Satosophy

@JackZergo 🤝🏻🔥

@Satosophy For me there's couple reasons why I switched. 1. Smaller size as you said. 2. They are repeating Saylor's playbook but more cautiously and adding some new things. 3. Saylor will not stop with agressive ATM in near future. 4. Something tells me ASST is MSTR from 3 years ago.

Traded a significant amount Metaplanet for Strive in last weeks. I don't think BTC goes much lower, so i want max amplification. Metaplanet seems to have trouble launching preferreds. Smart move?

@JackZergo I have the feeling ASST will outperform MSTR, because they are smaller. But down to first principles they have the same amount of amplification/leverage. And MSTR pays less interest..

@Satosophy I think yes. Swapped most of my MSTR position into ASST last week. I'm happy for now.

Latest Ragnar Comparison of BTC Treasury Companies – March 23, 2026: $MSTR, $MTPLF, $ASST Key takeaways: - mNAVs remain strong and are between 1.10x and 1.18x (EV method) or 1.12x to 1.32x (adjusted) - Total amplification is between 17.3% and 45.5% - Both Strategy and Strive achieved meaningful BTC Yield in Q1 Change log: - Added "adjusted mNAV" as suggested by @ChaosLedger - Added all new purchases and capital raises Notes: - I ignore potential additional cash on the balance sheet and only focus on the USD/fiat reserve - I current don't account for $MTPLF's income generation business My key objective is to maximize the BTC of my personal, virtual BTC Treasury company. That's why I denominate all my treasury company investments in BTC. Example: The relevant chart for Strategy is not MSTR/USD, but rather MSTR/BTC. My goal is to buy low, and sell high, on that chart. I also compare pairs, for example MTPLF/MSTR. If possible, always provide the source and/or detailed calculations when suggesting corrections. Link to spreadsheet: docs.google.com/spreadsheets/d… (use "File > Make a Copy" to download & edit) Follow me @RoaringRagnar to not miss any updates. Reposts/quotes/likes are highly appreciated. @ZynxBTC @adam3us @EneaDenkt @Bthemoon2030 @BTCtreasuries @HODL15Capital @Anders_ @AdamBLiv @Z06Z07 @PunterJeff @Werkman @ColeMacro @mikealfred @_Adrian @CJ_Bitcoin

Probably nothing 👀

@StriveforSats Selling or buying at x moment in time at a profit or loss is the wrong way to look at it imho. I think most investors are looking at the performance relative to bitcoin. Thus BTC per share should be leading. I think you are right though..

@Satosophy Or they could use revenue from the upcoming events to purchase more Bitcoin, I don’t think the market would react well to them selling more Bitcoin at a big loss

Does this mean we are able to accretively sell bitcoin and buy back stock to increase Bitcoin per share? BTC yield should be leading. Anyway NAKA is mispriced. x.com/i/status/20390…

@DavidAnswerNAKA Cry harder

@Satosophy fuck David

$NAKA USD Reserve Built - March 31, 2026 Price: $0.22 BPS: $0.50 $NAKA trading at a 56% discount to Bitcoin per share.

If $MSTR really want to, they could smash buy on the spot market and pump the price… But they would rather keep prices low while they can, and even pay a premium for it That should scare more people than it does Eventually, the entire market table is going to have to play right into their hand

@Rajatsoni Not something to celebrate imho.

MSTR has NO competition The second biggest holder of Bitcoin just sold 33% of their stack Strategy is building the biggest moat in the history of the world

@AGratefulApe @RHodls @HermesLux @saylor @ColeMacro @PunterJeff @Werkman Maybe you are right. But it would have been nice if SATA didn't tightened the range so we could have seen both strategies play out. Some differentiation might have been good.

@Satosophy @RHodls @HermesLux @saylor @ColeMacro @PunterJeff @Werkman I think the natural volatility of BTC will already make STRC wobble they don't need to add to it by giving it a range. The bigger the capital pool the more conservative as I understand it. Saylor is building trust first and foremost

There is an invisible wall at $99.99 that refuses to let $MSTR hit the ATM. I wonder why. 🤔

@AGratefulApe @RHodls @HermesLux @saylor 1-2% is still low volatility. Maybe that also helps to retain investors so they don't leave right after the ex-divident rate to come back next month. We need that ATM to keep running. Maybe something to consider @ColeMacro @PunterJeff @Werkman Grok:

@Satosophy @RHodls @HermesLux @saylor Tight range is better, investors want low volatility with these instruments. Note how Saylor is leading

@RHodls @HermesLux @saylor Wouldn't it be cheaper to widen the target range and issue at 99.95 for example..? I wish we could have seen this strategy with SATA but sadly they just tightened the range as well😅

Bingo. And this doesn’t get overwhelmed until closer to the ex-dividend date. Is this a dynamic @saylor can fight? Or is it just how $STRC will behave each month? He will likely keep ratcheting up the dividend rate until the $99.99 bids never get filled again. Permanent peg at $100.

@BurnA951 @hillery_dan Or expand the target range. I don't understand why @Strive did the opposite.. would be interesting to see different strategies at play. Maybe they can change it, like Strategy also changed their guidance around the common ATM after making a 'mistake'. Iv'e no clue whats best tho

Guys this is a logic problem. Saylor has basically always sold at $100 never allowing it to creep up. Many know they can get back in at $100. It is then illogical to stay in over $100 so they exit at 99.99 and wait for ex date to get closer to buy. All Saylor has to do is let it float and settle a little above $100 to take that away.

Weird STRC price action.

@HeyJoe_live Strategy has still some leverage, you can check it on strategy.com

@Satosophy Is there a resource you could link that explains how they're using both amplification AND leverage? It was my understanding that ATMing the common increases btc exposure/share but without adding amplification/leverage, and that ATMing the prefs introduce amplification/leverage.

Although ASST has become my biggest position as of today.. i am curious how management is planning to differentiate from MSTR. For example I would love it if they target a significant higher amplification ratio. Right now the leverage+amplification is both around 45%.

@ColeMacro Sure, but Strategy will also transition their leverage to amplification. It would be great to have other clear USP's in the future. Strategy will always be the biggest. I believe Strive will be the smartest 😉

@Satosophy I view Strive as already substantially differentiated w/ an optimal capital structure: Strive: 45% amplification & 1% leverage Strategy: 34% amplification & 11% leverage We've stated a 30%-50% amplification range goal w/ comfort higher or lower depending on market conditions.

Is there anything published around this topic? @ColeMacro @Werkman @PunterJeff @IIICapital

@marc02200 @CryptoJelleNL Never. That's why i don't trade. But you guys are "realistic" at probably the bottom. It's a stupid game to try time it. Buying after a 50% drawdown? Never a bad move.

@Satosophy @CryptoJelleNL Does bitcoin every do what you expect it to do?

Plan remains the same. Want to buy in the $50k region - but I'm prepared to be wrong. Watching the weekly RSI closely. Form a clear higher low; and that'll be my DCA trigger instead. Let's see. $BTC