David Lawant, Head of Research at Anchorage Digital, breaks down why Bitcoin's lack of native yield puts constant pressure on treasury companies, and makes the case that Michael Saylor's playbook is evolving rather than breaking.

Host:
<ul>
 <li>
<a href="https://x.com/Steven_Ehrlich">Steven Ehrlich</a>, Host of Bits + Bips: The Interview and Head of Research at Sharplink
</li>
</ul>
Guest:
<ul>
 <li>
<a href="https://x.com/dlawant">David Lawant</a>, Head of Research at Anchorage Digital
</li>
</ul>
This clip is from a longer conversation on Strategy's Stretch rescue plan and Bitcoin's options market. Full episode here: <a href="https://youtube.com/live/VwBxQTcJeXc">https://youtube.com/live/VwBxQTcJeXc</a> 
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Chapters:
🎙️ 00:00 A new Citi report reveals why retail's crypto excitement has quietly collapsed
📉 00:17 Retail's bet on the Mag Seven just hit a multiyear low
😨 01:15 The unsettling reason retail fears Saylor becoming Bitcoin's buyer of last resort
🃏 01:44 Revisiting Saylor's infamous "sell your organs before your Bitcoin" line
🪙 02:34 The yield problem: why Bitcoin generates nothing, while Ethereum and Solana pay
📈 03:06 David on covered calls and the fast rise of synthetic yield strategies
🏛️ 04:39 Saylor, the OG who wrote the playbook on institutional Bitcoin accumulation
⚓ 06:28 Why David says Strategy is quietly weathering the storm better than anyone Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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Why Bitcoin's Lack of Yield Keeps Straining Its Treasury Companies

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