J. Mark Case

Michael Saylor & Phong Le just addressed the biggest questions investors are asking: - Will Strategy sell Bitcoin soon? - Why move to semi-monthly dividends with $STRC (is daily next?) - What’s the endgame with $MSTR & Digital Credit Full raw Q&A with @saylor & @phongle — unfiltered. Share your thoughts on their responses below. Timestamps: 00:00 Introduction 03:22 Will Strategy Sell Bitcoin? 06:05 STRC ROC Tax Question 07:06 Saylor on Strive & $SATA 13:02 Future of STRC Dividends 16:41 Will Strategy Slow Buying Btc? 19:00 The $100 Peg 21:57 STRC, DeFi & Fragility 27:17 Why Is Bitcoin Stuck? 30:00 Monthly $STRK, $STRD, $STRF Dividends 31:38 Retiring Preferred Stock 35:06 Fixed 10% Yield 35:52 Scaling STRC 39:44 Winning Over Skeptics 42:58 Understanding MNAV Calculations 45:03 “Rip the Wings Off Shorts” 52:11 Ultimate STRC Product 59:52 Strategy at $10M Bitcoin 1:00:55 BTC Yield Metric 1:01:45 Custody & Proof of Reserves 1:03:58 Strategy as Investor Gateway 1:06:06 Teaching the Next Generation 1:08:12 Bitcoin’s Place in History

@TheBTCTherapist No worries Mr. Cuban. Saylor (and all of us) are happy to take it off your hands. 🫡🔥🚀

JUST IN: Mark Cuban says Bitcoin has “lost the plot” and he has sold most of his Bitcoin because it no longer acts as an inflation hedge. “It’s not the hedge I expected it to be and that was very disappointing.”

@TheBTCTherapist Well then, I need to start eating more carbs 😂🚀

$MSTR investors in 2028

@HodlFlorida @BTC_broo “…..Joe” is the updated digital credit era answer 😂

@BTC_broo Not quite as good as Laura but I’ll take it lol

“It’s going up forever, Joe” - Saylor

@zaidlikesmstr @saylor 😂😂😂

@johnmarkcase @saylor All 4 of his ambitions were fulfilled : Fighter Pilot , Rockstar, CEO, Professor 😅🔥

$MSTR “Our company will probably buy ALL of the Bitcoin that gets produced by the miners between here and the year 2140 and then there’s no more Bitcoin” - @saylor Sounds like Terminal Accumulation to me. $BTC $MSTR $STRC

@AAStack @saylor What a baller! 🔥😎🚀

“Our company will probably buy all the Bitcoin that gets produced by the miners between now and the year 2140” @saylor 🤯

@phongle @TimKotzman Coinbase should be embarrassed for not having more Bitcoin. I’m so proud to be a huge investor of Strategy! Thank you Phong for all that you do! Mark

Bitcoin to the moon.

@AAStack Yes!!!!

I don’t make the rules

@danheld He would be my guess (and I do suspect Hal). No matter what, he’s a legend.

Or was Hal Finney Satoshi sending Bitcoin to himself?🤔 “I was likely the first person after Satoshi to run Bitcoin. I mined block seventy-something and received the first BTC transfer when Satoshi sent me 10 coins as a test. We emailed for days after that, mostly me reporting bugs and him fixing them in real time, almost instantly.” - Hal

@mikewmunz “The Daily Dividend Company” 🔥

$SATA strength is incredible

@RonSwanonson Wisdom! 🫡

Buying Bitcoin here 🔐 Then doing nothing….

@HodlFlorida @michelleo_21mil @natbrunell 🤣🤣🤣🫡🚀 Exactly!

@michelleo_21mil @natbrunell I agree, more women should get into Bitcoin. We just need all the horny nerdy men to calm down and not scare them away 😂

Women in Bitcoin: It’s not just a nice-to-have. It’s imperative. Why? A massive wealth transfer is already underway. Because women statistically live longer than men, a significant portion of that wealth will move into their hands in the coming decades; before it ever reaches the next generation. This shift creates an unprecedented opportunity for women. Many will soon be managing substantial assets for the first time. Some have relied on spouses for financial decisions; others simply haven’t yet had the chance to build that knowledge and confidence. The good news? Once women have the right tools and understanding, they consistently rank among the most disciplined, long-term-focused investors in the world. As we know, Bitcoin offers a powerful, asymmetric way to protect and grow that purchasing power in an era of inflation, currency debasement, and financial uncertainty. Women’s participation in Bitcoin isn’t an equality issue, it’s an adoption issue. Yes, Bitcoin is based on code, but it’s designed to be adopted by the people. The more women understand and embrace Bitcoin, the stronger more resilient the ecosystem becomes. So what? If you want to change the world, the future of money is far better with all of us at the table. When women enter Bitcoin, we all win. Onboarding women is no different from onboarding men: once the problem is clear and Bitcoin is recognized as the solution, women lock in and rarely unlock. For these women the narrative shifts from “Tax the rich” to “Fix the Money”! The time to bring more women into Bitcoin isn’t tomorrow. It’s now. Because the wealth is already moving, the opportunity is already here, and the revolution will be more complete, and powerful when half the world’s capital and talent finally joins the network. Let’s f-ing go🔥

@zaidlikesmstr @Strategy @saylor Great post brother!

@johnmarkcase @Strategy @saylor It feels almost too simple in hindsight, but it didn’t land the same way before until Saylor explained it. Notice how confidently he says “a hedge fund will happily buy it.” That level of certainty suggests he’s already had those conversations. 😉🔥

$MSTR How does @Strategy defend the peg on $STRC if a large seller were to dump? The answer was remarkably simple. The instrument defends itself. That is the design. If you want the best takeaway from today’s call, it’s probably @saylor explaining the mechanics of defending $STRC in the video below. It’s something I had thought about often. But it is incredible how Saylor manages to simplify it and make it make complete sense. As long as Strategy maintains its consistency and its focus on $STRC as its flagship product, the instrument remains remarkably stable. And the reason is the relationships and the pools of capital that surround it. If a large seller pulls $STRC below the peg on any given day, that creates an opportunity for a hedge fund to step in and capture the move back up, knowing Strategy will deploy its resources to restore it. And all of this happens while retail interest continues to pour in from buyers who are not here to hedge. Every large seller is met with another buyer who sees value. The capital base only grows wider over time. This should tell @Strategy investors exactly why the company has placed $STRC at the front of everything it does. It now understands just how rigid and stable this instrument is built to be. The more you understand the design, the harder it is to bet against it. $BTC $MSTR $STRC

@AdamBLiv Looks like someone is betting on those ASST LEAPS😉 (I like it)! Thanks Mr. Wizard!

@johnmarkcase Hmmmm! Just a lump sum today, eh?!?! 40% ASST 30% MSTR 30% MPJPY

I am warning you all right now that ASST is going to absolutely MELT FACES over the next few years and it is going to be ridiculous. In a good way. Even if you just run the math and be bearish the upside is mouth watering. Let's just take the SATA estimate from TODAY. Yes, TODAY. Not the result of DAILY DIVIDENDS. Random Wednesday 6 days from ex. date: $9.23M raised is the estimate today. That pace every day is $2.33B/year → $6.98B over 3 years. That'd only get them to 62,769 BTC in 3 years. LOL. So they'd be at $7.5b total in SATA outstanding. Power law BTC fair value 3 years from now is $410k. Let's assume Bitcoin only gets to 60% of fair value. Yes, not even the middle trendline of Bitcoin's long term trajectory. That is $250k BTC. Another bearish input. This would mean ~34,799 common equity Bitcoin exposure sats per share. They'd have 95.8M outstanding basic shares after diluting to pay the dividends. Just with these lame, bearish inputs ASST goes to ~$136 which is an 8x from today's price LOL ...and that's with the CEBE multiple of only 1.55x. So on a 3x Bitcoin move, ASST is a 8x. They'll be able to buy a LOT more Bitcoin over the next three years. If Bitcoin returns to trend it'll be a LOT higher than $250k. The upside potential is crazy. Strive is a ~$1B company with 100x-style upside if SATA becomes the black hole for normie yield capital.

@Z06Z07 @Strive That’s SO cool! 😎 WOW! 🤩

Everyone missed what $SATA and @Strive actually did. The easy narrative was: “people want to get paid more frequently, like a money market fund.” That’s retail framing and perfectly fine. That’s not how sophisticated capital allocators or high-frequency systems think. Looking at SATA at the 10-SECOND level reveals something much more important: Post–May 14, the stock entered a machine-readable equilibrium state around par. Volume increased while price behavior compressed into an ultra-tight ATM-active corridor around $100.00–$100.01. 56.9% of bars closed within ±1¢ of par 47.6% closed specifically inside the ATM corridor 31.2% of all volume touched the issuance threshold This is not “lower volatility.” It’s state compression. Humans hear: “daily dividends.” Algorithms see: deterministic corridor persistent liquidity continuous issuance optionality low entropy machine-friendly equilibrium SATA may not just be a preferred stock. It may be the first Bitcoin treasury instrument intentionally optimized for algorithmic trading microstructure. @ColeMacro @PunterJeff @Werkman @AdamBLiv @hillery_dan

@williamwallets8 @saylor @Strategy Congratulations 🎊 Hell Yeah!

Monumental day on my wealth building journey. I now HODL 1k shares of $MSTR. I believe that MSTR will be one of, if not the most valuable company on Earth in the next decade. My wife and I’s goal (we’re both 33), is to live in Kauai in the next ~15 years. I will continue to accumulate shares at this level as the asymmetry is off the charts IMHO. IN @saylor WE TRUST

@AlexesNakamoto That IS one of the best Saylor clips Ever! What an inspiration!

Saylor had anxiety buying Bitcoin at $9k - not because it might crash, but because he couldn’t buy fast enough 😂 The exchange literally tells him: “You have to stop now. You’re buying too much. You’re blowing out the spreads.” Meanwhile he’s sitting there barely able to sleep, not because Bitcoin is crashing… but because someone else might suddenly “get it” and send the price to $10k, $11k, $12k before he finishes buying. “I have to get this trade in before the rest of the world comes to its senses.” One of the best Saylor clips ever - and also one of the rare moments where you can genuinely see him smiling from the heart while telling the story 😂