Michael Saylor’s Dilemma

"What Saylor's doing makes sense. The only reason it makes sense is that Strategy has too many Bitcoin. He's become his own worst enemy." — Tim Enneking, Managing Partner, Psalion

That is not a cheap shot. It’s the assessment of someone who has invested in crypto for thirteen years and once ran the best-performing hedge fund in the world. And it cuts to the uncomfortable question hanging over this entire sector right now: what happens when the largest, most leveraged holder of an asset can no longer move without moving the whole market against everyone else?

Bitcoin Treasuries is excited to share the latest episode in its Psalion series, with Psalion Managing Partner Tim Enneking and VP of Growth Alec Beckman. Tim argues that Bitcoin has reached the end of its beginning, and he doesn’t pull punches on what that means for Strategy, for the treasury-company model, and for anyone still holding Bitcoin the “old way.”

This episode is built for treasury managers, allocators, and finance leaders who want a clear-eyed, contrarian read on where this market actually is, not where the cycle charts say it should be.

Psalion generates yield on digital assets through market-neutral allocations, a strategy it has run for over five years across billions in allocations without a single negative day, and now offers Bitcoin-backed loans that let holders borrow against their position while keeping their own keys.

Tim & Alec’s Takeaways

• Why the four-year cycle is dead. With under five percent of all Bitcoin left to mine, the halving no longer drives the market. Anyone still trading the calendar is trading a ghost.
  

• Why Bitcoin now trades like a risk-on asset, and why Tim hates it. How institutional money forced a correlation to oil, gold, and equities that has no fundamental basis, and what it would take to break it.
  

• The concentration problem nobody wants to name. Why Tim believes Strategy's size and leverage now work against the sector, why he thinks Bitcoin might be higher without its buying, and why this is a diagnosis, not an obituary. Tim offers some constructive solutions, too.
  

• The healthier path for holders and treasuries. Why the era of buy-and-do-nothing is ending, and how to make a Bitcoin position productive through yield and self-custody lending without ever giving up your keys.
  

This session is the contrarian gut-check the treasury world may or may not be ready for heading into the next phase.

Listen and share

Watch and share with your treasury team:

• Watch on YouTube

• Listen on Spotify

• Listen on Apple Podcasts

Visit Psalion.com or contact Tim's team to learn how Psalion generates yield on institutional Bitcoin holdings and structures Bitcoin-backed loans with self-custody preserved.

Sponsored content. Produced in partnership with Psalion.

This email is informational and educational only. It is not investment, legal, tax, or accounting advice, and it is not an offer or solicitation to buy or sell any asset. Consult qualified advisors before acting.