Michael Saylor proved a public company could build enormous value around Bitcoin. Then dozens of companies tried to copy him. In this episode of The Daily Wolf, Scott Melker explains why many Bitcoin treasury copycats are now struggling, why simply issuing stock to buy Bitcoin was never a sustainable strategy, and why Wall Street is beginning to separate financial engineering from real businesses. Scott also explores why Strategy's model worked when others failed, how corporate Bitcoin adoption is evolving, and why the next generation of Bitcoin treasury companies may rely on cash flow instead of constant capital raising. Timestamps 00:00 The Bitcoin treasury copycats are failing 00:50 Why everyone copied Michael Saylor 02:22 What Strategy actually built 04:01 The financial engineering flywheel 05:15 Why copycats stopped working 07:26 The hidden risks investors missed 08:58 Treasury companies begin selling Bitcoin 09:18 Why Strategy is different 10:44 Strategy's next phase 11:42 The future of corporate Bitcoin 12:36 Cash flow replaces financial engineering 13:39 The next generation of Bitcoin companies #bitcoin #michaelsaylor #strategy #crypto #wallstreet #corporatebitcoin #scottmelker #thedailywolf #yahoofinance == AlphaSpace by Yahoo Finance: A Professional-Grade Investment Platform Built for Everyday Investors. 👉 https://finance.yahoo.com/about/promos/gold/alphaspace?ncid=100003571