Smochi 🐧 🟧

@Smochi" target="_blank" rel="nofollow noopener">trojan.com/@Smochi IMHO the best terminal rn @TrojanOnSolana Earn gold rewards through quests, rank ups and exchange those gold for jackpot entries! Super fun and rewarding 💰 Maybe a $TROJAN airdrop in future? Who knows 🤷‍♂️

“11% is a big number.” “Am I offending you if I call it a money market fund?” - @SullyCNBC Digital Credit is redefining yield. Today we discussed Stretch $STRC on @PowerLunch.

From my ASST dashboard I can export the data and create a daily market card like this to share. Most of the conversation on ex is about signal, direction, usual fud busting. I want to talk about capital allocation, structure, what we're actually doing with this opportunity. Let me know what ya'll think. what can I do better, make more clear, etc. #Bitcoin $MSTR $STRC $ASST $SATA

@AngryBuhda Genius! Exactly what I need! 🤝 Will you be posting the real time executions as well?

That’s the flywheel I’m actually running with my own capital, not a backtest or thought experiment. I mainly posted this because I’m tired of vague “bull cases” and wanted to talk pure execution with anyone who cares about structure, risk, and fills. If you want the full technical breakdown or you’re running something similar, reply or tag in—happy to compare notes and refine this live as the trade plays out.

I'm building a Monster Flywheel - With ASST over the next year. I got bored of all the back and forth on X. I want to talk about execution. So I figure I'd share exactly what I'm seeing and doing without the usual spreadsheets. Hope ya'll enjoy me having a bit of fun. I'll post a technical write up if there is interest. cc. @WOLF_Bitcoin_ @BitPaine @AdamBLiv @TimKotzman @Strive #Bitcoin $MSTR $ASST $STRC $SATA EP1 – ASST Discount Terminal: I’m buying amplified Bitcoin at a built‑in discount through ASST instead of chasing spot.

I'm targeting the $11 strike ATM. Ideally the premium puts my cost basis towards the negative gama. I will adjust strikes based on where the negative gama flip sits. I'll usually look at Delta more for covered calls. But with ASST I feel it's important to understand where gama exposure sits. The options market has a significant effect on price action. I use this site: barchart.com/stocks/quotes/…

$STRK is now the most undervalued and versatile security in the capital stack In the filing for its new 21-21 plan, Strategy cut the STRK ATM to $2.1 billion and cut the cap on STRK shares outstanding. Basically, the old STRK ATM was moved over to $STRC. Recall that STRK was an attempt to lengthen the duration of convertible bonds. This of course did not work, because the conversion is not at a fixed price but at a fixed ratio of STRK shares to MSTR shares. In Jan 2025, the plan was to make STRK the main funding vehicle, because prior to that the converts were the main funding vehicle. Today the plan is to make STRC the main funding vehicle. In the process, STRK has been heavily discounted by the market. No one talks about it anymore and the perception seems to be that STRC's seniority is really damaging to STRK's valuation. This is just one reason why it is undervalued. The other is that STRK is now comfortably in the high yield + potential price appreciation camp. There's three ways to win with STRK: 1. $MSTR outperforms and brings STRK up by the conversion option 2. The market reprices the credit spread of the fixed rate prefs. This makes the dividend stream worth more. 3. Hold and earn the >10% tax deferred yield. Retain margin of safety. MSTR takes all the risk and the dilution. It takes all the flak when things go wrong. STRC has no price appreciation, has de-peg tail risk, and has imminent risk of future dividend cuts. Also consider that STRC's long term success means the dividend per share is guaranteed to come down. STRK is a very happy middle ground. And right now very underappreciated.

basically saylor just announced 2 new ATM programs. $21 billion for STRC. $21 billion for MSTR. $42 billion in total new firepower. a quick break down exactly how this machine works because most people don't understand how big this is, what is an ATM program? ATM = at-the-market. it means strategy can sell new shares directly into the open market at current prices, whenever they want, at whatever pace they choose. no big fundraising round needed. no negotiation. just sell shares → get cash → buy bitcoin. instantly. how the 2 ATMs work together: these aren't two separate programs. they're two gears of the same machine. > Gear 1: STRC ATM ($21b): 
STRC is strategy's preferred stock. it pays 11.5% yield monthly. it's designed to trade at exactly $100. when demand pushes it to $100, saylor issues new shares at that price, takes the cash, and buys bitcoin > Gear 2: MSTR ATM ($21b): 
every time saylor sells STRC, he's adding leverage. to keep leverage stable at ~33%, he simultaneously sells MSTR common stock and uses those proceeds to buy even more bitcoin the math gets insane here; for every $1 of STRC issued, roughly $3 worth of bitcoin gets added to the treasury. how? $1 from STRC buys $1 of BTC. then $2 of MSTR gets sold to buy $2 more btc and bring leverage back down. net result: $1 in → $3 of btc purchased. what does $42b in new ATM capacity actually mean? last week STRC was trading $300-400m per day in volume. about 40% of that was new issuance from saylor.. roughly $120-160m per day going directly into bitcoin purchases. now he just tripled the runway. $21b in fresh STRC capacity. $21b in fresh MSTR capacity. at current pace, that's years of buying power. at an accelerated pace which is exactly what this signals.. he could be buying $500m+ of bitcoin per week. why announce both at the same time? because one doesn't work without the other. STRC alone adds leverage. MSTR alone dilutes shareholders without the yield product driving demand. together, they create a flywheel: STRC demand → new shares issued → btc purchased → leverage rises → MSTR shares sold → more btc purchased → leverage falls back to 33% → btc per share increases → MSTR price holds → repeat.

I've received several questions about the mechanics around how the $SATA dividend dates work, so here is a brief overview to hopefully help clear it up: Record Date This is the date we snapshot holders eligible for the dividend. Shares must be settled on this date. For SATA: always the 1st of the month → Next record date: 4/1/2026 (next Wednesday) Ex-Dividend Date This is the first day you can buy SATA and NOT receive that month’s dividend. This depends on settlement timing (T+1), which is where confusion comes in some months depending on where the record date falls. Example (April 2026): Record date: 4/1/2026 (next Wednesday) Ex-dividend date: 4/1/2026 → If you buy on 4/1, you do NOT get the 4/15 dividend → Last day to buy and receive it: 3/31 (next Tuesday) Weekend Example (March 2026): Record date: 3/1/2026 (Sunday) Ex-date: 2/27/2026 (Friday) → Buying on 2/27 settled after the record date due to the weekend, no dividend would have been received for March. → Last dividend eligible purchase date was 2/26 (Thursday) Payment Date When the dividend is actually paid. For SATA: 15th of the month If the payment date falls on a weekend, you can typically expect to see it the next business day depending on your broker. Simple rule of thumb: To be eligible to receive the dividends, you need to have purchased SATA BEFORE the ex-dividend date, not on it.

If you are using fixed income to just buy growth... just buy growth. The math isn't hard. Don't choose Strategy B here: $100,000 into three investments with Bitcoin going up 25% per year for 10 years. A: 100% into Bitcoin. Result: $931,323. B: 100% into STRC, dividends into BTC. Result: $482,408. C: 100% into MSTR w/ 33% amplification ratio. Result: $1,764,705

The most recent investor presentation on $ASST and $SATA

Here's the TL;DR on $MSTR prices. Read the article to see how I got the price projections.

12.75% Annualized ($12.75 PER SHARE) Payable Monthly with $SATA Upcoming Record Date: April 1st Currently available on most brokerages

Virtual stream with @notthreadguy today considering "the full implications of @saylor being right" I break down $STRC & $SATA from a basic level. - How'd we get here - How does this work - How to think about these instruments - How much capital can buy these? Tune in: 0:50 – Intro 1:48 – Reinsurance to Bitcoin treasury 4:56 – BTC Treasury history, post-2021 unwind 7:42 – Perpetual preferred equity launch (STRK/STRC) 10:44 – High yields (11.5–12.75%) vs. bank preferreds 13:37 – Underwriting Bitcoin, long-term 25–45% CAGR 15:21 – Backtesting the yield model; excess risk/return 19:37 – Liquidity advantage $STRC trades 100x+ more than JPM 22:43 – Targeting trillions in fixed-income capital 25:58 – Low dividend-risk probability vs. credit market 28:30 – Preferred = low-vol BTC; common = high-vol/amplified BTC 30:08 – High volume enabling ATM liquidity 36:32 – Strive lower leverage (1%) vs. Strategy (12%) 39:03 – Capital raising & maintaining credit profile 41:37 – Massive TAM (200–300T fixed income) 43:41 – Host recap: cool product, new capital access thesis

🚨Is holding T-Bills currently a breach of fiduciary duty? -Opting to hold T-Bills instead of $STRC could constitute a breach of fiduciary responsibility. -Welcome to the Carry Trade V.2! #Bitcoin @Strategy A collaborative between @CrisReed and I

This week, we narrowed the targeted $SATA price range to $99-$101, updated guidance to not issue SATA below $100.00, and increased the dividend for next month to 12.75%. Interested in buying SATA before the April 1, 2026, record date? It is currently available on most brokerages, including Robinhood.

Strive tracking day 1 $ASST is ranked 2,179th largest US company by market cap. 589th largest US company by volume.

🚨BITCOIN SINGULARITY IS HERE: SATURN - THE STRC STABLECOIN!!!🚨 Bitcoin solved money. Now it’s moving up the stack into credit, and that’s where the real scale lives. In this video I break down Saturn and the STRC-linked digital dollar system built to separate spending from savings: USDat = the spend/settle dollar sUSDat = the savings dollar that compounds over time through Bitcoin Credit, starting with STRC at launch Then we get to the wild part: DeFi composability. If sUSDat becomes widely usable as collateral across lending and liquidity rails, DeFi leverage can amplify the effective yield profile, turning “a savings token” into a scalable onchain money-market style primitive. Imagine the demand for DeFi leverage on a par-stable 11% yielding STRC. Imagine the bid on Bitcoin. This is why I’m calling it the Bitcoin Credit Singularity:

STRC: 2.5% 30-day volatility / 3.2 Sharpe Ratio Saturn unlocks STRC for the onchain economy. Leverage sUSDat (~13% base yield) to amplify digital credit.

I think people really have difficult with understanding the thesis of $MSTR because they don’t understand the scale of the problem here. The TAM of fixed income securities with negative (or marginally positive) real yield is HUNDREDS OF TRILLIONS OF DOLLARS. The market cap is bitcoin is ~$1.5 Trillion. $STRC is a bond-wrapper for bitcoin $MSTR is therefore a conduit between a VERY LARGE asset class and a VERY SMALL, but infinitely scalable asset. The degree to which the latter, bitcoin, will scale when the market for the former is unleashed upon it is all you need to know. It will add multiple zeros to the price. $MSTR shareholders effectively are paid a tax for every dollar that flows through the $STRC conduit (in the form of the delta between $BTC APY and $STRC APY), and pay a much smaller, fixed fee (in the form of common dilution to pay the dividend) to attract the capital. Only one condition needs to be met for this to work and to scale: $BTC APY > $STRC APY > APY of comparable fixed income securities In this scenario, $MSTR wins.

$ASST Strive - Keep it Simple Higher Lows in place, at volume shelf support and Bitcoin stabilizing + moving higher. Risk-reward very favorable📈 More details: Current ASST ~$8.92 → trading at ~0.64x mNAV👀 ~$70,400 BTC 1x mNAV ≈ $14.03 ASST 1.0x mNAV: • $80k BTC → $15.95 ASST • $100k BTC → $19.93 ASST • $120k BTC → $23.92 ASST Price Targets @ 1.6x mNAV: • $80k BTC → $25.51 ASST • $100k BTC → $31.89 ASST • $120k BTC → $38.27 ASST *1.6x mNAV = historical premium for BTC treasury companies Current assumptions: • ~66.78M basic common shares outstanding • Low net debt + cash position • ~13,311 BTC held (using basic shares for per-share NAV)