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SteveC123
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MSTR vs. ASST vs. MPJPY - Drag Compression
The market is valuing the Strive team adding amplification.
The incoming gains are now very much reliant on a Bitcoin move rather than an obvious multiple re-rate (although that would be cool too LOL)
Let's say Bitcoin goes from ~$76k to $100k over 60 days, BTC itself moves about +31%.
But for Bitcoin treasury companies with fixed-dollar senior claims, something beautiful happens:
The claims shrink in BTC terms.
Assuming no new issuance, no new BTC purchases, and the CEBE multiple stays exactly flat:
BTC: +31%
ASST: +50%
Strategy: +46%
Metaplanet: +34%
Why? Because common equity owns the residual Bitcoin after senior claims.
When BTC rises, those fixed claims consume less of the stack.
ASST drag compresses from ~38% to ~29%.
Strategy drag compresses from ~33% to ~25%.
Metaplanet drag compresses from ~10% to ~8%.
Strive has the most drag to compress in upward BTC price action.
That compression flows directly to common equity if the market keeps valuing the company at the same CEBE multiple.
No multiple expansion required.
No Wall Street analyst discovering electricity required.
Just math.
Bitcoin goes up, fiat claims get smaller, common equity gets more economic Bitcoin exposure.
$ASST $MSTR $MPJPY
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SteveC123 retweetledi
SteveC123 retweetledi
SteveC123 retweetledi

You realize, somewhere around month seven, that the bear market is the point.
That the bull market is the seductress.
The thing that brings in the tourists and the influencers and the venture capitalists who don't actually understand what this is.
The bear market is when you find out who you are.
The bear market is when the Bitcoin you own becomes truly yours, because you held it when it hurt, when it embarrassed you, when your brother-in-law made fun of you at the lake house, when the financial press declared it dead for the seventeenth time.
The bear market is the forge.
The bear market is the cleansing.
The bear market is the slow, agonizing, necessary process by which a man becomes a bitcoiner instead of merely owning Bitcoin.
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@X22Report Congress serves the lobbyists and PACS which are used by the deep state to protect their swampy ways.
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A major study found that voters have STATISTICALLY ZERO influence on what Congress does.
This is why 80% issues never get passed even when 80% of Americans want them.
That's not a coincidence. It's because the criminals installed themselves.
They serve their master, not the people. That's what Trump is dismantling. That's the swamp being drained.
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Strategy has completed the repurchase of $1.5 billion of its 2029 Convertible Notes at an ~8% discount to par, generating an incremental 0.7% BTC Yield and lowering aggregate debt to $6.7 billion. $MSTR $STRC strategy.com/press/strategy…
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@LarkDavis 🧐With $MSTR doubling my BPS every 7 years my stack is growing in Bitcoin terms, so I will not need to be a "net seller" of Bitcoin to enjoy life.
I might enjoy eating some Bitcoin Egg Sats instead of eating my $MSTR Bitcoin laying golden goose.
HODL Bitcoin & $MSTR 🧡
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SteveC123 retweetledi

A worse Tesla Model 3 for 20x the price.
Motor1@Motor1com
Ferrari’s first electric car is finally here: Meet the Luce. • 1,035 horsepower • 2.5 second 0-60, 192-mph top speed • Most aerodynamic Ferrari ever The Luce starts at €550,000, or about $640,000. What do you think? motor1.com/news/796895/fe…
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He does not think he can win the Presidency.
But he does think he can split the GOP vote in 2028 and hand the Presidency to a Democrat.
And he will do it out of spite.
TMK@themagaking
Thomas Massie received just 47,539 votes in a losing cause in Kentucky, yet somehow believes he has a path to the presidency with JD Vance, Marco Rubio, and Ron DeSantis in the Republican Party. His delusions of grandeur are off the charts.
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SteveC123 retweetledi

Interesting 👀
Trump says he prefers to destroy the enriched uranium in place, in conjunction with Iran, so long as the IAEA, or its equivalent, are present to witness the “process and event”.
It’s not like we need the uranium for use, we just need to test for its origins, and then destroy it, so Iran, or anyone else, can never use it.
This surely would be a much faster and less messy process than trying to excavate it all and transfer it back to the US. Regardless of which route they decide to go down, the US MIL/Dept of Energy, along with the IAEA, are going to take samples of the uranium for testing, if they haven’t done so already.
Trump talking about the logistics would suggest we are getting closer to the final deal.

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A.F. Branco Cartoon – All gave some, some gave all. Memorial Day 2026. Mourn their loss, celebrate their lives, and honor their sacrifice. comicallyincorrect.com

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