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: Steven Ehrlich, Host of Bits + Bips: The Interview and Head of Research at SharplinkGuest: David Lawant, Head of Research at Anchorage DigitalThis clip is from a longer conversation on Strategy's Stretch rescue plan and Bitcoin's options market. Full episode here: https://youtube.com/live/VwBxQTcJeXc New Bits + Bips interviews are posted regularly - subscribe to catch the next one.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 https://cape.co/unchained (use code: UNCHAINED).Chapters:🎙️ 📉 😨 🃏 🪙 📈 🏛️ ⚓ Learn more about your ad choices. Visit megaphone.fm/adchoices