I'm about 1/2 way through and it's a good episode so far. It appears Michael gets a bit defensive about the Bitcoin Treasury topic, but I'm not sure he truly understood your question.

I took your question to be: does it make sense for a company that's not profitable and loosing money to be adding Bitcoin to their balance sheet. I think this is a fair question. It appears Michael heard this as an attack on companies adding Bitcoin to their balance sheet.

I'm looking forward to listening to the the second 1/2!