mNAV.com

A year ago, $SWC started dripping in consistent weekly BTC buys. Stock went from 5p → 500p. They're doing it again. +10 BTC yesterday. 2,869 total. And this time they're doing it at 0.81x mNAV — below the value of their own Bitcoin. 🟠

Strive just dropped another +1,110 BTC ($85M) on May 22. 16,500 BTC on the books. $1.25B reserve value. Stock is down 85% from its highs. The stacking hasn't blinked. Building in the bear. $ASST 🟠

In the last two weeks, we used 6 of our engines to increase 2026 YTD BTC Yield from 9.4% to 13.3%.

A lot of pieces are being put in place right now at Metaplanet. Individually, none of them tell the full story. Together, they will. We are working harder than at any point I can remember to get them right. I wish I could share more. Soon enough, the picture will speak for itself. We are building this company for the long term, and for every shareholder who is along for that journey. いまメタプラネットでは、様々な取り組みが少しずつ形になりつつあります。個別に見ても、全体像は見えてきません。すべてが揃ったとき、初めて意味を持ちます。私たちは、これまでにないほど真剣に、その一つひとつに向き合っています。今はまだ多くを語れないのが歯がゆいですが、時が来れば、自ずと見えてくるはずです。私たちはこの会社を長期視点で築いています。そして、その歩みを共にしてくださるすべての株主の皆様と共に。

@Strive added 381.61 BTC between May 13–18, taking the stack to 15,391 BTC. @StateStreet raised its @Strive position 770% in the same filing window. "Bitcoin as corporate hurdle rate" just got a vote of confidence from $5.6T of custody.

@SpaceX IPO filing (May 20): 18,712 BTC, $1.29B carry. @Tesla: 11,509 BTC. Two @elonmusk public companies, both long Bitcoin. We can't wait to add @SpaceX to the mNAV terminal on listing day.

Michael @saylor is playing the ultimate Infinite Game with $MSTR and Bitcoin. In The Infinite Game, Simon Sinek says great leaders don’t play to “win” a quarter, a trade, or a headline. They play to keep advancing a just cause through changing conditions. The five practices are: just cause, trusting teams, worthy rivals, existential flexibility, and courage to lead. Applied to Bitcoin/Saylor : 1. Just Cause Bitcoin’s cause is monetary freedom: a scarce, neutral, global asset outside political debasement. Saylor’s cause is not “beat this quarter’s EPS.” It is: convert weak fiat capital into durable digital capital. 2. Infinite Time Horizon Most investors ask, “What will Bitcoin do this year?” Saylor asks, “What happens over 10, 20, 50 years if the world reprices capital around digital scarcity?” 3. Worthy Rival The rival is not another bitcoin company. The rival is the fiat system: inflation, debasement, negative real yields, and short-term Wall Street thinking. 4. Existential Flexibility MicroStrategy was a software company. Saylor disrupted his own business model and turned it into Strategy: a bitcoin treasury and digital credit platform. That is exactly the kind of radical pivot Sinek describes as existential flexibility. 5. Courage to Lead Saylor took reputational risk before institutions understood Bitcoin. Strategy now holds hundreds of thousands of BTC and has built a capital-markets machine around common stock, converts, and preferreds to keep accumulating bitcoin. The key insight: Finite players trade Bitcoin. Infinite players accumulate Bitcoin. Saylor is not trying to win a cycle. He is trying to build the world’s first permanent digital capital company. That is why $STRC, $STRF, and the preferred stack matter. They are not random yield products. They are tools in an infinite game: attract fiat capital, convert it into Bitcoin, strengthen the balance sheet, repeat.

@baskinen2 Yeah. I think the probability bands on the projection are critical.

BTC: $75,553 · Q16 · Accumulation · above 110d MA. 400+ times we've been here before. The median outcome: · Q29 in 90 days ($93k · +132% CAGR) · Q65 in a year ($183k · +142% CAGR) Past analogues. Not advice.

@KiiChainio 100% agree. That's why the confidence bands are so wide. This is not based on 'cycles', it just says when we were at this quantile the last 426 times, what happened next?

@BitcoinPowerLaw Bitcoin cycles can rhyme with history, but each one trades a different liquidity environment.

@VANADI_Treasury Congratulations! Keep stacking 💪🏆

Hoy celebramos un año desde nuestra primera compra de Bitcoin. Hace un año iniciamos un camino que ha transformado por completo nuestra compañía, nuestra tesorería y también nuestra forma de entender el capital, el mercado y el largo plazo. Desde entonces, hemos seguido acumulando con convicción, construyendo una estrategia pionera en España y abriendo camino en la adopción corporativa de Bitcoin. Un año después, la tesis sigue intacta. Y nosotros seguimos construyendo.

"Every capital raise we complete increases Bitcoin, increases revenue and increases profit in perpetuity." In this showcase from our Las Vegas Symposium, @XCEofficial presents a revolutionary kind of operating company, built on an executive recruitment business with an active, integrated Bitcoin treasury. ⏯️📼 See it here: