Tyler Rowe

Strive just changed the game. Again. On June 16th, $SATA becomes the first listed security in US history to pay cash dividends EVERY business day. ⚙️ 📊 The headline numbers: 🔸13% annual rate, ~250 payments/yr 🔸Effective APY bumps to ~13.88% 🔸Arbitrage eviscerated 🧹 The balance sheet just got cleaner too: 🔸Last of the Semler convertibles repurchased 🔸Zero debt. Zero margin calls. Zero encumbered BTC. 🔸15,000+ BTC (~$1.2B) backing the stack 🔸First publicly traded company with a Bitcoin-backed preferred-only amplification balance sheet. 🔄 Strive's 3 upgrades: 1️⃣ Higher APY 📈 2️⃣ Less volatility. Dissolve the ex-div event, dissolve the trade 📉 3️⃣ More utility. Daily cadence is native to NAV calcs, sweep accounts, on-chain rails ₿ ⚙️ Why daily matters: 🔸SATA beta to BTC: ~0.3 🔸$ASST beta: 1.5+ 🔸Since IPO, BTC -25%. SATA traded up to par and paid $6.36/share. 🔸The shape of the dividend matters as much as the size. ⚡ What's next: 🔸June 16 rollout — does the volatility thesis hold? 🔸Monthly rate resets (variable, currently 13%) 🔸Does Saylor follow with STRC? I think yes. 🔸Yield-bearing coins, structured wrappers downstream, and some day...sweep accounts(!) Bitcoin's financial layer 2 is being built in real time. Stay Orange. 🟠

@RichLassiterMD Assuming they don't sell btc or touch their existing cash balance coming into the week, there's room for 6-10k BTC buy, depending on common stock issuance. I think a 10k BTC buy plus retiring that debt is a slam dunk. Crazy.

Kid analyst here, Analyzing this repurchase: In Nov 2024 when ₿=$92,300 MSTR issued $3B in a convertible bond (CB) at a 0% interest that they planned to pay back with either $ or with stock shares. The bond conditions were set when the stock price was $433.80 and they could convert to shares when stock price was > $672.40. This CB would theoretically either turn into 4,462,000 shares at that conversion price, OR MSTR could pay back the $3B , but the rationale for the CB investor is that they'll get a great payday bc ₿ was going up and MSTR was going up and they were going to get a fat reward, which is why they issued this at 0% coupon. The bond holders have agreed to close out half the issuance ($1.5B notional value) yesterday (5/14/26) for $1.38B . This is an 8% discount in favor of MSTR. Also, this should reduce the Assumed Diluted Shares outstanding attributed to this CB by half (2,231,000). This leans into the company's announced mission of improving the ₿PS. Remember that you can improve that metric by either raising the ₿ or reducing the share count. My guess is that there was so much STRC sale this week that the company will accomplish both adding ₿ and reducing share count for next week, and we'll see a big jump in ₿PS. Today, the company stands at 818,869 ₿ and fully diluted 383,741,000 shares. That's 213,391 sats/shr. Eliminating the CB diluted shares gives a new value: 381,510,000 and if MSTR added zero new ₿ this week (IMHO unlikely), that would drive ₿PS up to 214,639. In other words, each share is worth 1,248 more sats. In case you aren't keeping track, right now that's about $1 in satoshi's. Also, the convertible price of $672.40 seems a pretty long way from where we are to me. See attached table: If ₿=250,000, and MSTR stacked 25% more ₿PS OR IF mNAV>=1.22 we would be nearing that stock price. This seems to me like a great CB to extinguish. I anticipate more of this. There may be additional benefits like using some of the high cost basis ₿ to sell and pay for this, harvesting the tax loss. Also, the CB issuers were shorting the stock via put options to protect their investment, and they will close out these positions as they exit the investment. This should remove some of the sell pressure on the equity. Check my math and let me know if you think any of this isn't correct. 🫡

@dampedspring Assuredly. Strategy is to Bitcoin what the LeFrak family was to New York.

I really don't know the answer but Is $MSTR good for BTC?

"We borrow against our Bitcoin, buy $STRC, and earn a yield on our BTC holdings. It's a simple carry trade. Not rocket science."⁣ ⁣ - @samcallah, Director of Bitcoin Strategy @ORANJEBTC w/ @halstonvalencia

Will be interesting to see the mix. Estimated STRC Raise = 25,000 BTC If they ported it all into the convert repurchase, that would leave ~6k-10k BTC buy, depending on the $MSTR ATM raise. My guess is they do a mix and we definitely see a 5-figured bitcoin buy announced Monday.

@cvpayne I'd love to have you on the pod to talk bitcoin and the intersection with traditional finance!

I could do that for sure

JUST IN: Saturn, the on-chain yield stablecoin issuer, just announced that it bought an additional $20 million in $STRC shares over the last two weeks and now holds a total of $70 million worth of shares. Strategy's digital credit is finding buyers everywhere. 🔥

NEW: $MSTR Strategy's Michael Saylor said, "I'm buying the top forever. I will be happy to buy at $200,000, $2 million, $4 million, $8 million, and $16 million." Strategy will never stop buying #Bitcoin. 🔥

BREAKING: Strive $ASST CEO Matt Cole (@ColeMacro) rings the opening bell to kick off the trading day at Nasdaq today. The world's first daily dividend-paying #Bitcoin-backed credit issuer, starting June 16th 🔥🚀

Surreal. From Reinsurance & basement podcasting To Ringing opening bell on the Nasdaq with a ~$1.2 Billion Bitcoin balance sheet. So incredibly proud of this team. The future is bright orange.

JUST IN: Strive's $SATA is estimated to have raised enough money to buy over 200 #Bitcoin today. Two weeks before ex-dividend. Digital Credit demand is heating up. 🔥 TRACK IT LIVE: x.com/i/broadcasts/1…

I'm LIVE with @TimKotzman talking $STRC, $SATA & Bitcoin Treasuries. 👇

LIVE: Breaking down a massive week in #Bitcoin treasuries with @TimKotzman 📌 $STRC raises $2B+ in 4 trading days before ex-div 📌 $MSTR retires $1.5B of 2029 converts early 📌 $SATA becomes first-ever daily dividend in US markets WATCH⚡ x.com/i/broadcasts/1…

NEW: Strategy is estimated to buy 25,000+ BTC this week. $STRC raised $2B to fund it. We recorded this podcast as it was happening. @DzambhalaHODL & @AlexandreLaizet break it down: 📌Why the STRC ATM surge is sustainable 📌Coffeezilla rebuttal 📌AI is a Bitcoin wave Watch⚡️ CHAPTERS: 00:00 Cold Open 01:10 The Growth and Sustainability of STRC 09:54 Institutional Embrace of Bitcoin Vehicles 14:21 Bitcoin Has Fewer Adversaries 21:21 Future Of Investment In Uncertain Times 28:19 AI's Impact on Bitcoin and Economic Growth 31:41 The Role of the Federal Reserve in a Changing Economy 38:30 Global AI Economics & USD Dominance 48:14 Bitcoin Miner Pivot To AI 57:27 Capital B, Nakamoto & Paper Bitcoin Summer 2.0

@BitmundFreud @AAStack There can be no alignment if you're running separate finances.

Good point. We share expenses and have similar salaries, so it worked out well. we have a shared account for expenses but never thought it was necessary to share investments etc… we considered few times but mainly out of laziness and because I want to be fully exposed to BTC we didn’t end up doing it. Definitely it would be aligning on the future. It’s not for a luck of trust.

Serious question. Should married couples with two incomes have shared finances or keep money separate?

BREAKING: Strategy's $STRC raised enough capital this week to buy 24,690 #Bitcoin Today was $STRC's 2nd largest day ever Over $1 BILLION in net ATM proceeds 🔥🔥

@saylor Congrats on an incredible d̶a̶y̶.̶ ̶w̶e̶e̶k̶.̶ ̶m̶o̶n̶t̶h̶.̶ year.

All-time high volume. $1.53B of liquidity. Two cents of volatility. Closed at par. $STRC

BREAKING: Strategy $STRC ATM has raised over $2 Billion in capital this week. $2,000,000,000 flowing into a #Bitcoin balance sheet. ABSOLUTELY WILD 🔥

@TylerCompiler @DaveRamsey

@Nuggg36 Daily record dates

@TylerCompiler How does the record date for this work? Will it still be 1 record date per month of when to get in to get the monthly dividend?

Strive just changed the game. Again. On June 16th, $SATA becomes the first listed security in US history to pay cash dividends EVERY business day. ⚙️ 📊 The headline numbers: 🔸13% annual rate, ~250 payments/yr 🔸Effective APY bumps to ~13.88% 🔸Arbitrage eviscerated 🧹 The balance sheet just got cleaner too: 🔸Last of the Semler convertibles repurchased 🔸Zero debt. Zero margin calls. Zero encumbered BTC. 🔸15,000+ BTC (~$1.2B) backing the stack 🔸First publicly traded company with a Bitcoin-backed preferred-only amplification balance sheet. 🔄 Strive's 3 upgrades: 1️⃣ Higher APY 📈 2️⃣ Less volatility. Dissolve the ex-div event, dissolve the trade 📉 3️⃣ More utility. Daily cadence is native to NAV calcs, sweep accounts, on-chain rails ₿ ⚙️ Why daily matters: 🔸SATA beta to BTC: ~0.3 🔸$ASST beta: 1.5+ 🔸Since IPO, BTC -25%. SATA traded up to par and paid $6.36/share. 🔸The shape of the dividend matters as much as the size. ⚡ What's next: 🔸June 16 rollout — does the volatility thesis hold? 🔸Monthly rate resets (variable, currently 13%) 🔸Does Saylor follow with STRC? I think yes. 🔸Yield-bearing coins, structured wrappers downstream, and some day...sweep accounts(!) Bitcoin's financial layer 2 is being built in real time. Stay Orange. 🟠