The Canadian Bitcoiners Podcast - Bitcoin News With a Canadian Spin - SAYLOR FINALLY SELLS, MARKET IS INOCULATED - BTC CRASHES ANYWAY | Canadian Bitcoiners Podcast 267 Pt 1

Episode Date: June 2, 2026

Michael Saylor just broke the one rule he built his empire on. Strategy (MSTR) sold Bitcoin for the first time since 2022 — 32 BTC, ~$2.5M — and the "never sell" era is officially over.He's calling it "inoculating the market." Genius move… or the first crack in the $61B Bitcoin machine? Full breakdown below 👇PLUS Three anonymous parties just asked a New York court to hand them Satoshi Nakamoto's Bitcoin — roughly 3.8 MILLION BTC (~$293B) across 39,069 dormant wallets — using a "lost property" law written for found umbrellas. On this week's Canadian Bitcoiners Podcast we break down the most audacious legal attack on Bitcoin's supply in history, why it could hit a default judgment as soon as late June, and the one reason it almost certainly fails: you can't seize coins you don't hold the keys to.We also cover the week's biggest Bitcoin and Canadian stories: Tether tightening its grip on Twenty One Capital ($XXI) and what it means for Jack Mallers and Strike, the Bitcoin treasury model cracking (Metaplanet's mNAV collapse and Sequans unwinding its entire stack), Kraken's 2.5% Bitcoin yield vault, the "Mined in America" bill and Trump's Strategic Bitcoin Reserve — plus the Canadian file: Mark Carney's $195K flight catering bill, Ontario mortgage delinquencies up 52%, and a technical recession nobody in Ottawa wants to name.Not your keys, not your coins has never been more literal. Here's what's actually happening, what's noise, and what every Canadian Bitcoiner needs to watch next.⚡ Grab a Bitcoiner you know and send them this episode.🔗 STORIES & SOURCES IN THIS EPISODENY lawsuit for Satoshi's dormant coins: https://bitcoinmagazine.com/news/anon...Lawsuit deep-dive (coverage thread): https://news.bitcoin.com/anonymous-pl...Tether takes control of Twenty One Capital ($XXI): https://decrypt.co/368458/tether-bitc...Twenty One / Strike self-dealing breakdown: https://x.com/AdamSimecka/status/2060...Sequans abandons its Bitcoin treasury: https://www.theblock.co/post/402883/s...Metaplanet's mNAV collapse: https://cryptoslate.com/metaplanet-is...Kraken's 2.5% Bitcoin yield vault: https://coinmarketcap.com/academy/art..."Mined in America" bill + Strategic Bitcoin Reserve: https://decrypt.co/362802/senators-re...Carney's $195K flight catering bill: https://torontosun.com/news/national/...Ontario mortgage delinquencies up 52%: https://torontolife.com/real-estate/o...—🟧 BUY BITCOIN — BULL BITCOINCanada's longest-running Bitcoin-only exchange. Non-custodial, no KYC surveillance creep, and built by Bitcoiners for Bitcoiners. Lock in 25% off fees for life:👉 https://mission.bullbitcoin.com/cbp🌐 EASYDNS — OWN YOUR DOMAIN, OWN YOUR DATADNS, domain registration, web & email from a company that actually fights for your digital sovereignty. Use code CBPMEDIA for 50% off your first purchase:👉 https://easydns.com🔥 256 HEAT — MINE BITCOIN, HEAT YOUR HOMETurn ASIC miners into programmable, app-controlled heaters and recapture every watt as warmth. Get paid in sats to heat your space:👉 https://256heat.com🎓 BTC MENTOR — LEARN SELF-CUSTODY THE RIGHT WAYOne-on-one coaching to take your Bitcoin off exchanges and into your own custody with confidence:👉 https://btcmentor.io/aff/joey⚠️ None of this is financial, legal, or tax advice. We are Bitcoiners sharing opinions and analysis for entertainment and educational purposes only. Do your own research. Sponsor links above are affiliate links that support the show at no extra cost to you.#Bitcoin #Satoshi #CanadianBitcoiners #BTC #SelfCustody #NotYourKeys #BitcoinNews #Crypto #Canada #SatoshiNakamoto

So MSTR has decided to sell some Bitcoin. Do you care? I don't care. It's not the first time they've done it. Plus, we got some other stuff to discuss as well. The usual high quality content you've come to expect in the Canadian Bitcoiners podcast. But first the intro. And so, you know, the government can say whatever they want about this thing not competing.

It's for black market only. It's for this for that. But they're really treating it like a threat. And one of the things that can't be attacked is yourself. custody Bitcoin. And one of the things that can be attacked is the ETF. Can't be exposed to that. That's my view. It's not a good idea. And by the way, that'll hit MSTR too. It'll probably hit other stuff as well. Friends and enemies. Welcome back. Canadian Bitcoiners podcast. Friends and enemies, welcome to the CBP. Want to be better informed. Listen to Len and Joey.

Spots is taking care off right off the top. Oh, Bitcoin and easy DNS. The media is feeding the Len, I feel inoculated today after a friend of the show, Michael Saylor, deciding to sell some VTC to pay his dividend, I guess. I suppose we'll find out in the not too distant future. Are you an STRC holder? I have a couple of shares. They're symbolic. He sold for you, buddy.

Yeah, I appreciate that. I actually got my dividend today. So happy SCRC dividend date all this to celebrate. Living the dream. doing exactly what you should be doing is catching those what they gotta fix this fucking camera what's going on over this earthquake tornado alley over there

my daughter took it so I have to put it back oh nice nice yeah like that yeah you like that yeah uh big show tonight we'll do the sponsors first our front easy DNS best place for you to host all your content by website portal website we got the uh brand new

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and forget about all the nonsense that Brad went through, continues to go through. I see, we follow each other on Instagram too, so I see that he's working through some things over on that side of the social media landscape as well.

You follow me on Instagram. Yeah. Oh, yeah. Excellent. Yeah. I only post one genre on Instagram. Hockey. Hockey clips.

Yeah. Yeah. So we got a lot of stuff going on there. Mark also bringing back encryption to his email, GPG encryption now is going to be the default with anything that goes through EasyDNS, which is huge. This is, you know, in the midst of C-22 and all this other stuff coming down the pipe around crime, encryption, verification. You want to see companies doing this.

We obviously are thrilled to be partnered with Mark and EasyDNS through all this stuff. I suspect it's going to get hairy. and there's no one he'd rather be in the trenches with than Mr. Jeff DeVic. So anyway, yeah, CBP Media is the code. You get 50% of first round of buys. And I think there's also a code for the claw bot. Mark has it in our, yeah, for EasyClaw. He has in our group chat is TBC Media, but maybe it's BTC Media.

You get your first month free. And that's at Axisofeasy.com slash Easyclaw. I will put that in the chat now, and I will put it in the comments after the show. You should give it a shot. I mean, I have not used the claw bough, but I plan on giving this a go because I'm addicted to Claude for everything else. So I can't imagine this is going to be anything less of anything less than great. We can't talk about him because. Todd Lemieux, not that Claude.

Yeah, unfortunately for Claudie committed suicide this past week. They're donating his brain, which is good. So let me see what's going on. Anyways. Bitcoin's another sponsor to show another. So we're talking about Quebecquas right now. So they are also a bunch of Quebec qua. Good place to buy.

Good place to sell. I don't think you want to sell today, but you may want to buy today. And Bull Bitcoin will be happy to do either of those purchases or sells. And so if you do that, remember if they're non-custodial, so you got to provide an address in order to do the buys is what you want in the exchange. We talked about so often why it is you don't want to deal with custodial exchanges. And that is not what Bull Bitcoin is. They're anything but that.

Of course, they also mixed a Bitcoin before it goes to you. You could do limit orders. You do a lot of different things with them. They're expanding in a bunch of different countries. Right. The last expansion was in South America and two up, Australia. Argentina, another A country. But yeah, man, they're expanding.

If you haven't yet open an account, what are you doing? Use our link below by doing that. All your buys and sales will be cheaper moving forward. Check them out. They are the best in the game. People love them. We do. And that's what I do all my buys.

So they're number one in my heart. Yeah. I mean, they're a great company, great guys, and some big announcements coming there over the next little while. I can't wait for you guys to hear about them. Should we start with Mike, MSTR, Boos? Where do you want to start? Boose, no, boost. We got to start with Boose.

Yeah. Permaner, 210sats. And he says, one use case for a physical shake pay card is for graphing OS users. You have to find a way to make NFC card payments on graphene. Also online purchases. That's something that I. at it as well. Totally forgot about the online purchases part because, you know, people that buy stuff on Amazon or from whatever, I don't think you could use the, uh, shake pay card

that's on your phone. You can't. So that's where the fiscal card will also be another bonus as well. I totally forgot about the online purchases, but yeah, if you're on graphy, I thought you could use, um, NFC on graphene, um, for payment. I never did it, but I guess it's not possible. So there you go. There's a purpose for having it, the card. So it makes sense. Yeah. Yep. Mo BTC Dick 500 sats He says congrats in five years lads Wilde think how long some of us has been

Having this discourse It kind of hit me by surprise the five years I didn't think of it It just came and went And six years is going to be the same thing Yeah Seems like yesterday we just started But it really wasn't

It was five years ago Okay Business Cat Tied with Bond Each of them We'll do business cat first 1 337 sats He says

Joey and Lent Are card-carrying members Of the Penn 15 club Yeah Hang on I'm kind of lost with this 1015 You don't know what the Penn 15 club is

It's penis Oh, okay So there you go It's actually a show If you do It's a cringe comedy show It's penis It's the joke

It's penis if you write it down Come on how old are you You're only a little older than me I'm very literal when I do this So I'm very very literal Oh my God I hope we're card carrying members of that Like yeah

Ward is one I'm not changing I'm not right I can identify as anything else But a fucking guy Bond 1337 sets Two things Clown emoji in Canada Yeah tough tough go out there for us today

Tough sledding you know Not great technical recession No problem Don't talk about that It's not really the case. Hammer 10LG, 2,500 sats. He says it's true that the Alberta separatist movement might make Canada look bad on the international stage. However, the negative image is overshadowed by the fact that Mark, money guy Carney, has successfully plunged Canada, a nation rich in energy and natural resources into a, well, technical overstation.

The T word again. Yeah, I'm with you, man. You're right. You're right. Yeah. So, yeah, there you go. Those are the, those are the boost. Love to hear it.

Yeah, okay. I have no housekeeping. I got to say, we've obviously scaled back the interviews quite a bit, in part because it's summer, but also in part because I just have too much stuff going on now. Like, the cast runs three days a week. We do Accessive Easy, this show, and also I have a daughter. So no housekeeping today. We might do some interviews here and there, but, you know, yeah.

You know, the whole life gets in the way thing really starting to creep up on me a little bit over the last three or four months. That's for sure. Yeah, I think it's all going to be dependent on who wants to come on. Like if, I guess if Bo Jackson or Michael Jordan want to come on, each of us are going to really... Careful. There's a guy in Bitcoin named Michael Jordan. I don't mean that guy. I mean the Chicago Bulls legend.

Yeah, 100%. I mean the White Sox legend Michael Jordan, not a Bitcoin legend, Michael Jordan. What was it a double eight team called? Birmingham? Yeah, Birmingham, something. Yeah, so the Birmingham legend. So wonderful. Anyways.

Yes, sir. Want to dive right into it? Mike. Michael Seller. He's... What you're talking about, man? We had other big companies sell. Did you hear that Palm Ply Annals company Burr?

They saw some Bitcoin, 52 Bitcoin they sold. And yeah, so they now hold 50s. Fuck them. I don't want to talk about Michael Seller. That's the big one. And so... 32 Bitcoin, man. 32 of Bitcoin is all it took to make people.

throw their arms up in the air and yell something's wrong with the world and the Bitcoin universe is collapsing on ourselves. It sold it this Bitcoin between May 26 and May 31, average price of $77,000. They made a cool $2.5 million on this sale. Why they did this after making such a large purchase in the past of the while? I don't know, but they say they're going to be using this to fund their high-yield STRC. stock. Everybody holding that, you are the reason why this was sold and the price of Bitcoin went down. But you know what? It's a buying opportunity if you think the price of Bitcoin is cheap. And whatever, here we go. It's the first, I guess, of many sales that they're going to do moving

forward. I mentioned it. These guys, they're not going to hold on to their Bitcoin forever. We've talked about this a bunch. Yeah. Yeah. And I was saying the options are, you know, borrow against it. No, probably not. it probably and here they are selling it they still control like 843000 bitcoin they sold 32 right right no true drop in the bucket yeah yeah drop in the by percentage 0.004 percent that's crazy that's two zeros after the dot there that's that's that's nothing imagine if they sold a thousand 10 100 thousand it will several hundred thousand they will they will sell they will sell more than 100 at some point in the next two years I think in one go wow

next that's that's a bold statement i i'm of the opinion it's going to happen sometime i can't predict when because you know with a long enough time horizon they will do something with their bitcoin they will sell it i would assume but yeah this could be 20 30 50 hundred years who the fuck knows in my it's it won't be it's not a i don't think it is a who knows i think it's a pretty clear like they are trying their best to clear their balance sheet story by the end of 28 uh they have they have like a billion in change this year and then three billion next year and the year after in terms of convertibles coming due. And so they want that story tidied up. They're going to do it by making sure they get out of that debt in the meantime. And they want to do this strike thing

or stretch thing, I should say, to continue making sure that they can issue common stock to help with that. This is a no-brainer. I also think that one of the things they're going to come up against the next little while. Assuming we're in a bit of a secular rate, you know, elevated rate cycle, 11.5, I think, is the dividend on STRC now? Do I have that right? Do you know? I have it up there.

I think it's 11.5. Let's say it's 11.5. It launched it like 9.5 or something like that. 11.5 is really high. But there is a risk associated with STRC. If you want dividend, like if you're just looking for cash flow, the risk there is much greater than it is in government bonds. Now, you will buy STRC.

if government bonds are down at 3%. But if government bonds are 6 or 7, you know, you probably would, a lot of capital pools, I don't want to say you or me or whoever, but a lot of capital pools would opt for, you know, 90 day, five year, three year, whatever paper

at 6% or 7% before they went for STRC at 11. So I think they'll go higher. They'll have to go higher. Right. If you believe that there's going to be a systemic change in how people are going to invest their money. If you see government bonds, I don't know

what it is now, three and a half four percent. It's higher than that. Some of the 10 year, 10 year and five year in America is up near five and six. Japan, obviously up near 10, I'm pretty sure, higher than that. So, like, you can get this paper at a pretty good rate. Now, I'm not saying there's no risk associated here. Of course, there's always risk.

But you probably have less so dealing with a central bank rather than. They're printing. You know, not nominally. We don't know, but the risk is still yeah it's always i would always suggest buy bitcoin but what's going to happen then without sturs they're going to always have to like they're going to adjust that lever like the one thing that i think people get wrong with STRC is it's always the dividend's not sustainable no shit they can raise or lower whenever they want the market will dictate that or their holdings will dictate

that their bitcoin holdings i should say and the value those holdings whether or not they can pay the dividend with you know they're not obligated are they they can do whatever they want they change a month to month. They can change it anytime. They could zero it out if they want. They could. They could. Yes. Yes. And they can buy back and they can buy back the shares at market. They're also able to do that. So all that's going for them. The other thing I would say is that, you know, we've talked on the show a little less

in the recent years. But when they first started to come on the scene, you know, we did discuss how there was this push for S&P inclusion. I think as recently as like a year and a half ago or two years ago. They, there was like a big announcement that everyone thought they were going to get on because they had really been in the top 500. for a number of years by a number of metrics. But the S&P inclusion vote went against them each time. They ended up adding stuff like App Lovin and a few other companies that, by and large, you may not agree with their business model, SCRC or MSTR I'm talking about now,

but to say that they're a less valuable company than App Loven, I think is just incorrect. So why was that? Well, the reason was because, in my opinion, the reason was probably twofold. One is that if you have Bitcoin on your balance sheet and you're using that to prop up your valuation, either because you have investor enthusiasm based on that fact or because you have a treasury asset that truly does just bump up your overall value, then you face a couple different risks, right? Number one is if the asset goes down in value, what does your company look like then if it's on the S&P? if you're going to be out of the S&P, if the Bitcoin value drops below a certain point, that's a problem. But that's really only one part of the problem. The second prong is that if you sell your Bitcoin, you can materially move the price. And if you can do that, chances are they don't want you there

because they are probably operating under similar assumptions to you and I that something could happen that they might sell. There's just no way to know. And if you have a company there that's moving to market, you got a problem. So the other thing that I would say about why they did this is because you can show S&P and the investing, you know, ecosystem the more broadly, I guess, that this highly volatile asset is actually pretty easily liquid back to cash without moving the market almost at all. You know, you had like a little bit of a dip in Bitcoin price today. I think it's unrelated to MSTR. Well, let's take a step back here.

They sold 32 and there was an immediate reaction, negative immediate reaction to the price. 32 Bitcoin. Wasn't immediate. The price of Bitcoin moved up and down all day today. And I don't think it was related to that. It was reported that they sold Bitcoin price dropped immediately.

Now, when they report, they buy billions of dollars worth. Yeah, the price doesn't move. Yeah, the price doesn't move. That is something that it needs to be studied a little bit more. I think, I'm not saying that there's something going on here.

On the hat, let's hear it. No, I have no idea. I'm just saying this is something that needs to be studied more. why when billions go in doesn't move very much, but when 32 is sold, 32, 2.5 million, the sky is falling. It's a sentiment, right?

It sure is, but that's fucking nuts. I don't think, I think that the question is, you know, to Saylor's point, are you inoculated now as a Bitcoin? You know, if you're a market participant, have they inoculated the market like his claim was? We're going to sell a little bit just to inoculate. I would suggest that nothing has been done here.

What you've done is set the stage for, much larger sales. And as the sales increase in price, the questions will come faster and more furious about your conviction. And if you move the price of Bitcoin significantly, it'll affect your net asset value, company value, STRC, the rest of the pref stack. And the flywheel that brought him to Valhalla over the last few years will take him just as quickly to Hades. And the other problem that he's going to have, I think, is that he's got a fiduciary responsibility. His board has to be convicted as well and they may not be long term.

So we'll see. Last summer was paper Bitcoin summer. This is June 1st today. Official start of summer. Let's see where this goes. Let's talk about paper Bitcoin. There's a lot of paper Bitcoin discussion to be sure. Let's go. It's going to be hashed out today. And we just, it's almost like a ha ha, who is fucking right here

because Nakamoto is another beauty that I want to talk about. Absolutely wrecked today. Now, what I've got to be very brief on this because this came late on my feed and I It found us to be fucking incredibly interesting. You know what Nakamoto is doing? One of their subsidiaries, what is it?

Sequins. No, no, no. One of their assets management firms. Where the fuck it was? Oh, UTXO management or whatever. Bingo. They're fucking good invested, undersclused amount of the Bitcoin to have on their balance sheet into stacks.

Buddy, that motherfucker, Meneb guy is going to be, like, think about how dumb this. is they're going to be fighting for like a small percentage of gains here they're going to be trying to gain 3% of what they're trying to stake and they got to stake it for months six months they have to stake it for how fucking

dumb is this it's almost to me it's almost like the Fortress Prime Trust when they fucking lost the Bitcoin and they tried trading these guys are kind of doing the same fucking bullshit here.

We're just trying to increase the dollar value, increase whatever they have by how, by lending out their Bitcoin and trying to stake with it. Like, oh my God. To me, this is an absolute disaster waiting to happen. And if it does, great. But you know what?

Even if they make their 3%, you know, good for them, man. It's fantastic. Remember, they just had to do a reverse split of 40 to 1 just to maintain their head above waters for SEC regulations to stay at on NASDAQ. And even give it two months, they'll be below that regulation. They have to do another fucking reverse split that keep their heads above that.

This is just something that is going to collapse mightily. This is another company that is going to flood the market with Bitcoin. What is a stupid move, right? To fucking buy stacks. Pretty tough. Yeah, pretty tough. Right? And how could anyone, like, it's not like, you know, let's, let's fucking see what

what happened here. This motherfucker, it's not like you couldn't fucking see that, writing on the wall. He's out there for himself, right? And just to make this as much as possible. This is your Super Bowl. It's a Super Bowl. It's not Super Bowl. This is the reality of it. The dude is

making money. You see his salary. He's getting paid quite a bit. Access to private jets. And the investors got wrecked in the end. What a fucking disaster this is. How could anybody even consider going to this Bitcoin and name only conference ever again? Or doing

anything with these guys. These guys they should be fucking put out the pasture, let them do their fucking thing. Stay with the shit coimers because Stax is a shit coin. And they're playing with Stax here. Good for them. Fuck you. Pretty wild that in 2026, somehow they decided Stax was the best idea. That's what I don't get.

Like, there's a lot of other options now. Even if you wanted to do something that yield it or whatever, they just refuse to like, why? Is that a portfolio company of theirs? Stacks? No. This apparently is the first institutional company, institutional Bitcoin company that is doing this type of

thing. So they're leading, their trailblazing here. Right. That's essentially what they're doing. But at the same time, they're burning the valuation of the company. So they're fucking blazing. It's, it's tough.

It's tough to watch this. I don't know anyone who's It's buying. It's incredibly fun to watch. I don't know who's buying. I don't know who's buying Nakamoto. Like, who's buying Naka? Somebody is buying. They think it's a good value because every time somebody sells. Well, Bailey was in the, uh, Billy was on Twitter yesterday or today.

Maybe last week actually could have been late last week. Time is flying over here. But, uh, basically saying that his period, the period where he's not allowed to buy shares has ended. Now he's buying, you know, a bunch of shares. Right. So, I mean, he's talking his book a little bit there, obviously. I think this is going to wind. up being a like significant crash and burn.

He's the buyer of last resort. Yeah. At least seems like it. Saying it. Yeah. In reality, who the fuck knows, probably this selling it. And somebody out there is the,

we don't know. Yeah, we don't know. We can't fucking audit the trail of this. It's not like it's a blockchain like Bitcoin. Yeah. Did they ever return your call by the way? I never. Oh yeah, I did.

I did do it on live. No. Yeah. I'm 04. Nobody wants to talk to me. And that's fine. You know, that just adds fuel to the fire. Everybody doesn't want to.

do that. I don't want to do business with them, period. So you want to fuck me like that? Fuck you. I'll never take a business with you at all. Metaplanet. Let's keep going with the Sue Pointer Talk. Investors are pissed of the shareholder benefit program they have, this tiered

program. I had no idea this didn't even exist until this week. And I'm fucking shocked that it's there and this was somebody approved this. So they introduced a tiered reward system. They're partnering with 13 entities and their best tier is called the Nakamoto status,

which requires to get this 24 months of holding over 50,000 shares. Lock up. Yeah, yeah, you have to lock up. The problem is you're forced to lock up, right? The price of Metaplanet was $12 last year. As of the weekend was $1.80. I have no idea what it is now, way down now,

but that goes to show you. It went from $12 to $1.80 as of this past weekend. So it's one thing locking in a mortgage, right? Like I get locking in a mortgage. I understand why you want to do that. But locking in funds, you know, you got something special with Bitcoin. And why are you doing this for additional privileges?

That's essentially it's- What are the privileges? This is worse than the timeshare. Yeah. This is officially worse than a fucking timeshare. So one of the fringe benefits is that you get preferred status in a Bitcoin lottery. So to give some context here, So they experimented with a concept with a 30 million yen giveaway.

This has now since changed to a 20 million Bitcoin. Change the dividend. It's now 20 million yen Bitcoin lottery and it's tied to four different tiers to the shareholders. So to be eligible, you have to have at least one standard unit, which equals to 100 shares. And then if your name is drawn, a cash equivalent award is given to you and directly deposited into a trade account, Open in your name, completely denominated in actual Bitcoin. And the prizes are, there are a bunch of things out there that you, you know, there's a lot of different prices you're giving with this, ranging from 100,000, 10,000 yen to way, way more. So just for contents, if you get the 10,000 yen award, that's about 63 bucks.

So, you know, nice to get, whatever. They also partnered with 13 other businesses to offer perks like 1.6% Bitcoin backed on specialized metaplanet cards. merchant discounts and exclusive events. It gives them access to all this bullshit you don't really don't want to have access to. But it's a tiered thing, right? Special one-on-one call with advisor Dylan Leclair, whatever else is. I think he is, right? One of the kids is there.

If whoever fucking suggested this thing, so you have the silver tier, gold, diamond, and Nakamoto. Right? Like, let's rename it obliterated, wrecked, ruined. And finally, I invest. I invested in this shitty company and all I got was a meta planet card. That's what the fucking two four different tiers should be. How fucking this is another one? How fucking dumb is this?

You got to lock in a lot of fucking wealth. What was 50,000? What's 50,000 shares of metaplanet cost? If it's a dollar 80, what is it? A hundred, uh, 90,000, 80,000. Do you ever take USC? It's 295 JPI. I don't know what that is in US dollars.

No, I wait. I'm wrong with that. Yeah, I'm not sure. Anyway. So, yeah, so it's bullshit regardless. It's another one. We talked about Nakamoto.

You got to lock, they're locking their Bitcoin into fucking stacks. These guys are asking you to lock in your shares. And by locking it for a minimum of 24 months, you get these fucking stupid statuses that get you nothing. Paper Bitcoin has never been more pathetic than it is right now. Totally. But you know what?

it will get even more pathetic in the next of the while, I could guarantee you. I don't think anyone's going to be buying this stuff anymore because much like Bitcoin is suffering from the success of AI, like this liquidity suck in the stock market. I can't imagine these companies are going to see a bid. MSTR, Metaplanet, like you name it. I don't think with the SpaceX IPO coming

and Anthropic filing their S1 draft today or yesterday, day. There's going to be so much demand for these companies that there's just not going to be enough money to go around. That's why when people say Bitcoin price is headed lower, you know, because of whatever, people losing conviction or sale or selling, I would just point to the kind of broader set of conditions around what's available to investors that would otherwise have been parking money in Bitcoin. These are not mission critical people, obviously, but their capital was nice for us to have. And we did ride some of that capital during the COVID. era and since.

So I'd say it's time for you to start thinking about what the next, you know, three years, two years looks like a boring chop, save for, you know, a major breaking announcement. Oh, yeah, I think so. I think a lot of these companies, you're going to need, you are going to need for the AI thing to either die or lose luster. You're going to need these IPOs that are coming over the next little while. not even AI, not even AI hardware, but the AI companies themselves, you need them to die or lose luster. There's just not going to be a lot of appetite for these stocks.

And I honestly think there's not going to be a lot of appetite for Bitcoin either. I think it's going to really be sucked into that vortex of these other investment opportunities. And people may like that or not like that or agree with their disagree with it. But I think you better be prepared for some chop here for another year at least. I would say a year. Like, seek ones or sick ones, I don't know what to fuck are. pronounce these guys. They're,

you know, fuck, paper Bitcoin summer seems so long ago. But these guys, they have declared their treasury strategy concluded. One time they said they want to quote, unquote,

copy the micro strategy playbook. But now they say it's no longer pursuing a digital asset treasury strategy. This is ridiculous. monetize remaining holdings over time. So shareholder pressure must have been off the chart, off the charts for them to want to have done this move. Also, pressure for lenders out there. The price of Bitcoin has gone down, obviously, but the price of these companies, their valuation

has dropped way harder, and it's time for them to start liquidating their stack. They once held 3,200 Bitcoin, and now they're holding about 650 Bitcoin on their balance sheet. Also, their official X community group is gone, deleted. only a memory at this time. But the internet is forever, so somebody must have some screenshots out there. Capitulated.

Done. Sequans. See you later. It's nice to have you. That was an easy one to pin down. One of the things we agreed on early on with all this treasury company stuff is that no one was going to do this as well as MSTR did.

And they've all started to unravel now, every single one of them. Not a surprise. Not to this channel anyway. Not a surprise. guys like, you know, Preston Pish, who's now completely retreated from public life, others who said meta planet is going to be the Japanese MSTR because of the jurisdictional arbitrage they can carry out. How'd that go for you?

Not too long ago, there was a talk. MSTR is going to be added to the S&P. Yeah. Right. They're still pushing. They're still pushing toward that. They're trying. They're trying to do it.

And I don't know if they're going to be allowed. I'm still trying to slam dunk a basketball. You know, it's not going to happen, brother. I'll keep trying and they'll keep trying, but you know what, it's not going to happen. Another thing that's not going to happen is 21 capital being good to their shareholders because Tethers got involved and they purchased soft banks stake in the company. And keep in mind, this company was trading around $47 USD at the time of paper Bitcoin summer. Now, at least yesterday, was around $7.30.

So maybe Tether's thinking they got to. a bargain here. Nah, you know, it's long enough time rising, this thing's going to go zero. So that's my opinion. The SoftBain thing is interesting because they're in the news today. Two things on SoftBank. One, Masseyoshi's

son literally sprinkles money everywhere. I joke, and I said this on BitCast too, but I joke sometimes on this show as well, that Sailor has these stupid AI graphics on his earnings calls, like the rocket ship and every like booster is a different part of the pref stack or whatever.

That's annoying. Masayoshi's son at his investor calls has what he calls a golden goose. So he says that they're laying golden eggs all over the place. And his strategy quite literally is just to spray and pray and see what happens with some of these investments. This one just dried up. Yeah. But I think that what actually happened is he is having trouble meeting the obligations on some of his AI investments. So today that news came out on the Bloomberg ticker that one of the reasons he could have sold that share or that steak is because he's short on cash.

And maybe that's true. Maybe it's not. But it does make sense that he was all in on this thing a little while ago and then bailed sort of suddenly when really he doesn't ever bail on basically anything. And at a time when things are looking at its worst. Yeah, exactly. He did it. Yeah, he did it because he needs it. had a better idea and needed money to execute it, I think. I think that's a fair, I think that's a fair

assessment of what happened here. That's an interesting why. I'm just more concerned of what happened here. And so prior to this move, SoftBank was one of the biggest stakeholders in 21 capital. Yeah. And now Heather is in the driving seat when it comes to this company. And with that, gone is the governance agreement that provided minority protections. So that's going to be given Or that was used to be given to minority shareholders out there to get a voice And to prevent a majority block from pushing through unfavorable terms That's now gone

So after this move, who's going to trust XXI to be a Bitcoin play? I don't know. I mean, there's going to be the upcoming merger with strike Or better yet, strike is going to be absorbed by XSI. That's more accurate. And the expectation is XSI is going to, to dilute like crazy and give shares the strike as a way for compensation through this deal. So if you're a shareholder of this, again, wrecked.

You can hear this term often these days is another one. And oh, well, I have Bitcoin. I'm happy with that. And I know the price is down, but one side is still one side. One of the things that we're going to be vindicated on is the downfall of Jack Millers before the end of the decade. I was not as bearish on him that you are. You were way more vocal on him than I was.

I got to get read on the vibes, man. I can smell it, you know. And I think I've been proven a lot more right than wrong since we started doing this show. That's for sure. On him, you know, he, you know, touted himself in a lot of ways as a visionary. I may agree or disagree with some of the things he's done. But to say that any of them were particularly innovative, you know, what's he done? He started in exchange that I think they do something pretty intense KYC.

and also there's some other shenanigans they've been up to over the last year. I've seen on Twitter a handful of times that he's had to respond to. And then on top of that, this 21 thing, which is really nothing but a Bitcoin Treasury company, but he refuses to say as much on television. Big tell, man. Big, big, big tell. And I think people are still, yeah, people are still backing him. But at some point you've got to cut your losses.

And I feel like this is maybe the year where he loses a lot of the luster he's enjoyed for the last five or so years. Didn't he get hitched? I have no idea. Maybe. I don't know. He's got to be around that age. Is he 30?

He's got to be around 30 years old. I thought he proposed to somebody. So maybe his focus maybe not as on his wedding or maybe. Yeah. I don't know. What kind of man plans their wedding? It's not your job. No,

I, 100%. But maybe he didn't have somebody in his life before. Now he does. So his attention is going to be. Hey, that's good. You know he's good at. He's good at always having a reason he couldn't do the thing he told us he was going to do.

I'm still waiting for McDonald's to accept Bitcoin and Walmart to accept Bitcoin. And he said five years ago. Yeah. Bitcoin. It only, you know, whatever. The irony, the irony of the guy who refused to wear a suit on stage, getting into bed with some of the suitiest suits on earth, you know, is palpable. That's the nice way to put it. Does he still wear the hat?

He still wears the hoodie. I don't know about the hat. Oh, right. Yeah. I mean, you know, it's cute until it's not, and I think he's there now. Cracken, they're going to get into the annual yield game. And they're going to, well, they have introduced Bitcoin Vault on May 27. And it's going to let Bitcoin holders earn passive yield, up to 2.5% APY available to be paid in Bitcoin.

And as I mentioned to you in the chat, I don't know why sale or didn't just stake that 32 Bitcoin. and get the 2.5% yield. You get the best of both worlds here. But it's sick. He's into the money harder than he's into the 2.5%. All this API bullshit from Cracking is going to be powered by defy infrastructure firm Veda. Burn it down. Just burn it down.

And operated by institutional defy firm Centora. So when I see the word defy, I just wonder how long before we got a hack or a self-sight of security exploit that's going to drain everybody of their funds. It's inevitable, right? When you have defy it's not forever. The Bracken says the assets are deployed across established on-chain lending protocols, including Ave, Morpho, and Hydro. Crazy.

Indistinguishable from Mike Saylor's Twitter feed, these names, which he's also talking about, you know, like we're just, we're rolling the wrong direction here big time. This shit is, it's not going to end well. I can guarantee you that. So they say withdrawals are available at any time but carry a five day processing and return period. I remember when Tara Luna blow up, five days was enough to turn something into nothing. So that's forcing people to do here.

Whatever. That 2.5% carrot, I wonder how many people out there are going to want to use this. A bunch. You're in an economic crunch right now. A lot of people need money. Don't want to sell. And so they're going to take, they're going to take risks, man, for sure. We haven't talked at all about the risk-taking behavior that appears in times of despair.

And you're going to see that more and more, right? We've seen it already in sports gambling in a lot of ways and some other stuff that's kind of going on on the fringes of society. But we haven't seen it quite yet at major exchanges, you know, ostensibly Bitcoin exchanges doing defy on. Ava. Cool, five-day lockup. Nice. Sovereignty. Is that what sovereignty looks like? Not as far as I'm concerned. But hey, do each their own, I guess. Remember Celsius? Oh, God. Yeah, of course. Remember BlockFi? All of them. Every single time. Every single time. You couldn't, if you, when, buddy, there was, there's been times over the last few years when, like, Coinbase made people wait a day for withdrawals. And it was like a fucking plane crash on the internet. And now this is the standard thing. Like, they're announcing we're going to make you wait for. five days. Oh my God, dude. You said it best there. Five days is just enough time to turn something into nothing. It's very easy to do that in five days. That's an awful, like that period of time of waiting. I would imagine your stomach sinks. Just refreshing your wallet. And you're just

waiting for that five days to come up. I'm thinking about the Taraluna saga, the people that have, and I forget what the lock in period was, but I know it was long enough that you couldn't pull right away when you knew the shit hit the fan. So the people that are trying to pull out, it must have been just an awful feeling for them to watch whatever they had an best. Pulling out almost always an awful feeling, by the way. There's a song about this by Craig David,

I think, from the 90s, right? Five days. Made, wanted to withdraw on Monday. Got my email on Tuesday. Rugged me hard on Wednesday. That's good. That's a throwback for you millennials. You might remember that.

If you're going to do anything, give the tip. And then there you go. You're good to go. The U.S. Strategic Reserve got a little bit bigger by about 127,000 Bitcoin. Nice. How'd that happen? This is the result of the Department of Justice and the FBI working as a team here.

And this apparently was the largest Bitcoin seizure in history. And it's around $14 to $15 billion as of this past weekends. And that gets the price a little bit lower as of now. This is called Operation Blackout. And it's going after scam compounds in Southeast Asia, primarily in Cambodia and Myanmar. And that's where they haven't apparently. They're doing these industrial scale, pig-butchering operations to scam where somebody builds trust through an online relationship. And before convincing the cuck to invest in a fraudulent program.

And that's also like that. So there you go. So it was reported that some of these compounds were using forced labor and human trafficking. They say thousands of people were tricked to come to work there thinking they were getting a legitimate tech job, only to have their passport seized and forced to run fake investment platforms under the threat of torture. So Chen G, this is also known as Vincent, 37-year-old Cambodian, and it looks like he was the head of the Prince Holding Group. And so they nabbed him and a whole bunch of others.

And yeah, it's a whole bunch of Bitcoin was stolen. Now their Bitcoin Strategic Reserve is past 450,000 Bitcoin. You should have saved that story for Hamilton Man versus Cambodian man. Why didn't we save that? Well, anyway, Wilhelm out there was the one that gave me both stories today. Okay. Both. He messaged me last week and said that I was a hair too clever in my reasoning, but you got it right

anyway. Well, this was an easy one for me to research because I didn't have to do any. He provided both and they were good enough for me to include them. Love it. So, yeah. Okay. Okay. Anyways, that's the story about the U.S. government.

They're increasing their U.S. strategic reserve. Good for them. I'm not sure if you have anything to add to that, but. Government growing their treasuries the way the governments always do. Theft and, and grift. So there you go. Glad to see a scam ring broken up though. Love that. It's mined in America bill. Oh, God. This is just so stupid.

Bill Cassidy and St. Anthony and St. Anthony alumnus, they've teamed up and they introduced this new bill. And the bill is supposed to assist Bitcoin miners on U.S. soil and be protected and protecting the industry, the Bitcoin mining industry, and Bitcoin as a whole from foreign interference. They want to make the United States the digital asset capital of the world and they want to create a I can't believe this a voluntary certification program where mining entities

can become certified as quote, mined in America under the Commerce Department. Who the fuck cares? The Strait of Hormuz is closed. You got foreign governments winning elections in America

and this is what if these people are spending their time on. It's just like, I get it. You're the Bitcoin Senator, Lummus especially, but give it a rest, man. Everyone is just sick of this shit.

Not to mention, she's always got a fucking other crypto angle and all these stupid bills. I don't believe any of these people. I'll believe any of them. You know what? There may be an interesting twist to all this.

Okay. Because they say they also want to push the government to try to get U.S. manufacturing to manufacture mining equipment and do that onshore. And they want to target right now Bitmain's of the world because they have the largest market share for Bitcoin mining. They dominate that world, which they say that's a liability.

And Bitmain is a Chinese company. So if they ever do manage to get manufacturing onshore, and they are involved with the process for setting it up somehow through either better taxation or directly investment into them. How long before the government asks miners for a piece of every Bitcoin and is mine using their equipment? And that could be used as a way to help. Very soon.

Very soon is the answer. So you're going to have the Bitcoin tax, so to be, so to speak. And that could add to their treasury plans. And it would just be a constant inflow. Yeah. If they ended up doing it. I'm wondering. The U.S.

government's going to have UBI, universal Bitcoin. income, buddy. It's like the standard practice now for all these commies. There's commies of all stripes in government. It's only the idea that like the other thing is you don't even have to pretend it's a hypothetical. Did the U.S.

government not just take a stake in Intel and IBM over the last year? Like they're buying intel companies. I did it same for IBM. I can't remember that. I thought they did. Or Trump is tweeting about IBM going way higher pre-market, you know, running up the price of the stock. I don't know. I don't

I'm so disconnected, but for sure Intel. And I remember when they did that, if one of the competitors, if I was AMD for instance, I'd be fucking pissed watching this. Right. Your competitor get direct involvement from the most powerful entity on the earth. It's a cash injection. It's a cash injection. Yeah. That's bullshit.

Yeah. No board seat either. You know, it's like it's the most beautiful way to get cash. And the thing about the Trump admin, like 47's admin, is that the grift is so. clear and it's like abundant. It's everywhere you look. It's in the alt coins. It's in Melania coin. It's in the Air Force One's

branded with Trump's logo with the Nike stuff. It's in this America 250 concert that he wanted to get quote unquote really American acts. Like, are you ready for this? Millie Vanilli. Like who's asking for Millie Vanilli? You know what I'm saying? You know what I'm saying?

You know? And it's like, how did this happen? One is dead, by the way. And so you know that, you know, they couldn't get any of these bands because they tried to get poison too. Poison wouldn't do it. My God. They went back in time here. Do you know what ended up happening? The bands wouldn't do it.

It was too divisive, apparently. So now Trump is going to be the main event at his own America 250 rally on the White House lawn. It's like incredible. This has been such a disastrous administration. I love that he freed Ross Ulbric. Great. You know, throw to see Ross and his wife expecting a child. Love that.

But I mean, this guy's it. He's truly just another. poll at this point. You can say what you like about is real estate chops and his business building chops. Not up for debate, I don't think. Seems like a smart enough guy. But he's really let, he's really let his guard down in terms of what he's doing to enrich his family this term, which, by the way, my working theory is that the reason you don't see Ivanka around nearly as often this time is because she has one thing to do with it. Cushner's already too close probably, but she does not want to have her face in the press with all this stuff. She was,

very big part of the original administration to try and soften the image of him, but now there's just no fixing it. And so instead of his daughter you know, instead of with his arm around his daughter all the time, he's got his arm around Netanyahu all the time. It's, you know, we're so come. There's so much

dicks being, or one dick in particular being sucked in that relationship. I'm amazed. And nothing new. It's very out in the open now. But this is beyond. Yeah. It's ugly. It's super. are ugly out there.

Okay, I got another beauty story. This one screams of Craig Wright-level bullshit. And three entities filed a joint lawsuit in the state of New York. The plaintiff calls himself no-a-dough alongside two Wyoming registered corporate entities, ABC Company LLC and XYZ Company LLC. So in a lawsuit, they are asking the courts. to declare themselves the rightful legal owners to almost 40,000 Bitcoin addresses. And these addresses hold a combined 3.8 million Bitcoin, some of which are tied to Satoshi.

And also some are tied to the Bitcoin stolen from the 2011 Mount Gawks saga. With all this, these clowns, they're citing a 1958 statute. and this statute is almost 20 years older than the Atari 2,600, just to put things in perspective. For those who care about this, the name of it is called New York, sorry, New York Personal Property Law Article 7-B. This deals with lost and found items. They're trying to do something very unique here. They claim to use this proprietary algorithm to discover these addresses, these abandoned addresses,

anybody could have found them you didn't need some proprietary algorithm to find this all you need is a fucking node and some time you can find these addresses it doesn't take much fucking effort to do so the process is a joke they bought a USB drive right they just bought this

they uploaded the addresses into the fucking drive they walked into New York PD 17th precinct and they told the police they found this and obtained official police receipt so they were trying to to use this old law to claim ownership. Now, they say that anything with Article 7B, if it's valued less than $10, the title

automatically goes to the original owner who doesn't claim it. So nobody claimed it. It has been over a year. 2026 was early 2026 was when it lapsed. And so they filed this claim in May 26 into the courts saying that all these wallets, well, it belongs to them. They even sent 546 Satoshi. to all these wallets in parallel, like a dust campaign.

And they had in those an opertern that was saying that they legally serve Satoshi this fucking thing. So saying come and claim it. They never did. He never did, obviously. But here's the fucking problem. The courts could say this belongs to him or these two people. Yeah. They could say.

How are you going to get it? There's no way for you to get it. Until you move the Bitcoin from one. another. It's meaningless. Maybe they can potentially use this as a way for borrowing against it. Good luck. But this solves fucking nothing.

All this is, is just a bunch of fucking idiots out there. They seem to understand what you're dealing with. In terms of what's the end result, what the fuck are getting able to be able to do with this? They can not send any Bitcoin anybody. Yeah. To me, this is just a joke. The hope is that if the coin moves at some point,

you can say hey this belongs to me right got it that's got to be what the whole idea is if it goes to a like a an exchange whatever it goes anywhere if it goes anywhere if it goes anywhere you can say hey that's mine say it goes to

coinbase then coinbase oh they could say oh they stop it blah blah blah they just redirect this somewhere if somehow the fucking judge agrees with this and is just fucking blind and just fuck whoever has this bitcoin is going to be very

careful with how they're going to move it. It's going to be fucking mixed, never going to be fucking dealt with again, and that's it. They waste all this time and effort to get fucking nothing. I'm telling you, this is worse than the Craig Wright level bullshit. Yeah. This is incredible that they

had to go through all this for nothing, but it's still, it's there. People have all sorts of ways to get rich except working. So this is just another example of taking a shortcut, right? I think. Is that fair to say? Yeah, it certainly is.

What are they going to get out of it in the end? Nothing. Publicity, who knows, but you know, that's about it. I got one more, but I really can't say much about it. It's, remember Ark? Yeah, yeah, of course. So they have this new, the guy that was behind it, Borac. He created another layer two called Cube.

Perfect. It's right. Trust this smart contracts and DFI. using BitVM. Amazing. Yeah. Claude wrote that. Cloud wrote that description.

Make it maximum keyword use there. And it says this uses zero knowledge time lock contracts. Whatever. This is going to, I don't even, I didn't even bother looking into this thing. I just saw it out there. I found a little bit interesting. Then just the interest went down as soon as I. Burn it down.

Burn it down. Let's go to the back half. Yeah. Yeah. Okay. Yeah. There's a lot to talk about too. Yeah.

Yeah, we got a, it's a busy week. Let's go to the back half. If you're on video, stay with us. You're on audio, come back tomorrow for the back half of the show. And we'll see you when we see you. And don't be a cock.