Chris Adcock MD 🍊💊

I think when Bitcoin starts going up, @Saylor will keep issuing $STRC to buy more BTC But he will no longer have to sell $MSTR equity to keep amplification at 30-40% because the denominator is going up Amplification = (debt + pref)/(Bitcoin holdings) If MSTR sells shares of STRC: Debt won't go up Pref goes up Bitcoin holdings also goes up But the current stack grows massively as the price rises (762,000 BTC stack means the stack grows $762M for every $1,000 BTC goes up) So if MSTR wants to keep its amplification at 30%, every $1,000 increase in Bitcoin's price means they can issue 229M of STRC without issuing more shares of MSTR Am I thinking of this in the right way?

@scottmelker From your newsletter today-- This week's MSTR buy was not disappointing, it was disciplined. This is actually 'GOOD' news for the MSTR shareholder, not 'Bad.' To accumulate ₿itcoin Per Share for the MSTR common, the company needs to sell the preferred stocks OR sell the common >mNAV. This past week, post STRC record date, the preferred equity has been trading <$100, so the company didn't sell any more. And for the last week, the common stock (MSTR) was only trading above mNAV briefly, so they were only able to sell a small amount that resulted in accretion of ₿PS. This week-over-week activity netted 2 sats per share more than the prior week. Not much, but also not negative. ₿PS NGU is the path to success, otherwise, the investor should just buy ₿. Patience and disciplined buys are the way forward.🫡