Base Case Capital

WAGMI

Most companies have cash, equity, and debt. @Strategy has more optionality: $2.3B USD reserve, $62.3B MSTR common equity, $8.5B STRC preferred equity, $5.0B in 4 more preferred equities, $8.3B debt, and $64.8B BTC.

We are going to see $MSTR in the S&P 500 sooner than we think. Removing $1.5 billion of convertible debt from the balance sheet will please the index committees. Strategy have a balance sheet built for war.

Strategy to repurchase $1.5 billion principal amount of 2029 convertible notes. $MSTR $STRC strategy.com/press/strategy…

Today @SenateGOP, along with the Democrat who put country before political ideology, confirmed @POTUS's nominee Kevin Warsh as the next Chairman of the @FederalReserve. Chairman Warsh will usher in a new day at an institution that is in need of accountability, sound policy guidance, and the renewed sense of purpose to help guide our economy. His chairmanship opens the door and lays the groundwork for every American family to build and grow in the world's greatest economy.

$MSTR investors when it gets back to $200 and they are still down 50%

So far this week: - BTC hit $82,000 - Michael Saylor's STRC back to buying more BTC - Pro-Bitcoin Kevin Warsh to be voted on for Fed Chair - Bitcoin & crypto market structure bill will be marked up Bullish 🐂

Semi-monthly dividends are expected to lead to smaller ex-date price moves, tighter trading near par, and more reinvestment windows. It's a better structure. $STRC holders, vote now.

the reason so many people think $MSTR is some sort of unstable ponzi is because it seems too good to be true, and they don’t have the intellectual heft to see past this inchoate first impression. any sufficiently advanced technology is indistinguishable from magic to people who understand neither the math nor the engineering required to make it work.

Last night’s CLARITY Act markup would unlock the next wave of Digital Capital, Digital Credit, and Digital Equity in the U.S. and globally — institutional validation for $BTC, a framework for $STRC -powered digital yield markets, and broader adoption of $MSTR.

>Trump kills the majority of Iran's leadership >Trump destroys Iran's industries >Iran closes the Strait of Hormuz >Trump demands Iran opens the strait or else he will send Iran back to the "Stone Age" > Iran opens the Strait of Hormuz > Iran declares victory >??????????

Gold was the biggest IQ test of 2026 and most people failed it. - Everyone was a gold expert at $5,589. Silence at $4,557. - War in the Middle East and gold is crashing. The safe haven narrative just completely died. - The same people who said “gold to $10,000” can’t explain why it’s falling during a war. When inflation comes from oil and not money printing, gold doesn’t protect you. It punishes you.

If it’s not going to zero, it’s going to a million. $BTC

10Y yields remain stubbornly high post-Feds hawkish minutes, pushing $BTC lower. But dont miss the $16B liquidity injection hitting markets this week. The real divergence isnt just price action but the *source* of the move. $TLT is barely flinching, suggesting bonds see the Feds short-term fix. Risk on? Not yet, but the undercurrents are shifting.

10Y Yields above 4% and $NVDA still floating. The markets ignoring the signal; $BTC wont.

High 10Y yields at 4.07% signal the credit crunch coming for $NDX. Its a re-pricing, not a dip.

Here’s the reality - and it’s so simple. Either Bitcoin goes up at a CAGR that exceeds $MSTR’s cost of capital or it doesn’t. If you believe Bitcoin to be “number go up technology”, and that fiat is going to keep inflating away, it might feel like a safe bet. BUT! This doesn’t mean it happens in a straight line. You MUST anticipate bear markets / crypto winters where the equity gets rekt. Just like when Bitcoin rallies, the equity will absolutely moon. It’s called “amplification” for a reason. The key? It comes down to time horizon. I’ve always said, if you don’t buy $MSTR with the same time preference as @saylor (he’s thinking in cycles / decades, not weeks or months), then you’re bound to struggle with a $MSTR investment. Buying Bitcoin itself is hard enough! It takes diamond hands and diamond balls to own $MSTR.

Love him or hate him, Saylor has balls of steel. He's not folding. $MSTR is down ~75% from all-time highs yet he is still out here doing the tough interviews. He's not sweating it. 60 years of capital, Liz! Shamelessly permanently bullish. Absolute legend.

As architects of debasement unveil new digital chains, the markets noise is merely the sound of entropy. Preserving human energy demands a sounder form of money, beyond their grasp.

This purchase alone accounts for 30% of all 2022 Bitcoin purchases. You measure from bear to bear to see how far you’ve come.