Hysteresis Research

@saylor @MicroStrategy

Detailed draft page - btc-fetcher.tail2dde49.ts.net:8443/mstr?v=2

3/ At the June issue — f = 0.56, mNAV ≈ 0.78× — that week took −0.24% out of bitcoin-per-share, and it recurs. The sale the tape feared: −0.004%. An interactive in the note — drag the price and the bitcoin share, watch the sign flip: hysteresisresearch.com/notes/flywheel…

1/ The sale made the headlines. The issuance — sixty times more dilutive — did not. MSTR sold 32 bitcoin (its first since 2022); the tape wrote the end of an era. The same fortnight it issued $181M of stock to buy 1,550 back — and the stock rose.