BITCOIN SEASON 2: Saylor Is Lapping The Bitcoin Treasury Competition
Analyzing MicroStrategy's new preferred stock strategy that requires $400M in annual dividends while their core business only generates $111M in revenue. Are Bitcoin treasury companies creating a bubble?
Jul 26, 2025
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ABOUT
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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👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!
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