




Pedro
2.7K posts

@PAguiar_NH
Bitcoin evangelist. https://t.co/sbzKDgQvXf







@jackmallers Thanks for clarifying the question and citing the sources. You're correct that BPS doesn't reflect senior claims, as highlighted in our risk disclosures. If one believes that $BTC is appreciating forever vs. USD, then USD-denominated senior liabilities are expected to trend to zero (denominated in $BTC) over the long-term. Hence, BPS is intentionally designed as an equity-performance KPI to measure the ratio of Bitcoin Assets (denominated in $BTC) to hypothetical max common equity shares (ADSO or "Assumed Diluted Shares Outstanding"). One can also measure Net Assets per Share. Here, Net Assets would mean Bitcoin Assets less all senior claims to common equity (i.e. net debt and prefs). And the Shares in the denominator would be basic shares without potential future dilution. This is similar to how investors traditionally calculate book value per share for banks. The breakeven point for Net Assets per Share accretion would be 1x mNAV, if you're considering our standard, traditional calculation of mNAV. BPS accretion would occur when ADSO Common Equity Market Cap is greater than the Bitcoin Reserves. But since we include prefs in Enterprise Value for calculating mNAV, it pushes the breakeven point to higher than 1x mNAV. The gap is primarily because of the prefs, and not because of the treatment of OTM converts (any impact from this is minor). You're correct that the BPS KPI and the standard mNAV valuation don't directly map to each other and make it a bit non-intuitive. The size of our prefs has also increased a lot and widened the gap, creating some confusion. This is why we touched upon this topic in our Q1 earnings call (see one of the slides below). You can always construct a different mNAV formula which directly maps 1:1 with the formula of BPS, such that the breakeven point for BPS accretion is at 1x mNAV. Our goal is to be transparent, open, and honest, and I appreciate that you're sharing these concerns. We are always open to feedback to make it simpler and easier for our shareholders to understand the math.








The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees. The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance. Access to all other Claude models is not affected. We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible. Read our full statement: anthropic.com/news/fable-myt…



















While I was at the (amazing) @FREEMadeiraOrg Energy Summit in Lisbon last month, I had the chance to finally ask Kenji Tateiwa some questions I’d always wanted to know the answers to. For context: Kenji was no less than the nuclear safety engineer who expertly coordinated the American and Japanese nuclear engineers’ response teams after the Fukushima meltdown. But it wasn’t nuclear energy I wanted to know about this time, it was - how he convinced the world's 5th largest utility to create a Bitcoin mining subsidiary (something that’s never happened before at this scale) - why 300 of India’s top IIT graduates applied for 6 positions at his Bitcoin mining subsidiary, and - what he did differently to almost everyone else in Bitcoin who tries to orange-pill people. There are more useful things to pay attention to right now than the price. I decided to make this month's paid sub newsletter free to everyone so you can hear all of Kenji's story. It's written to be shared with non-Bitcoiners, so please do so. His story deserves to be known. batcoinz.com/p/the-truth-is…