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@mikewmunz $330M from a single tranche while maintaining par. The ATM is functioning less like a traditional equity raise and more like an open market operation — continuous, systematic, price-insensitive. Exactly how a central bank would issue currency.

$329.9 Million from $STRC This is well above all estimations I suspect a change in the ATM execution with the second agent (or more) that handles after hours and non US hours operation This went into effect March 9th and since then we’ve seen a notable change in the behavior and reported ATM numbers for STRC Monitoring the situation.

@thepowerfulHRV Models assumed normal capital market conditions. But STRC is operating like a currency issuance mechanism — demand-driven, not supply-constrained. When the reserve asset keeps appreciating, the flywheel has no natural ceiling.

All models for $STRC ATM capture have been destroyed to the upside.

@RoaringRagnar 5K BTC from a single preferred stock tranche in one week. The flywheel is real — STRC raises capital at par, buys BTC, BTC appreciation supports further issuance. Same positive feedback loop that powered dollar hegemony under Bretton Woods.

And just like that, Strategy eliminated another 4,871 wholecoiners forever. All of that come from $STRC. Almost 5K BTC in a single week. Wow. When will someone finally make it harder for Saylor. Or will we just let them continue to scoop up coins like this? 😂 Last week, they raised $330 million with STRC, more than 3x the amount that @bitcoinquant_ estimated. They also raised $144 million from the common stock, which they used to pay dividends with, which slightly increases their total amplification. Here are the current metrics: - mNAV: 1.12x - USD reserve: $2.25 billion - USD years of dividend coverage: 2 - Amplification: 35% Remember that all of this is happening during a prolonged Bitcoin and BTCTC bear market. 🤯 We‘re going higher.

$STRC and US Treasuries are essentially the same: 1/ Spending and borrowing decisions are separated: Congress approves the budget to decide how much to spend, then votes separately on raising the debt ceiling to decide how much can be borrowed. $MSTR ’s board sets the $BTC buying strategy, then asks shareholders to approve an increase in the authorized share capital limit. 2/ When the limit is hit, it gets raised: The US debt ceiling has never actually stopped debt issuance in history — every time it’s reached, it gets raised. When $MSTR ’s authorized share limit is about to run out, they hold a shareholder meeting to increase it, and it has never been rejected. 3/ Stopping issuance = stopping operations: The US government relies on rolling over debt to keep running; if it stops issuing, it triggers technical default. $MSTR relies on continuously issuing shares to buy $BTC to maintain its mNAV and $BTC Yield — if it stops issuing, the flywheel stalls. 4/ Issuance pace is decided by the executive layer: The Treasury Secretary decides whether to issue short-term or long-term debt and how much to auction each time. Saylor decides which series to issue, what terms, and at what scale. #BTC #MSTR #STRC

The Logic of Tranching: From CDOs to Chinese Real Estate Trusts to STRC/MSTR icg.trading/insights/logic…

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People who prefer to buy the dip on @Strategy rather than Bitcoin itself keep its mNAV still above 1.

@Strategy Bitcoin purchases average — $76,037

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With silver rallying again, Bitcoin's price now needs to reach $283,000 to exceed silver's market cap.

Bitcoin's price now needs to be $254k to surpass silver’s market cap.

Almost two years have passed. #silver #bitcoin Now: