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ANNOUNCEMENT FROM THE CEO HIMSELF 🚨 Every once in a while, someone changes the game. First, Saylor looked at his corporate treasury and said, “You know what this needs? Bitcoin.” BOOM. The treasury meta was born. Then Punk Strategy showed up and said, “That’s cute. Let’s make it fun.”...

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NinjaStrategy™

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Debunking the Flat Bitcoin Theory 🧵 In the early days of Bitcoin (2009-2014) there was a massive amount of experimentation and innovation on bitcoin The first NFTs and cryptoart started on Bitcoin The first memecoins started on Bitcoin The first stablecoins and real world assets started on Bitcoin The first dapps started on Bitcoin The first DEX started on Bitcoin The first on-chain governance started on Bitcoin The first crypto degens were playing Satoshi Dice on Bitcoin But then the OP_RETURN wars happened and people like Luke Dashjr vilified innovation and scared builders away resulting in a long period of stagnation (2015-2023) This period of stagnation gave birth to the Flat Bitcoin Theory which infected the minds of nearly everyone The Flat Bitcoin Theory is a belief held by "Flat Bitcoiners" who think that Bitcoin is a boring blockchain that is not capable of the innovative use cases that we see on alt L1s like Ethereum or Solana But thankfully in January 2023 Casey burst onto the scene with the ordinals protocol and one by one people have been waking up from this lie and realizing that Bitcoin is actually multidimensional and capable of everything you could possibly imagine and more Since then Bitcoin has experienced a renaissance of innovation with a new set of builders picking up where the set of OG builders left off Jeremy Lin | 🔄 DotSwap (On Nexus) from @dot_swap has defied all FUD and delivered a trustless liquidity pool style experience on Bitcoin L1 for Runes with zero MEV Stan from Sats Terminal has built an advanced order routing and aggregation engine for Runes trading on Bitcoin L1 Scott 🟠 from radFi has revived the Runes trenches with a token launchpad on Bitcoin L1 that thousands of people use every day Robin | Liquidium from Liquidium | Bitcoin Loans built a Runes and Ordinals lending protocol that has processed hundreds of millions of dollars of volume which proves that DeFi can thrive on Bitcoin L1 domo and Binari from BRC 2.0 and Tagga from Alkanes have been relentlessly pursing a vision for general purpose smart contracts on Bitcoin L1 TO from Pizza Pets built a fully on-chain multiplayer game directly on Bitcoin L1 Ken Liao from built a Bitcoin wallet for interacting with Bitcoin L1 dapps that is so sleek that it puts Ethereum's flagship wallet MetaMask to shame danny huuep from OnChainMonkey® pioneered a new way to store an entire 10K PFP collection on Bitcoin for only $23 that is now widely adopted by hundreds of other Ordinals collections SergeSats has formed the Bitcoin Art Society to preserve Bitcoin's on-chain culture for future generation has dedicated months of his life to ensuring that once a year there is a place where bitcoin builders can gather to celebrate experimentation on bitcoin at Bitcoin Summit Massive decentralized communities like the $DOG Army and Bitcoin Puppets have rallied together to support all of these innovations and champion the Bitcoin ecosystem Do not ever let anyone tell you that Bitcoin is not capable of something or that you must only use Bitcoin in a certain way The Bitcoin network is more secure and robust longterm when it is winning at developer mindshare and blocks are filled with a diverse set of on-chain activity It is up to us, the Ordinals, Runes, and Bitcoin DeFi ecosystem to be stewards of this technology now so go build the most badass applications possible and never stop fighting for innovation on Bitcoin!
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Debunking the Flat Bitcoin Theory 🧵 In the early days of Bitcoin (2009-2014) there was a massive amount of experimentation and innovation on bitcoin The first NFTs and cryptoart started on Bitcoin The first memecoins started on Bitcoin The first stablecoins and real world assets started on Bitcoin The first dapps started on Bitcoin The first DEX started on Bitcoin The first on-chain governance started on Bitcoin The first crypto degens were playing Satoshi Dice on Bitcoin But then the OP_RETURN wars happened and people like Luke Dashjr vilified innovation and scared builders away resulting in a long period of stagnation (2015-2023) This period of stagnation gave birth to the Flat Bitcoin Theory which infected the minds of nearly everyone The Flat Bitcoin Theory is a belief held by "Flat Bitcoiners" who think that Bitcoin is a boring blockchain that is not capable of the innovative use cases that we see on alt L1s like Ethereum or Solana But thankfully in January 2023 Casey burst onto the scene with the ordinals protocol and one by one people have been waking up from this lie and realizing that Bitcoin is actually multidimensional and capable of everything you could possibly imagine and more Since then Bitcoin has experienced a renaissance of innovation with a new set of builders picking up where the set of OG builders left off Jeremy Lin | 🔄 DotSwap (On Nexus) from @dot_swap has defied all FUD and delivered a trustless liquidity pool style experience on Bitcoin L1 for Runes with zero MEV Stan from Sats Terminal has built an advanced order routing and aggregation engine for Runes trading on Bitcoin L1 Scott 🟠 from radFi has revived the Runes trenches with a token launchpad on Bitcoin L1 that thousands of people use every day Robin | Liquidium from Liquidium | Bitcoin Loans built a Runes and Ordinals lending protocol that has processed hundreds of millions of dollars of volume which proves that DeFi can thrive on Bitcoin L1 domo and Binari from BRC 2.0 and Tagga from Alkanes have been relentlessly pursing a vision for general purpose smart contracts on Bitcoin L1 TO from Pizza Pets built a fully on-chain multiplayer game directly on Bitcoin L1 Ken Liao from built a Bitcoin wallet for interacting with Bitcoin L1 dapps that is so sleek that it puts Ethereum's flagship wallet MetaMask to shame danny huuep from OnChainMonkey® pioneered a new way to store an entire 10K PFP collection on Bitcoin for only $23 that is now widely adopted by hundreds of other Ordinals collections SergeSats has formed the Bitcoin Art Society to preserve Bitcoin's on-chain culture for future generation has dedicated months of his life to ensuring that once a year there is a place where bitcoin builders can gather to celebrate experimentation on bitcoin at Bitcoin Summit Massive decentralized communities like the $DOG Army and Bitcoin Puppets have rallied together to support all of these innovations and champion the Bitcoin ecosystem Do not ever let anyone tell you that Bitcoin is not capable of something or that you must only use Bitcoin in a certain way The Bitcoin network is more secure and robust longterm when it is winning at developer mindshare and blocks are filled with a diverse set of on-chain activity It is up to us, the Ordinals, Runes, and Bitcoin DeFi ecosystem to be stewards of this technology now so go build the most badass applications possible and never stop fighting for innovation on Bitcoin!

Leonidas 🧡 $DOG

62,894 просмотров • 10 месяцев назад

Exactly One Year Ago, Everything Changed. On November 26, 2023, I shared one of the biggest decisions of my life with you: acquiring the Punks on Bitcoin collection. It wasn’t just about a collection—it was about stepping into history, about believing in a future where Bitcoin isn’t just the world’s most powerful store of value, but its ultimate canvas for culture and innovation. When I look back, I’m reminded of that first piece: the hoodie alien. It wasn’t just an Inscription ; it was a symbol of what could be—a reminder that Bitcoin is more than blocks and nodes; it’s a story we’re writing together. Today, I’m not here to reflect on the past—I’m here to share where we’re going next. Because this past year wasn’t just about preserving what Punks on Bitcoin is. It was about reimagining what it could become. To mark this anniversary, we’re unveiling two milestones: 1️⃣ Our New Website – A reflection of our identity and vision. More than just a homepage, it’s a statement: sleek, elegant, and true to the ethos of Punks on Bitcoin. It’s where the past meets the future. 2️⃣ Our Virtual Showroom – This is where the experience becomes tangible. Immerse yourself in the world of Punks, interact with the art, and feel what it means to be part of this movement. In addition to these milestones, last October marked another significant moment in our journey. We organized our first 10k Ordinals Night during BTC Amsterdam—a night dedicated to celebrating this movement and its community. What began as a single evening holds the promise of becoming a recurring series, a tradition that brings us together to shape the future of Ordinals. But let’s be clear: these aren’t the endpoints. They’re just the beginning. Every decision we’ve made has been driven by one mission: to position Punks on Bitcoin among the most iconic and impactful projects in the Ordinals ecosystem. This journey is far from over. And if you’re here, reading this, you’re part of it too.
0:56

Exactly One Year Ago, Everything Changed. On November 26, 2023, I shared one of the biggest decisions of my life with you: acquiring the Punks on Bitcoin collection. It wasn’t just about a collection—it was about stepping into history, about believing in a future where Bitcoin isn’t just the world’s most powerful store of value, but its ultimate canvas for culture and innovation. When I look back, I’m reminded of that first piece: the hoodie alien. It wasn’t just an Inscription ; it was a symbol of what could be—a reminder that Bitcoin is more than blocks and nodes; it’s a story we’re writing together. Today, I’m not here to reflect on the past—I’m here to share where we’re going next. Because this past year wasn’t just about preserving what Punks on Bitcoin is. It was about reimagining what it could become. To mark this anniversary, we’re unveiling two milestones: 1️⃣ Our New Website – A reflection of our identity and vision. More than just a homepage, it’s a statement: sleek, elegant, and true to the ethos of Punks on Bitcoin. It’s where the past meets the future. 2️⃣ Our Virtual Showroom – This is where the experience becomes tangible. Immerse yourself in the world of Punks, interact with the art, and feel what it means to be part of this movement. In addition to these milestones, last October marked another significant moment in our journey. We organized our first 10k Ordinals Night during BTC Amsterdam—a night dedicated to celebrating this movement and its community. What began as a single evening holds the promise of becoming a recurring series, a tradition that brings us together to shape the future of Ordinals. But let’s be clear: these aren’t the endpoints. They’re just the beginning. Every decision we’ve made has been driven by one mission: to position Punks on Bitcoin among the most iconic and impactful projects in the Ordinals ecosystem. This journey is far from over. And if you’re here, reading this, you’re part of it too.

imper1um

10,935 просмотров • 1 год назад

OCM Genesis is the collection of many firsts. Genesis owners will be able to upgrade this month ⚡️ Back in February, Genesis was the first 10K images of a collection inscribed on Bitcoin. The generative art was inscribed in inscription #20219, paying homage to the year (2021) and month (9) we launched Genesis on Ethereum, September 2021. Then, in March, we inscribed another 10k generative art collection on Bitcoin. This collection was kept secret and set aside exclusively for Genesis owners. When you upgrade your OCM Genesis, you will own a piece from this generative art collection that uses the DNA of your Genesis. Both of these extraordinary inscriptions are linked together forever onchain in the first 10k collection on Block 9. Genesis pioneered the parent-child collection provenance feature of the Ordinals Protocol. It is the first 10K collection to use this onchain provenance on Bitcoin. Genesis is also the first 10K collection inscribed on Block 9 sats, the oldest sats in circulation. Block 9 sats are the ideal canvas for high-end works on Bitcoin and our Genesis owners will own some of the best Block 9 real estate on Bitcoin. Sat numbers are very important and Genesis has a special range, one of the lowest and earliest ranges of sequential Block 9 sats. Additionally, every Genesis on Bitcoin has a sat number that matches its Genesis ID, making it incredibly simple to locate and view your Genesis on Bitcoin. Genesis embodies the convergence of art, technology, and innovation, creating a masterful fusion of digital artistry with the blockchain as the canvas. Poetically engineered, collectors and onlookers alike can appreciate the timeless aesthetic of the OCM Genesis and its abstract art collection, both generated onchain through code. As more details are revealed, the story of the upgrade process and all it entails will come to be appreciated as art in itself. Inscribing multiple collections onto a targeted sequential block 9 sat is Bitcoin native art at its core, immortalized onchain for all to marvel. Genesis owners will be collectors of the most significant digital artifact on Bitcoin. If you're a collector of Ordinals, OCM Genesis is an essential addition to your collection. Own a piece of blockchain history and be a part of this exclusive community of digital artifact collectors. OCM Genesis is for the Pioneers, the Trend Setters, The First. !RISE
0:23

OCM Genesis is the collection of many firsts. Genesis owners will be able to upgrade this month ⚡️ Back in February, Genesis was the first 10K images of a collection inscribed on Bitcoin. The generative art was inscribed in inscription #20219, paying homage to the year (2021) and month (9) we launched Genesis on Ethereum, September 2021. Then, in March, we inscribed another 10k generative art collection on Bitcoin. This collection was kept secret and set aside exclusively for Genesis owners. When you upgrade your OCM Genesis, you will own a piece from this generative art collection that uses the DNA of your Genesis. Both of these extraordinary inscriptions are linked together forever onchain in the first 10k collection on Block 9. Genesis pioneered the parent-child collection provenance feature of the Ordinals Protocol. It is the first 10K collection to use this onchain provenance on Bitcoin. Genesis is also the first 10K collection inscribed on Block 9 sats, the oldest sats in circulation. Block 9 sats are the ideal canvas for high-end works on Bitcoin and our Genesis owners will own some of the best Block 9 real estate on Bitcoin. Sat numbers are very important and Genesis has a special range, one of the lowest and earliest ranges of sequential Block 9 sats. Additionally, every Genesis on Bitcoin has a sat number that matches its Genesis ID, making it incredibly simple to locate and view your Genesis on Bitcoin. Genesis embodies the convergence of art, technology, and innovation, creating a masterful fusion of digital artistry with the blockchain as the canvas. Poetically engineered, collectors and onlookers alike can appreciate the timeless aesthetic of the OCM Genesis and its abstract art collection, both generated onchain through code. As more details are revealed, the story of the upgrade process and all it entails will come to be appreciated as art in itself. Inscribing multiple collections onto a targeted sequential block 9 sat is Bitcoin native art at its core, immortalized onchain for all to marvel. Genesis owners will be collectors of the most significant digital artifact on Bitcoin. If you're a collector of Ordinals, OCM Genesis is an essential addition to your collection. Own a piece of blockchain history and be a part of this exclusive community of digital artifact collectors. OCM Genesis is for the Pioneers, the Trend Setters, The First. !RISE

OnChainMonkey®

61,548 просмотров • 2 лет назад

Making Sense Of Bitcoin Treasury Companies If you've been following me on X you’ll know that I have recently been floating a lot of my updated thoughts on the Bitcoin Treasury space. Here I have synthesised all of my ideas and distilled them into a single video. If you prefer YouTube, you can find the link in the comments. If you prefer written format, continue reading. The first thing we need to do is acknowledge an important fact which is that Strategy, as a Bitcoin Treasury Company, is an anomaly. What do I mean by that? Strategy’s success has been defined by a number of unique factors and circumstances, most of which cannot be replicated again by other Bitcoin Treasury Companies. Specifically, there are 6 things that stand out to me. 1. Before adopting Bitcoin, Strategy was a billion dollar company with an operating business that was generating roughly $50M in cash a year. 2. Until the introduction of the ETF's in January 2024, Strategy was the only way for the average investor to gain passive exposure to Bitcoin. 3. Until this year, Strategy was the only way for the average investor to gain leveraged exposure to Bitcoin. 4. Strategy was issuing multiple, billion dollar, zero coupon, unsecured convertible notes at +50% conversion premiums. 5. Strategy has Michael Saylor, who, you don’t need me to tell you, is in a league of his own. 6. For many reasons, including those I’ve just mentioned, Strategy has benefitted disproportionately from the broader sentiment around Bitcoin. In other words, for the best part of 4 years, Strategy had zero competition for either capital or attention. As a result, it became a magnet for capital from anyone who wanted exposure to Bitcoin and it attracted inflows that were beyond what fundamentals alone would maybe justify. Therefore, using Strategy as a blueprint for the performance that you can expect from other Bitcoin Treasury Companies is a bad idea. Using Strategy as a blueprint for how to operate a Bitcoin Treasury Company is a good idea. Now let’s break down what’s unfolded over the last 6 months or so. Between May and June of this year, when we witnessed a flood of new Bitcoin Treasury Companies, we entered what I refer to as the frenzy phase. The frenzy phase was driven almost entirely by sentiment. By sentiment I simply mean emotion. Since then, as sentiment has slowly faded, the market has increasingly priced Bitcoin Treasury Companies based more on fundamentals. By fundamentals I simply mean facts. So where as sentiment is driven by emotion and hype, fundamentals are driven by facts and reason. The problem is that when you price Bitcoin Treasury Companies on fundamentals, you realise that many of them are almost entirely dependent on sentiment in order to expand mNAV so they can raise capital via the common stock ATM to buy Bitcoin and generate Bitcoin Yield. However, for me, raising capital via the common stock ATM and recycling it into Bitcoin is not genuine value creation — it’s value transfer. That’s not to say you shouldn’t leverage the ATM as and when necessary — you should. However, if your business model as a Bitcoin Treasury Company no longer works when “sentiment is low” then you have neither a business model nor a business. You’re the equivalent of a meme stock except with Bitcoin on your balance sheet. On that basis, companies shouldn’t expect to trade at a premium if the common stock ATM is the only way they raise capital. I’m not saying they won’t trade at a premium — I’m saying that companies shouldn’t expect to. Now, between July and now, we’ve obviously seen mNAVs compress substantially and so the frenzy phase is over which means that the days of automatically being granted generous mNAV multiples is also over. So now we are in the maturity phase. The maturity phase is going to be defined by being able to offer a differentiated value proposition and having a sustainable business model that can generate Bitcoin Yield in any environment independent of sentiment. In other words, they can generate Bitcoin Yield when trading at or below 1 mNAV. So essentially now, Bitcoin Treasury Companies have to work for their mNAV multiples — as it should be. Following the maturity phase will be the consolidation phase where capital, Bitcoin and ultimately market share will converge towards a small number of Bitcoin Treasury Companies that will dominate the entire industry. I should clarify that I am referring predominantly to pure-play Bitcoin Treasury Companies — companies who are valued based solely on their Bitcoin strategy. Now, with everything that I’ve said, how should you evaluate Bitcoin Treasury Companies? Hopefully over the next few weeks I’m going to string together a video with my valuation framework. In the meantime, a basic test is that I use is this: How much Bitcoin Yield can the company generate over X period of time — you decide what that period of time is — if it traded at 1x mNAV over that entire period? If the answer is 0, then they are probably entirely dependent on raising capital via the common stock ATM which means they likely don’t deserve a premium. If the answer is >0, then they are probably innovating through the use of other instruments — like converts and preferred products — which means they likely do deserve a premium and so whatever number you come up with should be used as the base for your valuation. Now, don’t be fooled. The Bitcoin Treasury Company space is, not entirely, but to a large degree, a zero-sum game. Every Dollar raised by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. Every Bitcoin purchased by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. It’s only because we are early that everyone is incentivised to essentially hold hands and cheer each other on. However, make no mistake, everyone involved is tacitly well aware that they are all competing for the same finite amount of capital and the same fixed amount of Bitcoin. Thus, the reality is that, by definition, not every Bitcoin Treasury Company is going to succeed. So choose your horses and jockeys wisely. As a side note, with the amount of Bitcoin Treasury Companies now desperately chasing and competing for the same capital from institutions, who do you think has the leverage; the Bitcoin Treasury Companies or the institutions? I’ll let you decide. Before I close, I want to leave you guys with this. There is a small subset of people invested in Bitcoin Treasury Companies who are desperately clinging on to their bags because they believe “sentiment will return.” These people are completely missing the point. My friends, if your investing philosophy is based on sentiment, you are simply not going to last. You want to base your decisions, as far as possible, on fundamentals. As investors, you either adapt and update your mental models based on how things are and not how you want them to be — or you get left behind. With that in mind: Never get caught up in tribalism. Never get attached to your beliefs. Always think critically. Always think independently. Always seek Truth.
10:20

Making Sense Of Bitcoin Treasury Companies If you've been following me on X you’ll know that I have recently been floating a lot of my updated thoughts on the Bitcoin Treasury space. Here I have synthesised all of my ideas and distilled them into a single video. If you prefer YouTube, you can find the link in the comments. If you prefer written format, continue reading. The first thing we need to do is acknowledge an important fact which is that Strategy, as a Bitcoin Treasury Company, is an anomaly. What do I mean by that? Strategy’s success has been defined by a number of unique factors and circumstances, most of which cannot be replicated again by other Bitcoin Treasury Companies. Specifically, there are 6 things that stand out to me. 1. Before adopting Bitcoin, Strategy was a billion dollar company with an operating business that was generating roughly $50M in cash a year. 2. Until the introduction of the ETF's in January 2024, Strategy was the only way for the average investor to gain passive exposure to Bitcoin. 3. Until this year, Strategy was the only way for the average investor to gain leveraged exposure to Bitcoin. 4. Strategy was issuing multiple, billion dollar, zero coupon, unsecured convertible notes at +50% conversion premiums. 5. Strategy has Michael Saylor, who, you don’t need me to tell you, is in a league of his own. 6. For many reasons, including those I’ve just mentioned, Strategy has benefitted disproportionately from the broader sentiment around Bitcoin. In other words, for the best part of 4 years, Strategy had zero competition for either capital or attention. As a result, it became a magnet for capital from anyone who wanted exposure to Bitcoin and it attracted inflows that were beyond what fundamentals alone would maybe justify. Therefore, using Strategy as a blueprint for the performance that you can expect from other Bitcoin Treasury Companies is a bad idea. Using Strategy as a blueprint for how to operate a Bitcoin Treasury Company is a good idea. Now let’s break down what’s unfolded over the last 6 months or so. Between May and June of this year, when we witnessed a flood of new Bitcoin Treasury Companies, we entered what I refer to as the frenzy phase. The frenzy phase was driven almost entirely by sentiment. By sentiment I simply mean emotion. Since then, as sentiment has slowly faded, the market has increasingly priced Bitcoin Treasury Companies based more on fundamentals. By fundamentals I simply mean facts. So where as sentiment is driven by emotion and hype, fundamentals are driven by facts and reason. The problem is that when you price Bitcoin Treasury Companies on fundamentals, you realise that many of them are almost entirely dependent on sentiment in order to expand mNAV so they can raise capital via the common stock ATM to buy Bitcoin and generate Bitcoin Yield. However, for me, raising capital via the common stock ATM and recycling it into Bitcoin is not genuine value creation — it’s value transfer. That’s not to say you shouldn’t leverage the ATM as and when necessary — you should. However, if your business model as a Bitcoin Treasury Company no longer works when “sentiment is low” then you have neither a business model nor a business. You’re the equivalent of a meme stock except with Bitcoin on your balance sheet. On that basis, companies shouldn’t expect to trade at a premium if the common stock ATM is the only way they raise capital. I’m not saying they won’t trade at a premium — I’m saying that companies shouldn’t expect to. Now, between July and now, we’ve obviously seen mNAVs compress substantially and so the frenzy phase is over which means that the days of automatically being granted generous mNAV multiples is also over. So now we are in the maturity phase. The maturity phase is going to be defined by being able to offer a differentiated value proposition and having a sustainable business model that can generate Bitcoin Yield in any environment independent of sentiment. In other words, they can generate Bitcoin Yield when trading at or below 1 mNAV. So essentially now, Bitcoin Treasury Companies have to work for their mNAV multiples — as it should be. Following the maturity phase will be the consolidation phase where capital, Bitcoin and ultimately market share will converge towards a small number of Bitcoin Treasury Companies that will dominate the entire industry. I should clarify that I am referring predominantly to pure-play Bitcoin Treasury Companies — companies who are valued based solely on their Bitcoin strategy. Now, with everything that I’ve said, how should you evaluate Bitcoin Treasury Companies? Hopefully over the next few weeks I’m going to string together a video with my valuation framework. In the meantime, a basic test is that I use is this: How much Bitcoin Yield can the company generate over X period of time — you decide what that period of time is — if it traded at 1x mNAV over that entire period? If the answer is 0, then they are probably entirely dependent on raising capital via the common stock ATM which means they likely don’t deserve a premium. If the answer is >0, then they are probably innovating through the use of other instruments — like converts and preferred products — which means they likely do deserve a premium and so whatever number you come up with should be used as the base for your valuation. Now, don’t be fooled. The Bitcoin Treasury Company space is, not entirely, but to a large degree, a zero-sum game. Every Dollar raised by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. Every Bitcoin purchased by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. It’s only because we are early that everyone is incentivised to essentially hold hands and cheer each other on. However, make no mistake, everyone involved is tacitly well aware that they are all competing for the same finite amount of capital and the same fixed amount of Bitcoin. Thus, the reality is that, by definition, not every Bitcoin Treasury Company is going to succeed. So choose your horses and jockeys wisely. As a side note, with the amount of Bitcoin Treasury Companies now desperately chasing and competing for the same capital from institutions, who do you think has the leverage; the Bitcoin Treasury Companies or the institutions? I’ll let you decide. Before I close, I want to leave you guys with this. There is a small subset of people invested in Bitcoin Treasury Companies who are desperately clinging on to their bags because they believe “sentiment will return.” These people are completely missing the point. My friends, if your investing philosophy is based on sentiment, you are simply not going to last. You want to base your decisions, as far as possible, on fundamentals. As investors, you either adapt and update your mental models based on how things are and not how you want them to be — or you get left behind. With that in mind: Never get caught up in tribalism. Never get attached to your beliefs. Always think critically. Always think independently. Always seek Truth.

Chris Millas

34,483 просмотров • 8 месяцев назад

Making Sense Of Strategy What is happening with $MSTR? If you’ve been following me on X for any meaningful length of time, you will know that I have been attempting to calibrate people’s expectations of the stock's performance for the best part of 2025. Here I have synthesised all of my thoughts and distilled them into a single video. If you prefer YouTube, you can watch it here: If you prefer written format, continue reading. The first thing we need to understand is what Strategy is and why people invest in it. Strategy At the highest level, Strategy is leveraged Bitcoin. That’s it. Strategy leverages debt to acquire more Bitcoin. Therefore, the main reason you invest in Strategy is because you want to outperform Bitcoin. The only thing better than Bitcoin is more Bitcoin. The second thing we need to understand is mNAV. mNAV Generally speaking for a pure-play Bitcoin Treasury Company like Strategy, mNAV is a reflection of the market's expectation of future Bitcoin Yield. Bitcoin Yield comes with diminishing returns because each additional Bitcoin purchase contributes less to Bitcoin Per Share. Thus, the larger your Bitcoin stack, the harder it becomes to generate Bitcoin Yield and by extension the harder it becomes to outperform Bitcoin. This is why on a Bitcoin Standard, over a long enough time horizon, mNAV trends towards 1 since the maximum amount of Bitcoin you can own is 21M. With all this in mind, why is Strategy trading where it is and why is it trading at such a low mNAV? There are a few reasons. 1. Strategy Is A Different Company In 2025 Firstly, Strategy is a totally different company in 2025 to the one it was in 2020. For context, believe it or not, the company only introduced Bitcoin Yield and Bitcoin Per Share in the July 2024 Q2 Earnings Call and so it was only after that that they began optimising for those metrics. In my view, that is also when Michael Saylor truly started to understand the opportunity that was in front of him, which is why in October 2024 we saw Strategy announce the 21/21 plan which became the catalyst for the parabolic run we saw in November 2024 where $MSTR went on to briefly hit an all-time-high of around $550. Since people are comparing $MSTR this cycle to the $MSTR of last cycle when it briefly traded at an mNAV of over 8x, it is distorting their expectations. Again, Strategy is a totally different company today with a totally different set of dynamics. 2. New Industry Secondly, we need to recognise that the Bitcoin Treasury Company industry is entirely new which means that the market has been forced to learn and adapt in real-time. With Strategy being the first and by far the largest Bitcoin Treasury Company, it has gained a disproportionate amount of attention and as a result it has attracted a disproportionate amount of speculative capital along the way while everyone has been trying to figure out how to value it. Consequently, in my view, the move we saw in November 2024 was an over-correction to the upside — which by the way coincided with Bitcoin’s parabolic run following Donald Trump’s election win — and what we’re now seeing is an over-correction to the downside. 3. Bitcoin Yield Thirdly, as I mentioned at the beginning, Bitcoin Treasury Companies are currently valued based on how much Bitcoin Yield they are expected to generate in the future. At the time of recording, Strategy currently holds precisely 637,460 Bitcoin — that’s over 3% of the total Bitcoin supply — which means that it is much, much harder to generate meaningful Bitcoin Yield, which again is why we’re seeing the mNAV compress. However, there is a caveat here. There is another metric that Strategy have introduced which is Bitcoin $ Gain. Bitcoin $ Gain is defined as the $ value of newly acquired Bitcoin within any period. Strategy — and I don’t blame them — have been attempting to encourage the market to interpret Bitcoin $ Gain as “earnings” and to value the company based on how much earnings it is expected to generate in the future. For full disclosure, I personally dislike Bitcoin $ Gain as a valuation metric. I think framing it as “earnings” is misleading and disingenuous. I understand why it has been introduced because it speaks the language of Wall Street. However, traditional earnings are final. Bitcoin $ Gain is not because it is forever subject to the price of Bitcoin. Therefore, for Bitcoin $ Gain to be embraced by Wall Street, the market must collectively agree that Bitcoin is going up forever. I remain very sceptical of that happening — especially in the short-to-medium term. However, I am also not attached to my beliefs and so if Wall Street does decide to embrace Bitcoin $ Gain as its primary valuation metric, then $MSTR is likely undervalued by a factor of 5-10x. If not, then $MSTR is likely undervalued by a factor of 1-2x. If you’re not content with the latter being the worst case scenario, then the stock probably isn’t for you. 4. Preferred Products Fourthly, the Strategy thesis right now revolves entirely around the success of its preferred products. Remember, Michael Saylor wants Strategy to become the Amazon of the fixed income market. Thus, we’re not talking about a small innovation here — we are talking about completely transforming global finance. This means that the process of generating awareness and educating the market that will ultimately drive demand for these products is going to take years — not months — which is why you need to have a long time-horizon. Presently, the market is completely discounting the success of Strategy’s preferred products. What it’s not factoring in however is that the capital markets are desperate for yield right now. Thus, when — not if — but when, they eventually wake up to Bitcoin, how do you think they’re going to get that yield? Who is going to be the entity that is offering Bitcoin-backed credit instruments at scale? The answer is obviously Strategy, but again, this is a 5-to-10 year and beyond story. So with all that said, if you’re reading this right now, what should you do? Valuing Strategy There are 3 steps you need to take: 1. Firstly, you need to define your time horizon. In other words, how long do you intend on holding the stock for? 2. Secondly, you need to estimate either — depending on your preferred metric — how much Bitcoin Yield or how much Bitcoin $ Gain you expect Strategy to generate during that period and then calculate how much you expect $MSTR to outperform Bitcoin based on those values. 3. Thirdly, ask yourself whether you’d be satisfied with the level of outperformance you have calculated? In other words, is the trade-off worth it? Or would you be better off investing in either spot Bitcoin, an alternative Bitcoin Treasury Company or a Bitcoin ETF. If you’re satisfied with the level of outperformance that you’ve calculated, then $MSTR it probably a good choice of investment for you. If you're not satisfied, then $MSTR is probably a bad choice of investment for you. I personally believe that $MSTR will outperform Bitcoin by a minimum factor of 1-2x over the next 5/10 years and potentially much more if Bitcoin $ Gain becomes the primary metric by which it is valued, but again, I remain sceptical of that happening. Regardless, the best is yet to come.
11:54

Making Sense Of Strategy What is happening with $MSTR? If you’ve been following me on X for any meaningful length of time, you will know that I have been attempting to calibrate people’s expectations of the stock's performance for the best part of 2025. Here I have synthesised all of my thoughts and distilled them into a single video. If you prefer YouTube, you can watch it here: If you prefer written format, continue reading. The first thing we need to understand is what Strategy is and why people invest in it. Strategy At the highest level, Strategy is leveraged Bitcoin. That’s it. Strategy leverages debt to acquire more Bitcoin. Therefore, the main reason you invest in Strategy is because you want to outperform Bitcoin. The only thing better than Bitcoin is more Bitcoin. The second thing we need to understand is mNAV. mNAV Generally speaking for a pure-play Bitcoin Treasury Company like Strategy, mNAV is a reflection of the market's expectation of future Bitcoin Yield. Bitcoin Yield comes with diminishing returns because each additional Bitcoin purchase contributes less to Bitcoin Per Share. Thus, the larger your Bitcoin stack, the harder it becomes to generate Bitcoin Yield and by extension the harder it becomes to outperform Bitcoin. This is why on a Bitcoin Standard, over a long enough time horizon, mNAV trends towards 1 since the maximum amount of Bitcoin you can own is 21M. With all this in mind, why is Strategy trading where it is and why is it trading at such a low mNAV? There are a few reasons. 1. Strategy Is A Different Company In 2025 Firstly, Strategy is a totally different company in 2025 to the one it was in 2020. For context, believe it or not, the company only introduced Bitcoin Yield and Bitcoin Per Share in the July 2024 Q2 Earnings Call and so it was only after that that they began optimising for those metrics. In my view, that is also when Michael Saylor truly started to understand the opportunity that was in front of him, which is why in October 2024 we saw Strategy announce the 21/21 plan which became the catalyst for the parabolic run we saw in November 2024 where $MSTR went on to briefly hit an all-time-high of around $550. Since people are comparing $MSTR this cycle to the $MSTR of last cycle when it briefly traded at an mNAV of over 8x, it is distorting their expectations. Again, Strategy is a totally different company today with a totally different set of dynamics. 2. New Industry Secondly, we need to recognise that the Bitcoin Treasury Company industry is entirely new which means that the market has been forced to learn and adapt in real-time. With Strategy being the first and by far the largest Bitcoin Treasury Company, it has gained a disproportionate amount of attention and as a result it has attracted a disproportionate amount of speculative capital along the way while everyone has been trying to figure out how to value it. Consequently, in my view, the move we saw in November 2024 was an over-correction to the upside — which by the way coincided with Bitcoin’s parabolic run following Donald Trump’s election win — and what we’re now seeing is an over-correction to the downside. 3. Bitcoin Yield Thirdly, as I mentioned at the beginning, Bitcoin Treasury Companies are currently valued based on how much Bitcoin Yield they are expected to generate in the future. At the time of recording, Strategy currently holds precisely 637,460 Bitcoin — that’s over 3% of the total Bitcoin supply — which means that it is much, much harder to generate meaningful Bitcoin Yield, which again is why we’re seeing the mNAV compress. However, there is a caveat here. There is another metric that Strategy have introduced which is Bitcoin $ Gain. Bitcoin $ Gain is defined as the $ value of newly acquired Bitcoin within any period. Strategy — and I don’t blame them — have been attempting to encourage the market to interpret Bitcoin $ Gain as “earnings” and to value the company based on how much earnings it is expected to generate in the future. For full disclosure, I personally dislike Bitcoin $ Gain as a valuation metric. I think framing it as “earnings” is misleading and disingenuous. I understand why it has been introduced because it speaks the language of Wall Street. However, traditional earnings are final. Bitcoin $ Gain is not because it is forever subject to the price of Bitcoin. Therefore, for Bitcoin $ Gain to be embraced by Wall Street, the market must collectively agree that Bitcoin is going up forever. I remain very sceptical of that happening — especially in the short-to-medium term. However, I am also not attached to my beliefs and so if Wall Street does decide to embrace Bitcoin $ Gain as its primary valuation metric, then $MSTR is likely undervalued by a factor of 5-10x. If not, then $MSTR is likely undervalued by a factor of 1-2x. If you’re not content with the latter being the worst case scenario, then the stock probably isn’t for you. 4. Preferred Products Fourthly, the Strategy thesis right now revolves entirely around the success of its preferred products. Remember, Michael Saylor wants Strategy to become the Amazon of the fixed income market. Thus, we’re not talking about a small innovation here — we are talking about completely transforming global finance. This means that the process of generating awareness and educating the market that will ultimately drive demand for these products is going to take years — not months — which is why you need to have a long time-horizon. Presently, the market is completely discounting the success of Strategy’s preferred products. What it’s not factoring in however is that the capital markets are desperate for yield right now. Thus, when — not if — but when, they eventually wake up to Bitcoin, how do you think they’re going to get that yield? Who is going to be the entity that is offering Bitcoin-backed credit instruments at scale? The answer is obviously Strategy, but again, this is a 5-to-10 year and beyond story. So with all that said, if you’re reading this right now, what should you do? Valuing Strategy There are 3 steps you need to take: 1. Firstly, you need to define your time horizon. In other words, how long do you intend on holding the stock for? 2. Secondly, you need to estimate either — depending on your preferred metric — how much Bitcoin Yield or how much Bitcoin $ Gain you expect Strategy to generate during that period and then calculate how much you expect $MSTR to outperform Bitcoin based on those values. 3. Thirdly, ask yourself whether you’d be satisfied with the level of outperformance you have calculated? In other words, is the trade-off worth it? Or would you be better off investing in either spot Bitcoin, an alternative Bitcoin Treasury Company or a Bitcoin ETF. If you’re satisfied with the level of outperformance that you’ve calculated, then $MSTR it probably a good choice of investment for you. If you're not satisfied, then $MSTR is probably a bad choice of investment for you. I personally believe that $MSTR will outperform Bitcoin by a minimum factor of 1-2x over the next 5/10 years and potentially much more if Bitcoin $ Gain becomes the primary metric by which it is valued, but again, I remain sceptical of that happening. Regardless, the best is yet to come.

Chris Millas

36,835 просмотров • 10 месяцев назад

🚨BREAKING: STRATEGY GETS B- CREDIT RATING FROM S&P GLOBAL🚨 S&P Global just gave Strategy, the first Bitcoin Treasury Company, a B- credit rating. That’s the same rating they give to bankrupt car rental companies and debt-soaked airlines. Strategy holds 640,808 Bitcoin. Roughly $74 billion in transparent, self-verifying collateral. JetBlue burns cash. Hertz burns cars. Strategy holds Bitcoin. Same rating. In this video, I break down why this isn’t just a bad rating, it’s a historic failure of legacy finance to understand digital solvency. The rating model didn’t expose Strategy’s risk. It exposed theirs. That said, this is an INCREDIBLE WIN for Strategy and Bitcoin as a whole. PRECEDENT is important, and now we get to watch the climb up. Welcome to the moment when credit agencies got graded by reality:
20:46

🚨BREAKING: STRATEGY GETS B- CREDIT RATING FROM S&P GLOBAL🚨 S&P Global just gave Strategy, the first Bitcoin Treasury Company, a B- credit rating. That’s the same rating they give to bankrupt car rental companies and debt-soaked airlines. Strategy holds 640,808 Bitcoin. Roughly $74 billion in transparent, self-verifying collateral. JetBlue burns cash. Hertz burns cars. Strategy holds Bitcoin. Same rating. In this video, I break down why this isn’t just a bad rating, it’s a historic failure of legacy finance to understand digital solvency. The rating model didn’t expose Strategy’s risk. It exposed theirs. That said, this is an INCREDIBLE WIN for Strategy and Bitcoin as a whole. PRECEDENT is important, and now we get to watch the climb up. Welcome to the moment when credit agencies got graded by reality:

Adam Livingston

62,005 просмотров • 8 месяцев назад

Ninjas SOLD OUT! Thank you so much to everyone who participated in this incredible journey. We hope you got a Ninja you love, and that you spend countless hours playing around with the features of the app: Resize your Ninja so big it breaks your browser. Download all the stickers for your Ninja and post them all over social media. Make a custom Ninja animation and try the new ones made by the community. Get high scores on all the ROMs and play your favorite Super Nintendo game for hours. More importantly, I hope you will connect with other Ninjas, builders, and join us on our mission to push Bitcoin Ordinals to new levels!
3:39

Ninjas SOLD OUT! Thank you so much to everyone who participated in this incredible journey. We hope you got a Ninja you love, and that you spend countless hours playing around with the features of the app: Resize your Ninja so big it breaks your browser. Download all the stickers for your Ninja and post them all over social media. Make a custom Ninja animation and try the new ones made by the community. Get high scores on all the ROMs and play your favorite Super Nintendo game for hours. More importantly, I hope you will connect with other Ninjas, builders, and join us on our mission to push Bitcoin Ordinals to new levels!

TO

73,640 просмотров • 2 лет назад

I’m very excited to announce the expansion of the Pizza Ninjas collection! 🍕🥷 Over the past year, Pizza Ninjas has grown into a vibrant global community, marked by unforgettable experiences and defining technical achievements. From hosting events in major cities around the world—including NYC, LA, Lisbon, Hong Kong, Nashville, Seoul, Singapore, Amsterdam, and Tokyo. To auctioning Ninja #1 at Sotheby’s for 2.2 BTC, inscribing the largest 4-megger file in Bitcoin history (Ralf, PhD), or launching Ordinals’ first fully on-chain game, Pizza Pets. These accomplishments prove what’s possible on a small scale when an entire community is aligned together on the same mission. Looking ahead, we're setting our sights even higher, as we expand the Pizza Ninjas IP into exciting new stories, media, and immersive experiences. 1⃣ MINT DETAILS 💯 Hundreds of new traits 🖌️ 15 dynamic new characters 🍕 1500 total new Ordinals 🥷 1 Ninja = 1 WL 🫰 Ninja WL mint price = only 0.01 BTC 📅 Date TBA 2⃣ CUSTOM NINJA PRE-SALE As a special thank-you to our most dedicated holders, we're bringing back the Custom Ninja Presale! If you qualify, on June 9th you'll have the chance to design your own Ninja. For a small additional fee (at cost), you can even choose a premium rare sat or inscribe your Ninja as a 4-megger 🤯—potentially for as little as 0.02 BTC extra. 3⃣ WHO QUALIFIES FOR PRE-SALE? 💎 Ninjas who've held since mint and never sold 🐳 Holders of 8+ Ninjas (Full Pizza Role) 🏆 Ninja of the Month Winners 📢 Top Content Creators Rocking the PFP (team approved) Questions welcome. You're gonna love the new art by BOOZY. To every Pizza Ninja holder, your energy is what makes our community awesome. We’re making our mark on history—here's to stacking even more wins (and sats).
0:39

I’m very excited to announce the expansion of the Pizza Ninjas collection! 🍕🥷 Over the past year, Pizza Ninjas has grown into a vibrant global community, marked by unforgettable experiences and defining technical achievements. From hosting events in major cities around the world—including NYC, LA, Lisbon, Hong Kong, Nashville, Seoul, Singapore, Amsterdam, and Tokyo. To auctioning Ninja #1 at Sotheby’s for 2.2 BTC, inscribing the largest 4-megger file in Bitcoin history (Ralf, PhD), or launching Ordinals’ first fully on-chain game, Pizza Pets. These accomplishments prove what’s possible on a small scale when an entire community is aligned together on the same mission. Looking ahead, we're setting our sights even higher, as we expand the Pizza Ninjas IP into exciting new stories, media, and immersive experiences. 1⃣ MINT DETAILS 💯 Hundreds of new traits 🖌️ 15 dynamic new characters 🍕 1500 total new Ordinals 🥷 1 Ninja = 1 WL 🫰 Ninja WL mint price = only 0.01 BTC 📅 Date TBA 2⃣ CUSTOM NINJA PRE-SALE As a special thank-you to our most dedicated holders, we're bringing back the Custom Ninja Presale! If you qualify, on June 9th you'll have the chance to design your own Ninja. For a small additional fee (at cost), you can even choose a premium rare sat or inscribe your Ninja as a 4-megger 🤯—potentially for as little as 0.02 BTC extra. 3⃣ WHO QUALIFIES FOR PRE-SALE? 💎 Ninjas who've held since mint and never sold 🐳 Holders of 8+ Ninjas (Full Pizza Role) 🏆 Ninja of the Month Winners 📢 Top Content Creators Rocking the PFP (team approved) Questions welcome. You're gonna love the new art by BOOZY. To every Pizza Ninja holder, your energy is what makes our community awesome. We’re making our mark on history—here's to stacking even more wins (and sats).

TO

149,324 просмотров • 1 год назад

“There was never any talk of the risk.” Peter Schiff is just lying at this point. The risk of $STRC was always obvious: it is preferred equity issued by a Bitcoin Treasury Company. Saylor said it clearly: if Bitcoin goes down long term or forever, that is the risk. And what are we seeing now? Bitcoin under pressure. Liquidity rotated into AI and IPOs. Maximum fear. STRC down. That is not some hidden scandal. That is risk premium repricing. Strategy does not magically control STRC’s market price. They can adjust the dividend rate, but the market prices the risk of Bitcoin and Strategy’s ability to keep paying dividends. And when Bitcoin starts going up again, what do you think happens? The same risk premium reprices in the other direction. If you buy preferred equity in a Bitcoin company, you are making one core assumption: Bitcoin goes up over the long term. That was never hidden.
0:42

“There was never any talk of the risk.” Peter Schiff is just lying at this point. The risk of $STRC was always obvious: it is preferred equity issued by a Bitcoin Treasury Company. Saylor said it clearly: if Bitcoin goes down long term or forever, that is the risk. And what are we seeing now? Bitcoin under pressure. Liquidity rotated into AI and IPOs. Maximum fear. STRC down. That is not some hidden scandal. That is risk premium repricing. Strategy does not magically control STRC’s market price. They can adjust the dividend rate, but the market prices the risk of Bitcoin and Strategy’s ability to keep paying dividends. And when Bitcoin starts going up again, what do you think happens? The same risk premium reprices in the other direction. If you buy preferred equity in a Bitcoin company, you are making one core assumption: Bitcoin goes up over the long term. That was never hidden.

Alex 👽

21,150 просмотров • 17 дней назад

Michael Michael Saylor lays out Strategy: You buy Bitcoin with a variable rate perpetual preferred stock,” creating “what is in essence a nearly risk free swap.” Are you really overpaying at “8% or 9%” if you’re using that capital to buy an asset that keeps appreciating? “There’s only $30 million of Bitcoin available for sale every day and we’re buying all of it.” “What’s the best way to predict the future? It’s to determine the future." “If we basically buy $100 billion of Bitcoin, it’s probably not going up to 0%." ⚡
2:14

Michael Michael Saylor lays out Strategy: You buy Bitcoin with a variable rate perpetual preferred stock,” creating “what is in essence a nearly risk free swap.” Are you really overpaying at “8% or 9%” if you’re using that capital to buy an asset that keeps appreciating? “There’s only $30 million of Bitcoin available for sale every day and we’re buying all of it.” “What’s the best way to predict the future? It’s to determine the future." “If we basically buy $100 billion of Bitcoin, it’s probably not going up to 0%." ⚡

Bankless

11,866 просмотров • 3 месяцев назад

Strategy sold 3,588 BTC last week. That's 112x more than the 32 BTC they sold a few weeks ago (which freaked out the market). Here's what's happening and why they are doing this... 1. Last week = Strategy sold Last week, Strategy sold 3,588 BTC and used all of the proceeds ($216m) to fund dividend payments on their suite of preferred equities. Q2 dividend payments for STRF, STRK, STRD, and STRE... and June dividends for STRC. Notably, BTC price opened last week at $59.5k. Strategy sold 3,588 BTC over the course of the week, yet BTC price went up to $63.5k. 2. The bigger picture = Strategy is NET buying Strategy bought 85,296 BTC in Q2. Their combined selling for Q2 was 3,620 BTC (32 + 3,588). In other words, they bought 22.5x more BTC in Q2 than they sold. (For 2026 YTD numbers, Strategy has bought ~175k BTC and sold 3.6k BTC. That's a 48x ratio.) 3. The message in advance Weeks ago, Saylor explained what they are doing, in an interview with Michaël van de Poppe (see clip) "On occasion, we'll buy 20 Bitcoin & we'll sell 1 Bitcoin... Then the credit investors will give us enough to buy 20 more Bitcoin." Saylor further explained the strategic rationale of selling Bitcoin... "Our credit investors expect that we're going to support the credit dividend and pay it (and our asset is BTC)... 'will you sell some Bitcoin to pay us the money?' They expect me to say yes, because if I'm not going to pay the dividend, they're not going to buy the credit & the credit agency won't rate the credit." 4. What Strategy is doing Strategy is showing the market that they can and will sell BTC. They are doing this to gain access to more credit market capital... so that they can buy much more BTC. Saylor has recently asserted that it's important to "buy more Bitcoin than you sell." This is that in action. In Q2, they bought 85k BTC. They then used 3.5k BTC to fund the dividends on the Digital Credit that enabled them to buy 85k BTC. They bought 22.5 and sold 1. 5. What to expect next Saylor said they will "inoculate the market" by selling a little BTC. This is the second dose of inoculation. They will keep doing it until the market expects it and no longer reacts to it. They are not dumping their BTC treasury strategy for dollars. That is the click-bait headline for the uninformed. What they are telling you is that they plan to sell 1 BTC so they can buy 20 BTC. Over and over.
1:24

Strategy sold 3,588 BTC last week. That's 112x more than the 32 BTC they sold a few weeks ago (which freaked out the market). Here's what's happening and why they are doing this... 1. Last week = Strategy sold Last week, Strategy sold 3,588 BTC and used all of the proceeds ($216m) to fund dividend payments on their suite of preferred equities. Q2 dividend payments for STRF, STRK, STRD, and STRE... and June dividends for STRC. Notably, BTC price opened last week at $59.5k. Strategy sold 3,588 BTC over the course of the week, yet BTC price went up to $63.5k. 2. The bigger picture = Strategy is NET buying Strategy bought 85,296 BTC in Q2. Their combined selling for Q2 was 3,620 BTC (32 + 3,588). In other words, they bought 22.5x more BTC in Q2 than they sold. (For 2026 YTD numbers, Strategy has bought ~175k BTC and sold 3.6k BTC. That's a 48x ratio.) 3. The message in advance Weeks ago, Saylor explained what they are doing, in an interview with Michaël van de Poppe (see clip) "On occasion, we'll buy 20 Bitcoin & we'll sell 1 Bitcoin... Then the credit investors will give us enough to buy 20 more Bitcoin." Saylor further explained the strategic rationale of selling Bitcoin... "Our credit investors expect that we're going to support the credit dividend and pay it (and our asset is BTC)... 'will you sell some Bitcoin to pay us the money?' They expect me to say yes, because if I'm not going to pay the dividend, they're not going to buy the credit & the credit agency won't rate the credit." 4. What Strategy is doing Strategy is showing the market that they can and will sell BTC. They are doing this to gain access to more credit market capital... so that they can buy much more BTC. Saylor has recently asserted that it's important to "buy more Bitcoin than you sell." This is that in action. In Q2, they bought 85k BTC. They then used 3.5k BTC to fund the dividends on the Digital Credit that enabled them to buy 85k BTC. They bought 22.5 and sold 1. 5. What to expect next Saylor said they will "inoculate the market" by selling a little BTC. This is the second dose of inoculation. They will keep doing it until the market expects it and no longer reacts to it. They are not dumping their BTC treasury strategy for dollars. That is the click-bait headline for the uninformed. What they are telling you is that they plan to sell 1 BTC so they can buy 20 BTC. Over and over.

Jesse Myers

166,633 просмотров • 8 дней назад

🎙️The Virtuous Network You're The Voice - Ep. 32 with Michael Saylor You’re The Voice | Podcast by Efrat Fenigson My guest today is Michael Saylor, an American entrepreneur, the executive chairman and co-founder of Strategy, a public software and services company that recently announced it is also a #Bitcoin development company. MicroStrategy is undoubtedly the pioneer in holding the company’s reserves in bitcoin. Till recently, Saylor was MicroStrategy's CEO for 33 years. He’s considered to be one of Bitcoin’s biggest advocates, helping many people on their journey into Bitcoin. This episode revolves around the complexities of power, technology, and the role of Bitcoin in today’s world. We discussed the trend of centralizing power in the hands of a few, the benefits and drawbacks of big tech systems, the role of governments, and the need for decentralization. Michael explored the nature of Bitcoin as a digital asset or property, highlighting its global appeal and advantages over physical property. He touched on the role of ETFs, on MicroStrategy’s Bitcoin standard strategy, and concluded with the observation that the road to bitcoin adoption is paved with love and patience. ► If you got value, please like, comment, share, follow and support my work. Thank you! 00:00 - Coming Up... 01:35 - Introduction of Michael Saylor 02:45 - Centralization of Power - The Good & The Bad 09:20 - Ad Break (Trezor, Bitcoin Nashville) 10:35 - The "Twitter-cane" 21:10 - Bitcoin: A Digital Asset & Property. Or Currency? 34:00 - ETFs Role in the Game of Bitcoin 42:25 - MicroStrategy's Capital-Raising for Bitcoin 48:15 - Saylor Approached by Other CEOs? 50:35 - Spreading Bitcoin with Love >>
59:30

🎙️The Virtuous Network You're The Voice - Ep. 32 with Michael Saylor You’re The Voice | Podcast by Efrat Fenigson My guest today is Michael Saylor, an American entrepreneur, the executive chairman and co-founder of Strategy, a public software and services company that recently announced it is also a #Bitcoin development company. MicroStrategy is undoubtedly the pioneer in holding the company’s reserves in bitcoin. Till recently, Saylor was MicroStrategy's CEO for 33 years. He’s considered to be one of Bitcoin’s biggest advocates, helping many people on their journey into Bitcoin. This episode revolves around the complexities of power, technology, and the role of Bitcoin in today’s world. We discussed the trend of centralizing power in the hands of a few, the benefits and drawbacks of big tech systems, the role of governments, and the need for decentralization. Michael explored the nature of Bitcoin as a digital asset or property, highlighting its global appeal and advantages over physical property. He touched on the role of ETFs, on MicroStrategy’s Bitcoin standard strategy, and concluded with the observation that the road to bitcoin adoption is paved with love and patience. ► If you got value, please like, comment, share, follow and support my work. Thank you! 00:00 - Coming Up... 01:35 - Introduction of Michael Saylor 02:45 - Centralization of Power - The Good & The Bad 09:20 - Ad Break (Trezor, Bitcoin Nashville) 10:35 - The "Twitter-cane" 21:10 - Bitcoin: A Digital Asset & Property. Or Currency? 34:00 - ETFs Role in the Game of Bitcoin 42:25 - MicroStrategy's Capital-Raising for Bitcoin 48:15 - Saylor Approached by Other CEOs? 50:35 - Spreading Bitcoin with Love >>

Efrat Fenigson

430,212 просмотров • 2 лет назад

WHY I AM MORE BULLISH THAN EVER ON BITCOIN TREASURY COMPANIES 36 MINUTE DEEP DIVE. I’m going to explain why Bitcoin Treasury Companies are monetary war machines wrapped in ticker symbols. Why leverage isn’t risk... it’s the holy spirit of capital. And why mNAV compression isn’t bearish, it’s the market holding its breath before it screams. You’ll learn why Metaplanet, Strategy, and the rest of the Bitcoin Treasury cohort are quietly rewiring global finance, turning fiat liquidity into sound money like financial monks. By the end, you’ll understand that we’re not investing anymore, we’re watching civilization reprice truth itself. Sit back. Light a candle. Mute CNBC. This is the gospel according to Bitcoin.
36:47

WHY I AM MORE BULLISH THAN EVER ON BITCOIN TREASURY COMPANIES 36 MINUTE DEEP DIVE. I’m going to explain why Bitcoin Treasury Companies are monetary war machines wrapped in ticker symbols. Why leverage isn’t risk... it’s the holy spirit of capital. And why mNAV compression isn’t bearish, it’s the market holding its breath before it screams. You’ll learn why Metaplanet, Strategy, and the rest of the Bitcoin Treasury cohort are quietly rewiring global finance, turning fiat liquidity into sound money like financial monks. By the end, you’ll understand that we’re not investing anymore, we’re watching civilization reprice truth itself. Sit back. Light a candle. Mute CNBC. This is the gospel according to Bitcoin.

Adam Livingston

26,342 просмотров • 8 месяцев назад

Welcome back to The Bitcoin Treasuries Podcast. Presented by Onramp. Today's guest is Phong Le, President and Chief Executive Officer of Strategy, the world's first and largest Bitcoin Treasury Company. We recorded this episode in Phong's office at Strategy Headquarters in Tysons, VA. A huge thank you to the Strategy team for their assistance in coordinating this project. Here's my conversation with Phong Le. 0:00 - Intro 0:32 - Phong’s background and experience at Strategy 2:40 - Serving on Strategy’s Board of Directors and how the Executive Team and Board work together 5:30 - Strategy’s international operations and headcount 6:57 - Strategy’s present day Business Intelligence operations 14:30 - Are Strategy employees Intrapreneurs? 20:44 - What did Phong learn from the last Crypto Winter? 28:35 - If Phong could choose the narrative for Bitcoin, what would it be? 44:34 - Does Phong push back on Treasurers that don’t adopt a Bitcoin Treasury Strategy? 47:39 - Talking KPIs and 53:43 - Should there be more Strategy replicas? 57:06 - Is STRK as successful as initially thought? 1:05:42 - Was the ATM of shares in the Fall too fast? 1:09:04 - Could it make sense for Strategy to buy its own shares back? 1:10:15 - How many people work on the Bitcoin Strategy team? 1:12:30 - How does Strategy measure success for its new Bitcoin advocacy role? 1:15:12 - Will Strategy become the largest and most profitable company in the world?
1:17:45

Welcome back to The Bitcoin Treasuries Podcast. Presented by Onramp. Today's guest is Phong Le, President and Chief Executive Officer of Strategy, the world's first and largest Bitcoin Treasury Company. We recorded this episode in Phong's office at Strategy Headquarters in Tysons, VA. A huge thank you to the Strategy team for their assistance in coordinating this project. Here's my conversation with Phong Le. 0:00 - Intro 0:32 - Phong’s background and experience at Strategy 2:40 - Serving on Strategy’s Board of Directors and how the Executive Team and Board work together 5:30 - Strategy’s international operations and headcount 6:57 - Strategy’s present day Business Intelligence operations 14:30 - Are Strategy employees Intrapreneurs? 20:44 - What did Phong learn from the last Crypto Winter? 28:35 - If Phong could choose the narrative for Bitcoin, what would it be? 44:34 - Does Phong push back on Treasurers that don’t adopt a Bitcoin Treasury Strategy? 47:39 - Talking KPIs and 53:43 - Should there be more Strategy replicas? 57:06 - Is STRK as successful as initially thought? 1:05:42 - Was the ATM of shares in the Fall too fast? 1:09:04 - Could it make sense for Strategy to buy its own shares back? 1:10:15 - How many people work on the Bitcoin Strategy team? 1:12:30 - How does Strategy measure success for its new Bitcoin advocacy role? 1:15:12 - Will Strategy become the largest and most profitable company in the world?

Tim Kotzman

1,193,074 просмотров • 1 год назад

Wow a memecoin CTO has unearthed a piece of crypto history... A 12 year-old boy made a youtube video in 2011 talking about Bitcoin when it was still at only $8... even before Davinci Davinci Jeremie made his viral video and before Michael Saylor has even heard of Bitcoin. The $TPU community has made a memecoin to honour First Bitcoin Kid Token and has since found him and gotten in touch with him, with the mission of spreading this story and getting eyes on this piece of crypto history. 🔥 Tom the First Bitcoin Kid now holds and has agreed to lock nearly 12,000,000 TPU for 6 months and has since come onto a spaces to tell the rest of his story, explaining that he was too young to invest in Bitcoin at the time. Their next mission is to get 1 bitcoin for Tom so he can purchase it for $8 so he can buy it at the price he found it at! Super dedicated and cultish community have been working hard and are making quick progress with their missions.
0:31

Wow a memecoin CTO has unearthed a piece of crypto history... A 12 year-old boy made a youtube video in 2011 talking about Bitcoin when it was still at only $8... even before Davinci Davinci Jeremie made his viral video and before Michael Saylor has even heard of Bitcoin. The $TPU community has made a memecoin to honour First Bitcoin Kid Token and has since found him and gotten in touch with him, with the mission of spreading this story and getting eyes on this piece of crypto history. 🔥 Tom the First Bitcoin Kid now holds and has agreed to lock nearly 12,000,000 TPU for 6 months and has since come onto a spaces to tell the rest of his story, explaining that he was too young to invest in Bitcoin at the time. Their next mission is to get 1 bitcoin for Tom so he can purchase it for $8 so he can buy it at the price he found it at! Super dedicated and cultish community have been working hard and are making quick progress with their missions.

Kate Miller

152,762 просмотров • 1 год назад

🔥THE BITCOIN BEARS ARE COMPLETELY COOKED + MSTR TO $5,000?!?🔥 Bitcoin dumps 50 percent and suddenly every economically illiterate ghoul with a WiFi signal starts acting like they just solved the markets. “It’s over.” “The structure is broken.” “The bubble finally popped.” Fantastic. Incredible work, Sherlock. You saw a volatile asset be volatile and concluded that fifteen years of price history, adoption, market structure, and cyclical mean reversion were all just a shared hallucination. In this video, I break down a Bitcoin model that says the bears may be COMPLETELY COOKED, and why it means $5,000 MSTR even if Saylor never buys another Bitcoin:
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🔥THE BITCOIN BEARS ARE COMPLETELY COOKED + MSTR TO $5,000?!?🔥 Bitcoin dumps 50 percent and suddenly every economically illiterate ghoul with a WiFi signal starts acting like they just solved the markets. “It’s over.” “The structure is broken.” “The bubble finally popped.” Fantastic. Incredible work, Sherlock. You saw a volatile asset be volatile and concluded that fifteen years of price history, adoption, market structure, and cyclical mean reversion were all just a shared hallucination. In this video, I break down a Bitcoin model that says the bears may be COMPLETELY COOKED, and why it means $5,000 MSTR even if Saylor never buys another Bitcoin:

Adam Livingston

22,232 просмотров • 3 месяцев назад

.David Sacks: Bitcoin Strategic Reserve Will Maximize Long-Term Value of U.S. Holdings "The reason why we need a Bitcoin reserve is that the federal government already owns some. In fact, it obtained around 400,000 Bitcoin over the past decade through criminal and civil forfeitures and seizures. And so the government has to have a strategy for how it deals with this. In the past, the strategy has been simply to sell it in an ad hoc way, almost willy-nilly, and that cost American taxpayers something like $17 billion in lost value. So we want to have a long-term strategy to maximize the value of these holdings. We’ve decided that Bitcoin is scarce, it’s valuable, and it is strategic for the United States to hold on to this as a long-term reserve asset. So that’s the plan with the 200,000 Bitcoin that we believe are in the possession of the federal government. I say 'we believe' because no one really knows for sure since we’ve never had a proper audit. That’s one of the first things this executive order provides: we’re going to do a full government-wide audit to find out what digital assets we actually have so they can be safeguarded and moved into a strategy that maximizes their long-term value."
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.David Sacks: Bitcoin Strategic Reserve Will Maximize Long-Term Value of U.S. Holdings "The reason why we need a Bitcoin reserve is that the federal government already owns some. In fact, it obtained around 400,000 Bitcoin over the past decade through criminal and civil forfeitures and seizures. And so the government has to have a strategy for how it deals with this. In the past, the strategy has been simply to sell it in an ad hoc way, almost willy-nilly, and that cost American taxpayers something like $17 billion in lost value. So we want to have a long-term strategy to maximize the value of these holdings. We’ve decided that Bitcoin is scarce, it’s valuable, and it is strategic for the United States to hold on to this as a long-term reserve asset. So that’s the plan with the 200,000 Bitcoin that we believe are in the possession of the federal government. I say 'we believe' because no one really knows for sure since we’ve never had a proper audit. That’s one of the first things this executive order provides: we’re going to do a full government-wide audit to find out what digital assets we actually have so they can be safeguarded and moved into a strategy that maximizes their long-term value."

Josh Caplan

90,861 просмотров • 1 год назад

This was the most critical takeaway from the entire interview, yet no one is talking about it. Saylor’s final point was essentially this: you can’t extrapolate into the future based on historical data when the market structure has fundamentally shifted—and continues to do so. Before the approval of the Bitcoin ETFs (and the strategic emergence of Bitcoin accretive derivatives like MicroStrategy), 99% of the capital in the world didn’t have access to Bitcoin. Now, a significant portion of that capital finally has a viable on-ramp to Bitcoin. Take a moment to really consider the implications of that. In other words, the motorcycle has entered the bicycle race. ( Can I request Saylor on a motorcycle entering a bicycle race, please?) And all of your bicycle race data is worthless. Basically, If you're trading #Bitcoin or $MSTR based on historical data (and by extension, the old market structure), you’ll lose. Don’t just take my word for it—listen to Saylor himself: “the fundamental structure of the market is changing.” As a result, the outcomes will inevitably change too. Beyond that, Saylor’s core advice, shaped by his first four years in Bitcoin, is clear: hold through the volatility, stay solvent, and stick to the winning strategy—buy and hold. Bitcoin is intense, unpredictable, and nothing like the traditional markets. Don’t try to predict the beast that is Bitcoin. Prepare yourself for the roller coaster ahead, hold strong, and above all, enjoy the ride.
2:45

This was the most critical takeaway from the entire interview, yet no one is talking about it. Saylor’s final point was essentially this: you can’t extrapolate into the future based on historical data when the market structure has fundamentally shifted—and continues to do so. Before the approval of the Bitcoin ETFs (and the strategic emergence of Bitcoin accretive derivatives like MicroStrategy), 99% of the capital in the world didn’t have access to Bitcoin. Now, a significant portion of that capital finally has a viable on-ramp to Bitcoin. Take a moment to really consider the implications of that. In other words, the motorcycle has entered the bicycle race. ( Can I request Saylor on a motorcycle entering a bicycle race, please?) And all of your bicycle race data is worthless. Basically, If you're trading #Bitcoin or $MSTR based on historical data (and by extension, the old market structure), you’ll lose. Don’t just take my word for it—listen to Saylor himself: “the fundamental structure of the market is changing.” As a result, the outcomes will inevitably change too. Beyond that, Saylor’s core advice, shaped by his first four years in Bitcoin, is clear: hold through the volatility, stay solvent, and stick to the winning strategy—buy and hold. Bitcoin is intense, unpredictable, and nothing like the traditional markets. Don’t try to predict the beast that is Bitcoin. Prepare yourself for the roller coaster ahead, hold strong, and above all, enjoy the ride.

Mason

141,126 просмотров • 1 год назад

"The significance for Bitcoin is that Saylor basically just surrendered. Strategy has gone from the biggest buyer to the biggest seller" Peter Schiff on why Strategy turning seller flips the entire Bitcoin market "He can hide and say we're still a net buyer. He's not. He's gonna be a net seller now. He needs to sell Bitcoin to pay the dividends on the preferreds, to raise the reserves, to cover the interest and principal on the debt, and to buy back stock. He sold preferreds at 100, why not buy them back at 80?" "I don't see how the market is gonna absorb this shift where the biggest buyer becomes the biggest seller. And it's not just Strategy. A lot of people bought knowing Strategy was gonna buy. That was their comfort, their safety buyer. There's a bid in the market, they're gonna keep buying, so I'm gonna buy on his coattails" "Now the markets are anticipating Strategy as a seller. It's gonna be the reverse. Strategy is gonna sell, let me get out first"
1:17

"The significance for Bitcoin is that Saylor basically just surrendered. Strategy has gone from the biggest buyer to the biggest seller" Peter Schiff on why Strategy turning seller flips the entire Bitcoin market "He can hide and say we're still a net buyer. He's not. He's gonna be a net seller now. He needs to sell Bitcoin to pay the dividends on the preferreds, to raise the reserves, to cover the interest and principal on the debt, and to buy back stock. He sold preferreds at 100, why not buy them back at 80?" "I don't see how the market is gonna absorb this shift where the biggest buyer becomes the biggest seller. And it's not just Strategy. A lot of people bought knowing Strategy was gonna buy. That was their comfort, their safety buyer. There's a bid in the market, they're gonna keep buying, so I'm gonna buy on his coattails" "Now the markets are anticipating Strategy as a seller. It's gonna be the reverse. Strategy is gonna sell, let me get out first"

The Wolf Of All Streets

281,892 просмотров • 15 дней назад

Every single Democrat And every single Republican Voted yes on our bitcoin strategic reserve bill Here is how we did it 👇🏼 First, I was lucky enough to partner with someone whose truly passionate about the Bitcoin and Digital Asset community Representative Webster Barnaby has been a Bitcoin champion for a very long time And has been a key reason our legislation has done so well in the House What you don’t see is the huge amounts of work that go into whipping votes for these bills Constant meeting with legislators, staffers, governors offices, committee chairs Discussing sometimes line by line the bill we are pushing Just getting the bill heard in committee is harder then you may think The other secret is working with Joshua Jake Josh and I have worked together on a variety of media and political stratagems over the years now And it’s safe to say that if the both of us decide to push something, it’s going to happen Working with Josh on media strategy is incredibly fun and very important Media matters This legislation is just the beginning and with the team we have, the potential this bill has is unstoppable And this will not be the only bill we push And Florida will not be the only state we push it in
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Every single Democrat And every single Republican Voted yes on our bitcoin strategic reserve bill Here is how we did it 👇🏼 First, I was lucky enough to partner with someone whose truly passionate about the Bitcoin and Digital Asset community Representative Webster Barnaby has been a Bitcoin champion for a very long time And has been a key reason our legislation has done so well in the House What you don’t see is the huge amounts of work that go into whipping votes for these bills Constant meeting with legislators, staffers, governors offices, committee chairs Discussing sometimes line by line the bill we are pushing Just getting the bill heard in committee is harder then you may think The other secret is working with Joshua Jake Josh and I have worked together on a variety of media and political stratagems over the years now And it’s safe to say that if the both of us decide to push something, it’s going to happen Working with Josh on media strategy is incredibly fun and very important Media matters This legislation is just the beginning and with the team we have, the potential this bill has is unstoppable And this will not be the only bill we push And Florida will not be the only state we push it in

Samuel Armes

22,398 просмотров • 1 год назад