin Magazine TV via YouTube.

Video Chapters

• 00:00 – Mike Flaum on Strategy and Bitcoin Treasury Companies
• 00:15 – What Stretch Getting Back to Par Means for Strategy
• 01:18 – How Issuing Stretch at $100 Restarts Bitcoin Buying
• 02:33 – Strategy Shareholders Approve Daily Dividends
• 03:34 – Why Daily Dividends Work Like Bitcoin Perpetual Futures
• 04:51 – Opportunistic Traders vs. Long-Term Preferred Holders
• 07:08 – Was Strive's SATS Oversubscription Net New Money?
• 09:39 – Bitcoin-Backed Preferreds vs. Treasury Bonds for Retirees
• 11:43 – Why Strategy's Stock Hasn't Kept Pace With Its Bitcoin
• 13:41 – Gross, EV and Net mNAV Explained
• 15:04 – Digital Credit, Amplification and Share Buybacks
• 16:47 – Strategy vs. Strive's Capital Stack
• 18:48 – Is the Bitcoin Four-Year Cycle Dead?
• 20:31 – Why Bitcoin Hits an All-Time High Before the Halving
• 22:08 – JPMorgan's Bitcoin Forecast and Bitcoin's Long-Term Returns

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This article first appeared on Bitcoin Magazine and was written by Patrick Green.