In this episode, Brian Brookshire provides a comprehensive analysis of MicroStrategy’s bitcoin acquisition strategy. He begins with his background in fintech product marketing, including experiences at Stanford and in Asia. Brian explores MicroStrategy's use of convertible debt to accumulate more bitcoin per share, evaluating the marginal returns and looking back at the NAV discount in 2022. He discusses the risks of MicroStrategy as a bitcoin yield vehicle, potential new products, and future acquisitions. The conversation compares spot bitcoin to spot MSTR and considers whether other companies will soon follow MicroStrategy's lead. Last, Brian dives into his perspective on the stock-to-flow and power law models. SUPPORT THE PODCAST: → Subscribe → Leave a review → Share the show out with your friends and family → Send us an email [email protected] TIMESTAMPS: 00:00:00 Intro 00:01:11 Brian’s background—Stanford, Asia, and fintech product marketing 00:02:49 MSTR’s bitcoin convertible debt strategy 00:12:08 Accumulating more bitcoin per share 00:15:26 Marginal returns on increasing bitcoin per share? 00:18:27 MSTR’s NAV blowing out? 00:19:41 MSTR’s NAV discount in 2022 00:21:50 MSTR as bitcoin yield? 00:22:48 MSTR new products and potential future acquisitions 00:24:12 Spot bitcoin vs spot MSTR 00:25:49 Will other companies finally follow MSTR? 00:30:08 S2F, power law, and the models 00:32:00 What’s the biggest risk to bitcoin? 00:34:44 What’s something you believe about bitcoin that many bitcoiners would disagree with? 00:35:26 Closing thoughts WHERE TO FOLLOW US: → Unchained Twitter: https://twitter.com/unchainedcom → Unchained Linkedin: https://www.linkedin.com/company/unchainedcom  → Unchained Newsletter: https://unchained.com/newsletter  → Joe Burnett’s Twitter: https://twitter.com/IIICapital → Brian Brookshire’s Twitter: https://x.com/btc_overflow