Uploaded July 2026 | Updated September 2026, 2 weeks ago
Strategy has come under fire for complicating its own capital structure, and Laura Shin puts the toughest version of that critique to Lyn Alden, a longtime Strategy shareholder and two-time earnings-call questioner, including Michael Saylor's line that investors should sell a kidney before selling Bitcoin.
Lyn Alden's answer: the real failure wasn't selling Bitcoin to cover dividends, it was letting the dollar reserve fall so far below the company's own guidance that investors stopped trusting it.
Host:
👉 Laura Shin - Founder, CEO and Host of Unchained - https://x.com/laurashin
Guest:
👉 Lyn Alden - Cofounder of Orange Juice and Partner at Ego Death Capital - https://x.com/LynAldenContact
This clip is from a longer conversation on Strategy's capital structure and Bitcoin treasury risk. Full episode here: youtu.be/ezwkwQi_ewc
We go live twice every week - subscribe to catch it live.
Sponsor:
Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED).
Chapters
🏛️ 00:00 Laura opens the debate over Strategy's capital structure
🩸 00:20 Laura invokes Michael Saylor's 'sell a kidney' line and asks for Lyn's take
⚠️ 00:36 Lyn Alden lays out her critique of Strategy's broken guidance
📋 01:12 The two questions Lyn pressed Strategy on during its earnings calls
📉 01:54 How Strategy's USD reserve fell to six months of dividend coverage
🛠️ 04:10 Why Lyn credits Strategy's convertible payoff over just buying more Bitcoin
🧠 04:58 Laura on why broken guidance, not Bitcoin exposure, spooked investors
🎯 06:00 What Lyn Alden would do now with STRC still trading in the 80s
_______________________________________________________
#bitcoin #ethereum #crypto #cryptocurrencies
_______________________________________________________
Subscribe to our channel!
Website → unchainedcrypto.com
Unchained Daily Newsletter (FREE!)→ unchainedcrypto.beehiiv.com/subscribe
Unchained X → https://x.com/unchained_pod
Apple → podcasts.apple.com/us/podcast/id1123922160?ls=1
Spotify → open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w
RSS Feed → https://feeds.megaphone.fm/LSHML4761942757
Unchained: Your no-hype resource for all things crypto!
Strategy has come under fire for complicating its own capital structure, and Laura Shin puts the toughest version of that critique to Lyn Alden, a longtime Strategy shareholder and two-time earnings-call questioner, including Michael Saylor's line that investors should sell a kidney before selling Bitcoin.
Lyn Alden's answer: the real failure wasn't selling Bitcoin to cover dividends, it was letting the dollar reserve fall so far below the company's own guidance that investors stopped trusting it.
Host:
👉 Laura Shin - Founder, CEO and Host of Unchained - https://x.com/laurashin
Guest:
👉 Lyn Alden - Cofounder of Orange Juice and Partner at Ego Death Capital - https://x.com/LynAldenContact
This clip is from a longer conversation on Strategy's capital structure and Bitcoin treasury risk. Full episode here: youtu.be/ezwkwQi_ewc
We go live twice every week - subscribe to catch it live.
Sponsor:
Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED).
Chapters
🏛️ 00:00 Laura opens the debate over Strategy's capital structure
🩸 00:20 Laura invokes Michael Saylor's 'sell a kidney' line and asks for Lyn's take
⚠️ 00:36 Lyn Alden lays out her critique of Strategy's broken guidance
📋 01:12 The two questions Lyn pressed Strategy on during its earnings calls
📉 01:54 How Strategy's USD reserve fell to six months of dividend coverage
🛠️ 04:10 Why Lyn credits Strategy's convertible payoff over just buying more Bitcoin
🧠 04:58 Laura on why broken guidance, not Bitcoin exposure, spooked investors
🎯 06:00 What Lyn Alden would do now with STRC still trading in the 80s
_______________________________________________________
#bitcoin #ethereum #crypto #cryptocurrencies
_______________________________________________________
Subscribe to our channel!
Website → unchainedcrypto.com
Unchained Daily Newsletter (FREE!)→ unchainedcrypto.beehiiv.com/subscribe
Unchained X → https://x.com/unchained_pod
Apple → podcasts.apple.com/us/podcast/id1123922160?ls=1
Spotify → open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w
RSS Feed → https://feeds.megaphone.fm/LSHML4761942757
Unchained: Your no-hype resource for all things crypto!
