America 1st

@Micro2Macr0 @RH03205906 I think today is the low. 100k next month. I think Saylor has been selling over the last 48hrs

@RH03205906 Ideally we stay above $71,000-72,000. Either way, in 2 weeks we're seeing MASSIVE buying power kicking in for $STRC and $SATA.

#Bitcoin has a gorgeous risk to reward over the next year.

@thebtcpharaoh I’d say they sold a billion or more of btc today

Today’s $MSTR 8-K has one real question buried in it: why did Saylor fund the $1.5B convert buyback with cash reserves instead of the $STRC raise from the week before? And will this impact STRC’s demand at par?

@BTCoptioneer $SATA volume 👀

$ASST bought over 1000 BTC last week. If they simply buy 317 BTC per week that would lead to 100% BTC yield. Not priced in at the current mNAV.

@RoaringRagnar @Strategy They probably test the market with a btc sale this week. Hopefully that’s the reason we’re down today. 1B maybe

@Strategy Strategy now only has 0.51 years of USD Reserve left.

Strategy has completed the repurchase of $1.5 billion of its 2029 Convertible Notes at an ~8% discount to par, generating an incremental 0.7% BTC Yield and lowering aggregate debt to $6.7 billion. $MSTR $STRC strategy.com/press/strategy…

@thepowerfulHRV Just enough to leapfrog coinbase

$ASST bought 1,109 BTC and increased its cash position by $6M, funded by the $SATA ATM as well as some common ATM issuance.

@BTCoptioneer I'm 70/30 MSTR/ASST. Will probably move to 90/10 MSTR/SATA around midterms if btc is at new highs

Some think $MSTR will outperform $ASST because of a larger balance sheet, longer track record, and better ratings for their prefs. I disagree. It is much easier for ASST to raise millions of $$$ than for MSTR to raise billions of $$$. The market agrees and ASST mNAV (1.5x) remains higher than MSTR mNAV (1.2x). What do you think?

@ZynxBTC I listened to him for 20 min on spaces and muted him. I’m wise enough to know the red flags when I see them

@TOLDUS0 I think it's excessive and embarrassing but it gets to a point where you provide the evidence or be quiet. Say whatever you want but accusations of stealing to the tunes of millions of dollars will harm the reputation of the company.

Ryan has been vocal these past few days against Jeff and Strive and that is fine. You can dislike the people, criticise the capital structure, think the company is poorly run and say it will fail. That is fair game. But accusing a member of the senior leadership team of a public company of stealing millions of dollars is a serious allegation that requires evidence. You are not just hurting an individual. You are hurting the company and its shareholders. I am not a litigious man but as a shareholder in $ASST this cannot continue. Provide the evidence Ryan or withdraw the statement. Put up or shut up.

@Micro2Macr0 He’s always claimed he would be buying soon. Problem is he thinks it’ll 50k in Oct but it’ll probably be 150k

Looks like permabear Cowen is positioning himself to see the light in the not too distant future.

@EthanKasner_ @ZynxBTC If the stock trades between 30 and 40 for a few months it can happen gradually and it’s just a chance to add 10k btc to their stack. They could probably match the pace with SATA. 40k btc by sept. 50k by Dec

@ZynxBTC Me too. It’s gonna a battle to churn through those warrants though. $ASST will cool off hard once we reach that price

Strive may refrain from issuing much common stock even at these price levels despite it being accretive. The smarter play would be to continue ramping up amplification and let the $27 warrant wall do the heavy lifting on common share issuance. 26.5 million warrants sitting at $27 represents a significant and predictable injection of common equity when triggered. Get it out the way before saturating the market with $ASST shares. I am almost certain this is their plan.

@chowcollection 50k btc stack by end of year not out of the question

I still haven't seen any reason why $ASST can't buy Bitcoin every business day for the rest of this year.

@thebtcpharaoh Right so in that world P/E ratios become tethered to reality and most companies just underperform btc thus underperform MSTR ? ….

@TOLDUS0 Because bitcoin is finite. If it becomes the unit of measure, then the units being measured cannot be more than the units that exist. This is in contrast to the infinite, debt based fiat system we currently live in.

Premium vs. Price: Where MSTR's Upside Lives "We want to see the mNAV expand to two, three, four, five, or six." Michael Saylor on the Strategy Q1 2026 conference call But the question I find myself asking is whether a 4-6x premium (at their current scale) is a reasonable thing to expect. Strategy holds roughly 844,000 Bitcoin today; net of the preferred sitting above them, common shareholders have a claim on around 650,000. A 4-6x premium says the market should value that common claim at 2.6-3.9M BTC-equivalent — three to nearly five times every coin Strategy actually holds, and somewhere between 12% and 19% of all the Bitcoin that will ever exist. That is the size of the bet packed into a single multiple. And this is coming from a longtime $MSTR shareholder and believer in Saylor. A share of Strategy is an indirect claim on Bitcoin, and its dollar price answers two entirely separate questions. First: how much Bitcoin does each share represent today, and how fast and how far can they grow that? Second: what is that Bitcoin worth? The premium answers the first — it is the market's bid on how much Bitcoin-per-share the carry can add. The price of Bitcoin answers the second. Saylor's 4-6x is a claim on the first. Almost all of the company's upside lives in the second, while the debate has spent most of the time arguing about the smaller of the two. Start with the premium, because it's the one that can actually be settled. mNAV measures Strategy's market value against the Bitcoin on its balance sheet — a Bitcoin-denominated valuation, a multiple of the coins themselves. A multiple has to be earned, and Strategy earns it through the preferred carry. It raises money by selling perpetual preferred stock — for now, predominantly STRC, which pays an 11.5% dividend, against a blended cost across the preferred stack of roughly 10.5% — and turns that money into Bitcoin. Preferred holders are owed a fixed coupon and nothing more; everything Bitcoin earns above that coupon belongs to the common shareholder. Scaled by how much preferred sits on top of the common equity, that spread is the real growth in btc/share. Strategy reloads the preferred stack as Bitcoin appreciates — issuing fresh STRC, STRK, STRF, and STRD to hold that ratio constant in BTC terms — so the leverage doesn't quietly decay against a rising BTC price. With leverage held constant, the math is clean, and management hands you the ratio directly: on the Q1 2026 call they put the preferred at 34% amplification — the preferred measured against the common equity it sits on top of. The carry to common is that amplification times the spread Bitcoin earns over the coupon, counted in Bitcoin: btc/share CAGR = amplification × (BTC return − blended coupon) ÷ (1 + BTC return). That last term simply restates the spread in coins rather than dollars, because a multiple is a Bitcoin-denominated thing. At today's 34% amplification, a blended coupon near 10.5%, and Bitcoin compounding at 20-30% a year, that comes to roughly 3 to 5% a year in btc/share — every year. The more interesting move is what comes next. Strategy has stopped issuing convertible debt altogether and is working to retire the converts it still carries — clearing the dilution overhang at the conversion strikes and freeing the balance sheet to carry more preferred. Every notch of additional amplification scales the same formula. Lift it from today's 34% toward 50%, and at a 25-30% BTC return the carry widens from roughly 4% to the 6-7% range — perpetual, BTC-denominated, and structurally larger with every block of non-dilutive leverage they choose to underwrite. Capitalize that carry at a sober 12-15x multiple, and the math justifies a premium of roughly 1.4x to 1.6x net asset value today, rising toward 2x as amplification climbs over time. And it does not stretch to 4x. The carry is bounded — the most the common can ever capture is everything Bitcoin earns above the coupon, and only in proportion to how much preferred the company can carry on top of the common. Push amplification to the realistic limits of what a balance sheet like this can sustain, and the fair premium tops out somewhere around 2 to 2.5x. Reaching even 3x would take leverage and a sustained Bitcoin return well beyond anything the structure supports. A 4-6x premium is simply not in the math. That is where the second question takes over, and where Strategy becomes genuinely formidable. A premium is Bitcoin-denominated; it asks how many coins a share is worth. But a shareholder is paid in dollars, and the dollar value of a share is the Bitcoin it represents multiplied by the price of Bitcoin. This is what the preferred machine is actually for. STRC is not, at its core, a device for inflating a multiple. It is a conversion engine. It reaches into the deepest pool of capital on earth — the fixed-income and money-market world, trillions of dollars that want yield and have never owned Bitcoin — and routes that capital into Bitcoin. Every dollar it raises and deploys is a dollar of new, structural demand for the asset. Saylor has spoken of a preferred book of $100B and beyond. Whatever the eventual figure, the logic holds, and it runs as a flywheel: the preferred program lifts the price of Bitcoin, the higher price lifts the forward spread over the coupon, the wider spread widens the carry, and a wider carry justifies a higher premium at the same multiple. Price feeds premium and premium feeds price — the preferred machine is the shaft they both turn on. That is the reframing that dissolves the paradox. Strategy's bull case was never supposed to rest on the market paying six times net asset value. It rests on the company becoming one of the largest persistent buyers of a fixed-supply asset, funded by a corner of the capital markets that has barely begun to participate. Its product is not a premium. Its product is Bitcoin demand, counted in the tens and eventually hundreds of billions of dollars. Why own the stock rather than the Bitcoin, then? Because the common is a levered claim on it. The preferred sits above the common, so each share rides the price of roughly one and a half times its own Bitcoin; when Bitcoin's dollar price rises, Strategy's common rises faster and earns the few points of carry on top. The premium stays modest, and the leverage does the work. The Pharaoh's view: In Bitcoin terms, Strategy is worth roughly what it holds, plus a modest carry — so outside of brief moments of hype, that is all the premium the math allows. In dollars it's a different story, because the company is helping move the one number that was always going to carry the upside: the price of Bitcoin itself.

@criscrinkl @thepowerfulHRV Literally me 😂

@thepowerfulHRV 😂

POV: Bitcoiners celebrating Pizza Day

@ZynxBTC Are you following the Adam back company? Looks like they’ll be a player in the space in a few weeks. Exciting times if we have 3 or 4 companies buying thousands of btc a week from digital credit instruments

The market is rewarding the companies that offer perpetual preferreds. Performance YTD: Bitcoin = -13.71% ASST = +5.32% MSTR = +1.74% XXI = -21.29% MTPLF = -25.98% SWC = -25.21% ALCPB = -28.29% Simply holding Bitcoin in an equity structure is no longer enough. You need to do something with it. Issue Bitcoin credit. Generate yield. Give investors a reason to pay a premium.

@PunterJeff @ColeMacro Killing it

Even ₿igger day for Amplified Bitcoin and Digital Credit. $SATA: $39.5M in volume 3 cents of volatility $165M in volume this week $ASST: $144.5M in volume $IBIT had $1.3B in volume. $ASST traded ~ 11% of $IBIT volume It’s 🍊 season Enjoy the long weekend 🫡

@IceCapGlobal Boomers and Canadians just never want to take any meaningful stance on anything ever and it’s lame. Listened to your pod for years thinking these guys aren’t robots they’ll change their mind about bitcoin and I want to see it happen. Nope

@TOLDUS0 You seem like a nice person.

Trend continues to deteriorate.

@IceCapGlobal You just blabber on about shit and never take a stance on anything and your engagement suffers because of it. Typical Canadian boomer. Talk about bitcoin and digital credit instead of just pointing to a problem every 5 days for eternity

@TOLDUS0 ok.

@IceCapGlobal res ipsa loquitur

@TOLDUS0 Hi there. What would you like to hear?