Adam Livingston and Jeff Walton are joined by independent Bitcoin treasury analyst Zynx to unpack a wild week of hot inflation, rate hike odds, and the upcoming Anthropic IPO, then look at why Bitcoin’s four-year compound annual growth rate has never been negative. From there, they review Strategy’s balance sheet as it crosses 850,000 BTC, debate whether STRC buybacks or more Bitcoin is the better use of capital, and check in on Strive and SATS. They also explore reinsurance as a source of uncorrelated yield, what Saylor means by building a Bitcoin bank, and whether $10K belongs in the Anthropic IPO or Bitcoin.
Market Snapshot
As of 1/11/26:
- Open: $120.48 | Close: $122.35
- Volume: ~13.6M shares
- mNAV: ~1.07 | Market Cap: ~$49.3B
- BTC Holdings: 850,364
In This Episode
- 00:01:07 — A Wild Week In Markets
- 00:07:55 — Bitcoin Has Never Lost Over 4 Years
- 00:22:04 — Strategy Balance Sheet
- 00:25:12 — Buybacks Or Bitcoin?
- 00:44:59 — Strive Balance Sheet
- 00:52:35 — Reinsurance And Uncorrelated Yield
- 01:08:16 — Is Strategy Building A Bitcoin Bank?
- 01:18:56 — Anthropic IPO Or Bitcoin?
- 01:28:56 — Final Thoughts