Byte

Weekly update from @jackmallers about $XXI, really appreciate You taking the time to answer these questions, the community response has been overwhelmingly positive! Here's the TL;DR, full Q&A segment about Twenty One is down below in the video. 1) Being the CEO of both Strike and Twenty one can benefit one another, bringing experience and resourcing from one to the other and vice versa. It's a feature, not a bug. 2) There's proper filing needed when announcing news and disclosing new info for public companies, this can slow things down. Proof of work is what matters, things will be announced when they are ready. 3) BTC per share was taken down from the XXI website because it's not as important when the main focus is bringing leverage and maximal exposure to Bitcoin through cash flow. "In that word the metric makes lesser sense". Later on they will come out and give a lot of clarity on what they think is important. (Personally, I don't see how it's less important when the whole point is adding more Bitcoin to the balance sheet though, even if its through cash flow. IMO, BTC per share is a great way to see if the company is being successful in adding value to the shares accounted for any dilution from convertible bonds.) 4) Jack would be very disappointed if they don't have anything before end of Q1, it's a sooner than later thing at this point. Announcements are coming soon. 5) XXI is not late to anything in the lending market, Tether controls about 60% of the lending market already, and has majority ownership of XXI. Tether can bring a lot to XXI.

@RoaringRagnar But they sell shares at market value, not enterprise value. When looking at dilution effects form the ATM the simple mNAV calculation is the correct one to use.

Basic mNAV is misleading because it ignores capital structure entirely. It makes the premium look smaller than it really is for equity holders. The simple Market Cap / BTC Holdings Value ratio ("basic mNAV") is actually flawed for a leveraged Bitcoin treasury company like MSTR, because it ignores the debt used to acquire those Bitcoin. It flatters the multiple by attributing all BTC to equity holders when in reality debt holders have a prior claim. Equity mNAV = Market Cap / (BTC Value − Net Debt) might be the best of both worlds. But for rigorous analysis, you should probably always use both EV/Gross BTC Value and Equity mNAV in tandem.

Yeah, but not if you say "Hey, I have this cash flow equity and I need cash flow, is this good?" It will just reaffirm what you already tell it. MSTY will very much under perform once MSTR starts going up again and you get payouts that are taxed. Why not sell some equity if you need the cash? That tends to outperform the covered call ETFs, no?

@ByteSideQuest AI can give good advice if you give it the right prompts

I use supergrok to help me invest. And based off of my situation, buying $MSTY was a good move. My bitcoin stack is growing each week. Life is good!

@instacart30 @StrategyMaxi @ZynxBTC No, sold at $400 when they started pivoting to preferred stock instead of doing 0% convertible bonds. Now they're paying 11%+ cost of capital and paying that by just perpetually diluting shareholders, doesn't seem sustainable.

@ByteSideQuest @StrategyMaxi @ZynxBTC I’m not a seller for 10 years, do you trade it?

Looks like the $STRC dividend rate will be increased by 25 bps to 11.75% for April. It's been a volatile week across broader markets, and while Stretch has held up well, it's now been 5 days since we last traded at par. No problem. Saylor has already made it clear that he's willing to go as high as 15% if needed.

@comic @Pledditor @jackmallers It's disclosing material information to investors, how is that not communication? Why delete the FUD post if you read the filing?

@ByteSideQuest @Pledditor @jackmallers I did read it? I’m not talking about SEC filings. That’s not communication.

@comic @Pledditor @jackmallers The filing is the communication though, you just didn't read it lol.

@Pledditor @jackmallers Did the same yesterday but also clear there needs to be better communications from Jack & XXI (Opposed to the current: 0 comms)

@StrategyMaxi Just like they said they wouldn't issue any shares below 1x mNAV unless to pay dividends, guidance is irrelevant.

Fake News. We aren't less than 98.99 TWAP 1 month. Strategy will not raise cost if demand is sufficient. Why? We will ease rates later...

@instacart30 @StrategyMaxi @ZynxBTC They have issued shares multiple times at mNAV's below 1x, if you like getting your BPS reduced then go ahead.

@ByteSideQuest @StrategyMaxi @ZynxBTC Strategy can pivot every 15 seconds for the best interests of the shareholders, they hold a lot of the shares. It’s a gold rush, why not go full tilt when it’s not marked to market? The MNAV grows when the bitcoin price goes up, not when they use the ATM.

@StrategyMaxi @instacart30 @ZynxBTC It's not happening, you can't just change KPI's whenever the current one is doing badly. STRC might help in the short term, but they're just signing up for more dilution later on, not sustainable.

@ByteSideQuest @instacart30 @ZynxBTC Because you do not understand Terminal Accumulation Theory. THERE IS NOT ENOUGH BTC FOR EVERYONE - Saylor

@instacart30 @StrategyMaxi @ZynxBTC If I was a shareholder I'd prefer that my shares don't get diluted below 1x mNAV, rather >2.5x like they guided in summer :/

@ByteSideQuest @StrategyMaxi @ZynxBTC For better or for worse in your opinion?

@StrategyMaxi @ZynxBTC You're right, I give up... selling all XXI and going 100% MSTR 😔👍

@ByteSideQuest @ZynxBTC We are winning. It is not too late to sell all of your worthless equity like XXI into $MSTR

@StrategyMaxi Developing businesses to buy more Bitcoin or dilute a billion $ per year for just preferred payments 🤔

XXI Capital CEO choose to enjoy Las Vegas instead of finding ways to acquire more BTC. I am questioning all of XXI investors being serious investors at this point.

@StrategyMaxi @ZynxBTC You can already disregard all guidance the company makes, they keep changing it every other week.

@ZynxBTC No. Guidance is 99-101 for 1 month WVAP.

@xxi_alpha21 Or you can read the filing yourself? Or ask AI to do it for you?

@ByteSideQuest Only the Head Chef will really know.

$XXI hopefully the moon boys are not scared now with the FUD on the latest filing.

Imagine Bitcoin leverage financed by operating cash flow instead of perpetual dilution of shareholders, that's what Twenty One $XXI is planning to do. Hopefully the business gets going soon so that Twenty One can get some more low cost basis Bitcoin. I imagine @jackmallers and Tether are cooking up something great. Get the shares while they're trading below NAV, it's cheap. NFA.

@xxi_alpha21 It's going down to $3 only if Bitcoin goes to $40k - $50k, if you really think so then sure, short it.

@ByteSideQuest Same old game. Few months later when price is $3.00 he will still say the same. They are not day trader and they cannot control the price. It can still go lower to $1.50 but nobody cares as they are building long term.

Twenty One $XXI is trading at around 0.8x mNAV, a significant discount to its Bitcoin holdings. All while developing products and tools that will generate high margin cash flow to buy more Bitcoin. To call it undervalued is an understatement. Even Jack himself says he would buy the stock if he were allowed to. Since they hold non public information, they can't do any stock buybacks. They are doing the work, while you have the opportunity to buy the company at a large discount, essentially getting the team for free on top of a big discount to their Bitcoin holdings. IMO, buyers here will be greatly rewarded for their patience. NFA

@planvictory @saylor Enjoy paying the preferred holders lil bro!

@ByteSideQuest @saylor Go fuck yourself dummy

YTD 2026, Strategy has achieved BTC Yield of 1.2%, generating a BTC Gain of ₿7,826 (~$551M). BTC Gain is the closest economic analog to Net Income on the Bitcoin Standard.

@ShaunSmiths @saylor Yeah bro, trust the guy who was cooking the books in the early days! No value created, no income.

@ByteSideQuest @saylor LMFAO. Idiots that think they know better than Saylor.