Jeff Eichenberg

@dampedspring I agree. That is basically the local high in mNAV from a couple months ago. And he generates positive BTC yield there at this point so it is a win for him.

@JeffEichenberg I've been things 1.25MNAV is when he starts shifting to stock vs preferred

Dividend capture demand for $STRC is now in a drawdown if they didn't get out in time. That should massively reduce the upward pressure to 100 over the next month and if the company is unwilling to sell below 100 they will need to increase dividend to get demand. 25bp is NOT enough. That's 2.5 cents in price for the dividend capture guys. So this funding for BTC purchases is temporarily on tilt. HOWEVER there is great news for BTC bulls. The dopey $MSTR guys have bid the share up to 1.17x MNAV. Saylor can to ATM common with no fear and high "BTC yield" whatever that nonsense is

@dampedspring And the market is giving him the ability to here....

@dampedspring Last week / earlier this week it was over 10% below that level. Prob why he didn't sell any stock last week. My questions is how high does he really want to take his leverage/amplification. Also his cash reserves have fallen below 2 yrs. Needs to sell some stock.

@dampedspring the other question is if they had laid off it on Monday and Tuesday, how much above par could it have drifted before the div went ex

$MSTR would be better selling $STRC here at 99.30 with no dividend instead of 100 yesterday with $0.95 of dividend but they won't cuz 🤷‍♂️

@dampedspring probably doing both stacking at all costs

Let’s Go Blue!! 〽️🏀

@APompliano @aj_oommen @Crowded_Mkt_Rpt I love how you spin this. It is not for free. How much does CFO Silvia burn each year that is now coming out of $BRR shareholder's pockets rather than yours? How about the $5mm cash signing bonus for your partner and his $700k salary plus $300k bonus plus $1mm stock bonus?

The Silvia shareholders, including my investment firm, do not get paid unless $BRR shares trade above $9/share. So the stock has to more than 3x before any shareholders of Silvia get paid. If BRR shares never trade above $9/share, then ProCap Financial got Silvia for free. So I not only was I right, but I appreciate you giving me the opportunity to explain how much I believe in the long-term value of the company.

We repurchased another 155,561 shares of $BRR yesterday. As long as the stock trades at a significant discount to NAV, we will continue to aggressively buy back shares. Capital allocation 101.

@AdamBLiv This analysis is flat out wrong. Do you understand the converts? The 2029 converts cannot be called in December unless the stock is above $873. All the converts are only callable if the stock is 30% higher than the conversion price.

@dampedspring I hear you, but if you did that trade in early October where would you be now? If you were asked in October when BTC was $124k where STRC would be if BTC got cut in half and went to ~65k, what would your answer have been? Probably a lot lower than 100 where it is now.

One last comment on $STRC as I am bored of the whole thing and happy just owning long $IBIT Over the next year you could own STRC and get 11.5% yield. Or Go long IBIT and short ATM call and collect 19.5% call premium (yield). These trades are more similar than different

Anyone who voted for Mamdani in NYC shouldn’t be able to move for 3 years and 11 months. They should have to live with the consequences of their stupidity. Arizona is closed. Texas is closed. Florida is closed. Enjoy your socialism. You asked for it.

@darrenrovell Does Indiana have a larger living alumni base than Michigan?

The ticket for the National Championship Game is going to be a fortune. Miami hasn't won a title in 24 years and is playing in their home stadium. Indiana has the largest living alumni base of any school. Current get in for the WORST seat including fees? $3,865!

@DsrPrivate going there anyway he might as well do it the other thing he should/could do which he wont is sell calls on BTC monetize the vol

@DsrPrivate He should continue to sell a lot of stock. Still at a premium. No one wants his prefs. Sell stock, put 1 yr of cash in escrow for the divs, buy more BTC. It is the only play he has. He doesn't want to encumber his BTC with secured debt. May have to. 1yr divs=4.3mm shrs.

@DsrPrivate Did you not last 24 or 48 hours on not posting about MSTR? My one thought today - Is he crazy enough to not pay a div on the most junior non-cum pref because he doesn't want to sell stock at these levels? It would be totally insane and tank the whole cap structure, but...

@DsrPrivate couldn't help yourself love it

Watching the NYC Marathon. Why is the video technology so poor?

@DsrPrivate He will have over 30bn asset value and market cap close by. Around there. More than enough to deal with converts and sell common to pay divs. Diff story is mNAV is 0.50 though

@DsrPrivate Don’t really disagree with anything here but…the dividend is not fixed. Can be lowered. Keep in mind. Also even if MSTR went to 100 with BTC 50k he still has a ton of asset value and not a lot of leverage and manageable cash needs. The market may panic but prefs should be fine