₿itcoin₿ulldog⚡️

A visualisation of the beauty of quarterly index rebalancing. Price closed at 31.7p when price was captured for index inclusion. If price remains at 35.5p at next capture (2nd June), $SWC will receive more funds and ratchet higher in the index. Now imagine BTC does something.

$SWC Accumulating at these prices has been a gift for which I am thankful.

@btcjvs 1. Based on 1-month VWAP ($99.94), the guidance already says they don't need to raise. 2. Raises are always at the discretion of the board - his hand can't be forced. 3. They've tweaked the product before when they've seen price manipulation so they can always change it again.

I have a slight concern about $STRC that the market may start to exploit: Buy STRC, hold for 2 weeks, sell (forcing a dividend increase), then repeat. The market may exploit Saylor's plan, and I don’t see why the dividend couldn’t theoretically reach 20%.

@EneaDenkt Sigh…

New liquidity formed below. We will we tap it before going higher?

@RoaringRagnar What’s the Ragnar summary?

Metaplanet has published a detailed explanation of their recent capital raises. Here's a 🧵 of the most important slides. Use of proceeds:

@btcjvs Feel like this is normally your job to point these out... ;-)

@Michaeljdobbin @ithinkfori Let’s hope so.

@ithinkfori I dont like to talk politics on X. But this is something I was worried about. I believe in Westminster they may run out of parliamentary time.

Assisted dying will not happen in Scotland. Having had several health problems over the past decade, and seeing how it has changed in Canada, I could not support this. Finally, we can put this behind us. I am very proud of my stepdaughter, who put together a documentary for the Scottish Parliament on this.

@mikewmunz @ryQuant Where did you hear that?

Best quote I heard today was from @ryQuant: “People romanticize the micro strategy of old with the convertible bonds” Yes. They do. To their own detriment. The “leveraged equity” casino went dry for a bunch of people and they are very mad about it. Still. The company adapted and is taking the longer route to the much larger long term payoff and doing so by creating products that people want to buy. In fact, they are industry leading products every which way you look at them. $STRC is far and away the best in its class and outperforms many other investable asset classes. It’s a financial world game changer. The implications are profound.

@ShippMedia @Z06Z07 @BitcoinCarl_ @Werkman Totally agree. Have thought this multiple times over the last 24 hours.

@Z06Z07 @BitcoinCarl_ I actually thought I was reading a @Werkman post just now. We need Grain back in a helmet.

As much as I want MicroStrategy to win, they need to go bankrupt for us to kick off the next Bitcoin bull run. Sorry, I don’t make the rules!

@CrisReed Has been a slower volume day so now only at $0.675B. Might take till Thursday/Friday to hit par.

@ableinch Some arbs probably rotated to SATA- small but they’ll be back

STRC metric to watch: “Days to PAR” Last month’s “trip” took 8 days to get back. My guess it’s by tomorrow.

@chcbearsfan @BTCBULLRIDER Is there a timeframe to BTC needing to hit $150k for it to be "worth it"?

About the debate on Metaplanet's $772M raise. Both sides are right The IR discipline is real. Six instruments evaluated, one selected, 13 page independent legal review. No other BTCTC has published this and @BTCBULLRIDER nailed that The warrant pricing is also real. 2-year calls sold at 98% discount to Black-Scholes. The arb funds got a gift and @NitherDither nailed that The piece that connects them is the net impact to common equity Zero senior claims added and zero dividend obligations kept the drag at 16.3%. The capital structure is still one of the cleanest in the BTCTC space The cost isn't drag. It's dilution at terms that heavily favored the funds. $140M in option value transferred out is real. The benefit is it bought 10K BTC during a bear market when no one else was offering funds The deal is bad on pricing but it's rational on strategy. The question is whether 10K BTC at $72K outperforms $140M in option value given away If BTC hits $150K, it does so easily

$SATA Not invested in SATA or ASST. However, the recent changes have been well received by the market. We may not get there this month but it feels like it's only a matter of time until $SATA hits par and they can start ATM'ing. Feels like $SATA is max 3 months behind $STRC.

Six weeks on... MSTR/BTC Battling to get through the bull market support band. The trend continues to grind higher.

@JohanMBergman Nice graphic. Just found your website off the back of it. Really like it.

We never saw this amount of blue before 👀 $STRC Regime change?

@BitStrategy21 @saylor Still miss you. When are you doing another spaces with @ryQuant ? There’s been a lot of developments with @strategy since the last……!

@ableinch @saylor and kicking 🫡

A Simple Theory of Digital Credit: 1. Acquire a large pool of appreciating capital ($BTC). 2. Issue credit ($STRC) against that capital, overcollateralized by the equity base. 3. Monetize a portion of the appreciation—directly or via derivatives ($MSTR)—to fund the dividend.

@BitStrategy21 @saylor He’s alive!

@saylor Credit is a function of capital.

$STRC update. $0.5B trading volume since going ex-div. I still think it will return to par by the time $1B of volume has been traded.

Interesting way of ranking the BTCTCs - share performance year to date. And comparing to BTC itself year to date. @smarterwebuk top of the list.

$STRC update. $99.75 sellers exhausted. Next level = $99.90. Tick tock.