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So much to be thankful for with #bitcoin100k. But what I most grateful for is all the amazing friends I've made along the way. Especially my team at @MARAHoldings.
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Jayson Browder
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Jayson Browder
@JaysonBrowder
SVP of Government Affairs & Social Responsibility #MARA | Director @BitcoinVoter | Iraq War Veteran I This is my personal Twitter - all opinions ≠ my employer.
Washington, DC Katılım Temmuz 2013
3.9K Takip Edilen3.2K Takipçiler
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@hillery_dan @TimKotzman @MSTRTrueNorth @saylor Great video @hillery_dan. Is there ever a scenario where Strategy thinks they created a product too good that it outperforms MSTR Common shares? Basically the chart of STRK and MSTR
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"A Big Week for STRC"
- MSTR 0X MNAV?
- STRC hits par tomorrow.
- Levered STRC Instead of Bitcoin?
- "Days to Recover" from ex-div or de-peg.
- Warren Buffet & Preferred Equities.
- "Upside for Free."
- STRK ATM reduced?
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STRK, STRF, and STRD should pay monthly dividends similar to $STRC
@saylor
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@BitBrew1 @hillery_dan Exactly - this is signal that it will be allowed to run when MSTR eventually rockets.
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@hillery_dan The $STRK guidance change changes my mind. I was previously hesitant on $STRK due to Saylor potentially smashing the ATM and not letting it go up but now with reduced ATM, it allows the price to rocket for the next bull. Good setup IMO. Same for $STRD.
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IMO, STRD should reprice up significantly considering Strategy reduced ATM capacity of STRK down to 2.1B from 21B.
The moving liquidation preference on STRK was a real problem for all junior securities. Glad it is getting rolled back, not to mention the problems that arise with convertible arbitraging.
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We’ve reduced the max issuance on $STRK to shift more focus toward $STRC, which clearly signals we’re placing it front and center. (Great catch @chcbearsfan)
The other preferreds now function as complementary tools to keep investors within the Strategy ecosystem. Once investors get comfortable and truly see how effective $STRC is, they’re more likely to adjust their risk curve, consider $STRD (offering greater than 13%) or even a small reallocation to $STRK if they see strength in the equity moving higher.
All of these tools exist to provide optionality, while $STRC remains the flagship products and $MSTR continues to be the primary source of liquidity.
Michael Saylor@saylor
Strategy announces new $21 Billion $STRC ATM Program and new $21 Billion $MSTR ATM Program. strategy.com/press/strategy…
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Strategy announces new $21 Billion $STRC ATM Program and new $21 Billion $MSTR ATM Program. strategy.com/press/strategy…
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I like this discussion,
Preferred Path understands the game plan well, I’d encourage a listen
The explanation of accretion dilution is well laid out.
PreferredPath@PreferredPath
I have a follow-up question after your Spaces today @Z06Z07 (video format) First, everyone should read this article. Second, I'll ask the question first and then provide an analogy for how I interpreted the information. All commentary/criticism is welcome. #STRC #MSTR #Bitcoin
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@PreferredPath @GabrielePacioc1 @hillery_dan I always wonder if the prefferd is too good and either I'm missing something or it gets ATM'd into oblivion to never meet it's full potential 😅
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@JaysonBrowder @GabrielePacioc1 @hillery_dan AKA - Get paid while you get rich . Obviously at the cost of upside growth…
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@GabrielePacioc1 @PreferredPath Agree - listened to your questions with grain. Also, very interested on your thoughts on STRK. Most excited about that preferred and not sure why it isn't discussed as much. @hillery_dan - you were quite bullish on it for a time I belive.
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@PreferredPath Writing a long article now, not totally predicated on $STRK but I do agree.
Under this new environment $STRK peaks my curiosity the most.
Thanks for the kind remarks and likewise.
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Ex-Point72 Proprietary Research Head Kirk McKeown on building edge, alpha decay, & why everything that happened on Wall Street is about to happen on Main Street.
Kirk McKeown (8.5 years @ Point72 under Steve Cohen | Built primary research at Glenview under Larry Robbins | Now founder of Carbon Arc @CarbonArcAI)
"Alpha rewards those who value assets in a cold way. You want to get it right — not be right."
We cover:
- How alpha creation differs across multi-manager vs. concentrated shops
- The 3 vectors every middle office function must move to justify its existence
- Why he worked 6-hour Sundays from 2006-2020 — and the math behind it
- The TSMC call that signaled semiconductor cancellations before anyone else knew
- What the quant revolution on Wall Street tells us about the AI economy today
- His framework: 4 market structures, 9 business models, & why they have rules
- The MIT beer game & why every business problem is really an inventory problem
- His hot take: a top hedge fund launches an enterprise AI lab in 2026
Highlights:
00:00 Intro
04:47 Tutor vs Glenview vs Point72: how edge differs
12:29 How to build “lift” for PMs: at-bats, hit-rate, sizing
18:44 Building research edge: outwork, read, fieldwork
27:16 Personal moat in 2026: analogs, history, decision trees
40:08 “Main Street becomes Wall Street”: what that actually means
44:30 Carbon Arc thesis: “decimalization” of data market structure
46:43 Why the edge migrates to data plus domain context
51:00 How to win in commoditized research: sample size beats anecdotes
01:03:26 Factorizing everything: themes, market structure, business models
01:08:37 Pruning decision trees: signals, scale points, inventory dynamics
01:14:18 Contrarian 2026 take: hedge funds launching enterprise AI labs
01:23:32 Final question: one habit to build career alpha
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Jayson Browder retweetledi
The Bitcoin Policy Institute just released a new report on the Bitcoin de minimis tax exemption.
Under current law, every bitcoin transaction triggers a capital gains calculation and IRS reporting obligation, no matter the size. A $4 coffee purchased with bitcoin that appreciated by six cents gets the same tax treatment as a six-figure asset sale. This has effectively killed bitcoin's use as a medium of exchange in the U.S.
Congress solved this exact problem for foreign currency decades ago. Personal-use foreign currency gains under $200 are tax-exempt. Bitcoin users get no such relief.
Senator Lummis filed a standalone bill proposing a $300 per-transaction threshold with a $5,000 annual cap. The Joint Committee on Taxation scored it as revenue-positive, generating $600 million over ten years. The White House backed it. Treasury Secretary Bessent offered to have his team work directly with Lummis on guidance.
Then the direction shifted. After the GENIUS Act passed, a new bipartisan draft from Representatives Miller (R-OH) and Horsford (D-NV) narrowed the de minimis exemption to stablecoins only, excluding bitcoin entirely. Relief offered where it's least needed, withheld from the users facing the most punitive treatment.
BPI has met with 19 congressional offices over the past three months pushing back. The response has been encouraging, with bipartisan agreement that the stablecoin-only approach is insufficient.
The window is narrowing. Senator Lummis, the issue's strongest champion, departs the Senate in January 2027. If a package doesn't come together in the next few months, this opportunity may not return for years.
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Jayson Browder retweetledi
Congress should do the right thing and pass a de minimis exemption for Bitcoin payments.
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Jayson Browder retweetledi
WASHINGTON D.C. - Bitcoin Policy Institute releases the following brief on the latest legislative developments on a De Minimis exemption for
Bitcoin transactions.
We will continue to keep you informed as discussions develop.
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Jayson Browder retweetledi
Live Executive Fireside | Thursday (3/12) at 1 PM ET
Join us on X Spaces for a live conversation hosted by @RobSamuelsIR and @OGAdvisors.
MARA CEO @fgthiel, CFO @theRealSalKhan, and Chief Growth & Strategy Officer Duncan Dickerson will dig into MARA's latest initiatives.
Have a question for the team? Drop it below — yours could be featured live in the fireside.
Set your reminder 👇
x.com/i/spaces/1nGeL…
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Jayson Browder retweetledi
Bitcoin has officially passed 20M tokens mined. With fewer than 1M new BTC left to be mined, it’s estimated that the last token will be mined around 2140.
Get in touch to learn how institutions are evaluating bitcoin’s potential role within portfolios: go.fidelity.com/4z9xik
GIF
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Well I suppose I learned last summer that life is short, definitely too short for holding grudges. So when @GamebredFighter said he wanted to sit down and break bread of course I took him up on it. Today he came to Wisconsin, sat down had some dinner and chatted it up. Turns out we have more in common than different 👊👊👊 Felt great to bury the hatchet and make a new friend. Life is too short to hold grudges, bury hatchets and move one with your life. So glad Jorge was able to come to Wisconsin today.
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