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Great post by Matt here explaining why Bitcoin amplification can matter dramatically more than cost of capital. A lot of people like to obsess over the dividend rates, but what actually hits the common stock? It is cost × scale × amplification. Here’s an actual sensitivity test with two...

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Adam Livingston

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20,110 Aufrufe • vor 5 Tagen •via X (Twitter)

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What if we backtested the digital credit / perpetual preferred equity model by inserting it into Bitcoin’s actual price history at the start of 2015? I modeled a hypothetical Bitcoin treasury company with: 1. $100M of common equity 2. $100M of 11% perpetual preferred equity 3. $200M of Bitcoin purchased on day one 4. 2.0x initial BTC coverage on the preferred 5. Up to $100M of additional preferred-funded BTC purchases per year 6. No additional common stock issuance 7. Dividends funded by selling Bitcoin 8. The ability to defer cumulative dividends during periods of weak coverage Then I ran the structure through every Bitcoin boom and crash from January 2015 through September 2026. Bitcoin itself compounded at 59.8% annually over the period. $100M invested directly into BTC became $24.08 billion. The same $100M of initial common equity behind the preferred-funded Bitcoin treasury became $62.87 billion. That is 2.61x the terminal value of simply holding Bitcoin. Modeled common NAV CAGR = 73.4% vs. 59.8% for BTC And this happened despite the company selling 103,729 BTC over the period to fund $770M of cash preferred dividends. When Bitcoin appreciates faster than the cost of the preferred capital, the fixed-dollar claim becomes progressively smaller relative to the asset base. The preferred starts with only 2.0x BTC coverage. By the end of the backtest, coverage reaches 54.1x. The common equity effectively captures the residual convexity. But there is a huge caveat. The modeled common also suffered a 91.2% maximum drawdown. That is the entire game. Perpetual preferred equity changes the time structure of the liability. There is no maturity date forcing the company to refinance or liquidate Bitcoin at the worst possible moment. And if dividends are cumulative but deferrable, management can choose not to sell scarce Bitcoin into a crash merely to satisfy a quarterly cash obligation. You are effectively matching a permanent dollar liability against a scarce monetary asset with historically enormous long-term appreciation, while allowing common equity to own the residual upside. That might be the deepest insight from the backtest. The superpower of digital credit is not leverage. It is time itself.
0:30

What if we backtested the digital credit / perpetual preferred equity model by inserting it into Bitcoin’s actual price history at the start of 2015? I modeled a hypothetical Bitcoin treasury company with: 1. $100M of common equity 2. $100M of 11% perpetual preferred equity 3. $200M of Bitcoin purchased on day one 4. 2.0x initial BTC coverage on the preferred 5. Up to $100M of additional preferred-funded BTC purchases per year 6. No additional common stock issuance 7. Dividends funded by selling Bitcoin 8. The ability to defer cumulative dividends during periods of weak coverage Then I ran the structure through every Bitcoin boom and crash from January 2015 through September 2026. Bitcoin itself compounded at 59.8% annually over the period. $100M invested directly into BTC became $24.08 billion. The same $100M of initial common equity behind the preferred-funded Bitcoin treasury became $62.87 billion. That is 2.61x the terminal value of simply holding Bitcoin. Modeled common NAV CAGR = 73.4% vs. 59.8% for BTC And this happened despite the company selling 103,729 BTC over the period to fund $770M of cash preferred dividends. When Bitcoin appreciates faster than the cost of the preferred capital, the fixed-dollar claim becomes progressively smaller relative to the asset base. The preferred starts with only 2.0x BTC coverage. By the end of the backtest, coverage reaches 54.1x. The common equity effectively captures the residual convexity. But there is a huge caveat. The modeled common also suffered a 91.2% maximum drawdown. That is the entire game. Perpetual preferred equity changes the time structure of the liability. There is no maturity date forcing the company to refinance or liquidate Bitcoin at the worst possible moment. And if dividends are cumulative but deferrable, management can choose not to sell scarce Bitcoin into a crash merely to satisfy a quarterly cash obligation. You are effectively matching a permanent dollar liability against a scarce monetary asset with historically enormous long-term appreciation, while allowing common equity to own the residual upside. That might be the deepest insight from the backtest. The superpower of digital credit is not leverage. It is time itself.

Adam Livingston

12,981 Aufrufe • vor 18 Tagen

Metaplanet from $1.83 to $69. Model assumptions: $100M/month preferred issuance of MARS 6% preferred cost 30% BTC CAGR Sell common stock to pay dividends Zero common stock sold to buy Bitcoin, EVER CEBE mNAV linear expansion to 1.55x over 10 years. Start: 40,177 BTC 2,729 CEBE sats/share $1.83 implied price Year 10: 74,166 BTC 4,381 CEBE sats/share $69.12 implied price That is 37.8x in the model. And the share count only rises 10.7%. If you can raise fiat claims at 6% and buy Bitcoin compounding at 30%, the spread is the entire trade. CEBE is the scoreboard. Metaplanet is turning fiat liabilities into residual Bitcoin exposure for common shareholders. That is the flywheel once prefs get here. And what if they can raise more than $100m per month? The senior claim ratio of the balance sheet peaks at month 15 of this model. They have plenty of room to continue adding leverage. Bullish Metaplanet.
0:29

Metaplanet from $1.83 to $69. Model assumptions: $100M/month preferred issuance of MARS 6% preferred cost 30% BTC CAGR Sell common stock to pay dividends Zero common stock sold to buy Bitcoin, EVER CEBE mNAV linear expansion to 1.55x over 10 years. Start: 40,177 BTC 2,729 CEBE sats/share $1.83 implied price Year 10: 74,166 BTC 4,381 CEBE sats/share $69.12 implied price That is 37.8x in the model. And the share count only rises 10.7%. If you can raise fiat claims at 6% and buy Bitcoin compounding at 30%, the spread is the entire trade. CEBE is the scoreboard. Metaplanet is turning fiat liabilities into residual Bitcoin exposure for common shareholders. That is the flywheel once prefs get here. And what if they can raise more than $100m per month? The senior claim ratio of the balance sheet peaks at month 15 of this model. They have plenty of room to continue adding leverage. Bullish Metaplanet.

Adam Livingston

42,778 Aufrufe • vor 4 Monaten

MSTR from $149 to $14,368 dollars per share is BEARISH. Assumptions: $2B/month preferred issuance (they're already doing this) 11.5% preferred cost (they never lower the rate, lol) 30% BTC CAGR (power law CAGR) 1.32x CEBE mNAV (multiple NEVER expands) Also, they NEVER issue common stock MSTR to buy more Bitcoin. Start today: 843,738 BTC 573,757 common equity BTC 163,144 CEBE sats/share $158.97 implied price Year 14: 2,064,691 BTC 1,942,234 common equity BTC 374,504 CEBE sats/share $14,368.51 implied price That is 90.4x in the model. Preferred balance goes from $15.5B to $351.5B. Senior claims fall from 270K BTC to 122K BTC. Claim ratio falls from 32.0% to 5.9%. This means they have so much room to issue more credit given this Bitcoin growth rate. Common equity BTC rises by 1.37M BTC. CEBE sats/share rise 129.6%. Shares rise 47.5%. If the Bitcoin treasury compounds faster than the fiat claims, the capital structure becomes a machine that transfers residual Bitcoin exposure back to common equity. This is Ownership Acceleration. CEBE is the scoreboard. Bullish Strategy. See you in 2040:
0:33

MSTR from $149 to $14,368 dollars per share is BEARISH. Assumptions: $2B/month preferred issuance (they're already doing this) 11.5% preferred cost (they never lower the rate, lol) 30% BTC CAGR (power law CAGR) 1.32x CEBE mNAV (multiple NEVER expands) Also, they NEVER issue common stock MSTR to buy more Bitcoin. Start today: 843,738 BTC 573,757 common equity BTC 163,144 CEBE sats/share $158.97 implied price Year 14: 2,064,691 BTC 1,942,234 common equity BTC 374,504 CEBE sats/share $14,368.51 implied price That is 90.4x in the model. Preferred balance goes from $15.5B to $351.5B. Senior claims fall from 270K BTC to 122K BTC. Claim ratio falls from 32.0% to 5.9%. This means they have so much room to issue more credit given this Bitcoin growth rate. Common equity BTC rises by 1.37M BTC. CEBE sats/share rise 129.6%. Shares rise 47.5%. If the Bitcoin treasury compounds faster than the fiat claims, the capital structure becomes a machine that transfers residual Bitcoin exposure back to common equity. This is Ownership Acceleration. CEBE is the scoreboard. Bullish Strategy. See you in 2040:

Adam Livingston

83,779 Aufrufe • vor 4 Monaten

Long but VERY IMPORTANT POST on the importance of Bitcoin amplification while Bitcoin is cheap. Bitcoin treasury X has spent months litigating preferred dividends. "9% is smart. 13% is expensive. 15% is reckless." If you're underwriting a long-term bull thesis, you're arguing about the wrong variable. So I built a model. Three hypothetical companies. Same $10 stock. Same Bitcoin per share. Bitcoin compounds 25% a year for ten years, $75k to ~$698k. mNAV is pinned at 1.0x the entire time. No premium, no reflexivity, no ATM magic. The only difference is how much amplification they buy (preferred notional ÷ Bitcoin holdings) and what they pay for it: A: 9% dividend, sliding to 0% by year ten. 10% amplification. B: 13% dividend. 35% amplification. C: 15% dividend. 60% amplification. The preferred is senior, perpetual, and a fixed-dollar claim. Proceeds buy Bitcoin. Each company keeps issuing at a steady monthly pace, and every dividend gets paid by issuing common at NAV. Every coupon dollar costs shareholders real Bitcoin. Year ten: A: $123 B: $146 C: $166 Just owning Bitcoin: $93 The ranking is perfectly backwards to cost of capital. The cheapest money finished dead last. So let's be generous. Give Company A a 0% dividend rate from day one. Yup. Free money, forever. $134. Still last. C could pay 17% and still tie free money. Over the decade C pays $5.3 billion in dividends. A pays $84 million. C nearly quadruples its share count funding those coupons and still grows Bitcoin per share 78%. A grows it 32%. The first-order math explains it: Extra return ≈ (preferred per $1 of equity) × (Bitcoin return − dividend) A has the better spread: 25 minus 9 is 16 points. C's is 10. But C carries $1.50 of preferred per dollar of equity. A carries 11 cents. The dividend is a subtraction. Amplification is a multiplier. You can't subtract your way past someone who's multiplying. It also tells you exactly when the coupon matters: in proportion to the amplification it's attached to. A cheap coupon on a sliver of amplification is just a very efficient way to own less Bitcoin. Now the attribution. Treat your Bitcoin path as the given, since that is literally the thesis you're underwriting, and run Shapley over the two players left: amplification and mNAV. Remember... mNAV sat at 1.0x for ten years, so its Shapley value is exactly zero. Bitcoin paid every company the same +$83. Amplification, net of every dividend: A +$30, B +$53, C +$73. All of the outperformance is amplification, and mNAV hasn't even entered the equation. Put any premium you like on top. It multiplies an amplified NAV. Timing is the part people miss. A fixed-dollar claim locked in while Bitcoin is cheap gets melted by the run. Company C issues preferred every single month and still drifts from 60% amplification to 21% by year ten. The bull market de-levers you for free. Run C's exact playbook but wait for Bitcoin to double before starting: $150 instead of $166. Same coupon, same ratio, worse entry. The real question if you are a Bitcoin bull is "how fast do you think Bitcoin compounds?" If your answer is under 20%, the coupon is the least of your problems. If you think Bitcoin is cheap, amplify while it's cheap. Penny pinching the coupon is optimizing the toll on a road you're barely driving on. Hypothetical model, not investment advice. Explainer video below:
1:50

Long but VERY IMPORTANT POST on the importance of Bitcoin amplification while Bitcoin is cheap. Bitcoin treasury X has spent months litigating preferred dividends. "9% is smart. 13% is expensive. 15% is reckless." If you're underwriting a long-term bull thesis, you're arguing about the wrong variable. So I built a model. Three hypothetical companies. Same $10 stock. Same Bitcoin per share. Bitcoin compounds 25% a year for ten years, $75k to ~$698k. mNAV is pinned at 1.0x the entire time. No premium, no reflexivity, no ATM magic. The only difference is how much amplification they buy (preferred notional ÷ Bitcoin holdings) and what they pay for it: A: 9% dividend, sliding to 0% by year ten. 10% amplification. B: 13% dividend. 35% amplification. C: 15% dividend. 60% amplification. The preferred is senior, perpetual, and a fixed-dollar claim. Proceeds buy Bitcoin. Each company keeps issuing at a steady monthly pace, and every dividend gets paid by issuing common at NAV. Every coupon dollar costs shareholders real Bitcoin. Year ten: A: $123 B: $146 C: $166 Just owning Bitcoin: $93 The ranking is perfectly backwards to cost of capital. The cheapest money finished dead last. So let's be generous. Give Company A a 0% dividend rate from day one. Yup. Free money, forever. $134. Still last. C could pay 17% and still tie free money. Over the decade C pays $5.3 billion in dividends. A pays $84 million. C nearly quadruples its share count funding those coupons and still grows Bitcoin per share 78%. A grows it 32%. The first-order math explains it: Extra return ≈ (preferred per $1 of equity) × (Bitcoin return − dividend) A has the better spread: 25 minus 9 is 16 points. C's is 10. But C carries $1.50 of preferred per dollar of equity. A carries 11 cents. The dividend is a subtraction. Amplification is a multiplier. You can't subtract your way past someone who's multiplying. It also tells you exactly when the coupon matters: in proportion to the amplification it's attached to. A cheap coupon on a sliver of amplification is just a very efficient way to own less Bitcoin. Now the attribution. Treat your Bitcoin path as the given, since that is literally the thesis you're underwriting, and run Shapley over the two players left: amplification and mNAV. Remember... mNAV sat at 1.0x for ten years, so its Shapley value is exactly zero. Bitcoin paid every company the same +$83. Amplification, net of every dividend: A +$30, B +$53, C +$73. All of the outperformance is amplification, and mNAV hasn't even entered the equation. Put any premium you like on top. It multiplies an amplified NAV. Timing is the part people miss. A fixed-dollar claim locked in while Bitcoin is cheap gets melted by the run. Company C issues preferred every single month and still drifts from 60% amplification to 21% by year ten. The bull market de-levers you for free. Run C's exact playbook but wait for Bitcoin to double before starting: $150 instead of $166. Same coupon, same ratio, worse entry. The real question if you are a Bitcoin bull is "how fast do you think Bitcoin compounds?" If your answer is under 20%, the coupon is the least of your problems. If you think Bitcoin is cheap, amplify while it's cheap. Penny pinching the coupon is optimizing the toll on a road you're barely driving on. Hypothetical model, not investment advice. Explainer video below:

Adam Livingston

17,845 Aufrufe • vor 1 Tag

ASST from $17 to $793. From May 1st to May 22, the company has reported $150 million deployed into Bitcoin. Let's assume they raise even less. Let's go with $100m per month with SATA issuance. $100M/month preferred issuance buying BTC, 13% preferred cost, dividends paid via share issuance, CEBE mNAV held flat at 1.7x. Common stock sold to buy Bitcoin, zero common stock issued to buy Bitcoin. 30% BTC CAGR. Starting point: $17.67 ASST 16,500 BTC 14,080 CEBE sats/share 35.3% senior claim drag Year 5: $153/share 61,264 BTC 32,825 CEBE sats/share 8.7x from today Year 10: $793/share 73,320 BTC 45,845 CEBE sats/share 44.9x from today And the psychotic part is the model keeps CEBE mNAV flat at 1.7x the entire time. No multiple expansion required. The senior claim drag falls from 35.3% to 16.7% because fixed fiat claims get slowly humiliated by BTC appreciation. Bitcoin goes up, residual common equity exposure grows, and the bears are left screaming at a spreadsheet like it owes them child support. Bullish ASST.
0:27

ASST from $17 to $793. From May 1st to May 22, the company has reported $150 million deployed into Bitcoin. Let's assume they raise even less. Let's go with $100m per month with SATA issuance. $100M/month preferred issuance buying BTC, 13% preferred cost, dividends paid via share issuance, CEBE mNAV held flat at 1.7x. Common stock sold to buy Bitcoin, zero common stock issued to buy Bitcoin. 30% BTC CAGR. Starting point: $17.67 ASST 16,500 BTC 14,080 CEBE sats/share 35.3% senior claim drag Year 5: $153/share 61,264 BTC 32,825 CEBE sats/share 8.7x from today Year 10: $793/share 73,320 BTC 45,845 CEBE sats/share 44.9x from today And the psychotic part is the model keeps CEBE mNAV flat at 1.7x the entire time. No multiple expansion required. The senior claim drag falls from 35.3% to 16.7% because fixed fiat claims get slowly humiliated by BTC appreciation. Bitcoin goes up, residual common equity exposure grows, and the bears are left screaming at a spreadsheet like it owes them child support. Bullish ASST.

Adam Livingston

49,744 Aufrufe • vor 4 Monaten

🔥BITCOIN, CAPITAL, RISK: DIGITAL CREDIT MASTERCLASS🔥 Bitcoin is beginning to transform from a treasury asset into the foundation of an entirely new credit market. In this digital credit masterclass, we examine how perpetual preferred capital can convert Bitcoin’s long-term appreciation into recurring income for investors. Using 100,000 Monte Carlo simulations, we model a Bitcoin balance sheet with 40% compound annual growth, 40% volatility, recurring preferred dividends, and multiple liquidity-reserve designs. We compare Strategy’s STRC with traditional preferred securities from JPMorgan and examine how Apple and Berkshire Hathaway manage liquidity alongside productive assets. The results reveal how common-equity amplification, loss absorption, sequence risk, and forced asset sales can produce radically different outcomes from the same Bitcoin return. We also identify what investors must prove before claiming that digital credit is mispriced rather than merely offering a high yield. This is the ultimate breakdown of Bitcoin, risk, capital structure, and the financial engineering that could reshape global credit markets:
27:29

🔥BITCOIN, CAPITAL, RISK: DIGITAL CREDIT MASTERCLASS🔥 Bitcoin is beginning to transform from a treasury asset into the foundation of an entirely new credit market. In this digital credit masterclass, we examine how perpetual preferred capital can convert Bitcoin’s long-term appreciation into recurring income for investors. Using 100,000 Monte Carlo simulations, we model a Bitcoin balance sheet with 40% compound annual growth, 40% volatility, recurring preferred dividends, and multiple liquidity-reserve designs. We compare Strategy’s STRC with traditional preferred securities from JPMorgan and examine how Apple and Berkshire Hathaway manage liquidity alongside productive assets. The results reveal how common-equity amplification, loss absorption, sequence risk, and forced asset sales can produce radically different outcomes from the same Bitcoin return. We also identify what investors must prove before claiming that digital credit is mispriced rather than merely offering a high yield. This is the ultimate breakdown of Bitcoin, risk, capital structure, and the financial engineering that could reshape global credit markets:

Adam Livingston

15,057 Aufrufe • vor 13 Tagen

🔥METAPLANET = INSANE OPPORTUNITY🔥 I think everyone is SEVERELY underappreciating what Metaplanet is building out in Japan. If Metaplanet can borrow at 4.15% today and carry that debt until Bitcoin reaches $1 million, the economics for existing shareholders resemble selling common equity at more than TEN TIMES NAV. Yup. Imagine being able to issue equity to buy Bitcoin at a 10x mNAV. Let's break it down. The first BitBond issuance was tiny, roughly ¥200 million, or $1.3 million. The pipe behind it could eventually become enormous. Metaplanet can now issue ordinary yen-denominated bonds through its own securities subsidiary, pay investors around 4.15%, use the capital to buy Bitcoin, and roll the principal into new bonds every three years. The bondholders receive a fixed yield in yen. Metaplanet’s common shareholders capture everything Bitcoin earns above that cost of capital. Here’s how absurdly powerful the math gets. Metaplanet borrows $1 at 4.15% and buys $1 of Bitcoin. After 3 years, that $1 of debt has grown to approximately $1.13 if we assume the interest is financed and rolled. If Bitcoin doubles, the Bitcoin is worth $2. Pay the $1.13 obligation and common shareholders are left with $0.87 of incremental equity without issuing a single common share. Economically, that is equivalent to selling common equity at roughly 1.77× mNAV: $2.00 of Bitcoin ÷ $1.13 bond obligation = 1.77×. Starting with Bitcoin around $63,000: At $100,000 BTC, the bond behaves like equity issued at 1.41× mNAV. At $150,000 BTC, it behaves like equity issued at 2.11× mNAV. At $200,000 BTC, it behaves like equity issued at 2.81× mNAV. That matters enormously while Metaplanet’s common stock trades around or below NAV. Selling common shares down here would dilute existing shareholders. BitBonds allow the company to acquire more Bitcoin per share while waiting for the common-stock premium to return. Now extend this idea over the next decade. Assume Bitcoin rises from $63,000 to $1 million over 10 years. Every $1 of Bitcoin purchased today becomes $15.87. $1 borrowed at 4.15% and continuously rolled becomes approximately $1.50 owed. Common shareholders capture the remaining $14.37. The mNAV-equivalent financing multiple becomes: 15.87 ÷ 1.50 = 10.57× mNAV. Read that again. Yes. I'll repeat it for you. Metaplanet can borrow at 4.15% today and carry that debt until Bitcoin reaches $1 million, the economics for existing shareholders resemble selling common equity at more than TEN TIMES NAV. So I modeled a simple scenario. Metaplanet begins with 43,000 BTC at $63,000, giving it roughly $2.71 billion of Bitcoin. It then maintains 10% balance-sheet amplification all the way to $1 million Bitcoin. Gross BTC exposure stays at 1.10× common equity. New bonds are issued monthly at 4.15%, and every bond is rolled after three years. The opening issuance would be approximately $271 million, buying another 4,300 BTC immediately. As Bitcoin appreciates, the balance sheet creates additional borrowing capacity. Metaplanet keeps issuing enough to maintain the same conservative 10% amplification instead of allowing leverage to run wild. Average monthly issuance begins around $8 million during year one. Once the three-year rollover cycle starts, new issuance plus refinancings average approximately: $37 million per month in year 3 $72 million per month in year 6 $101 million per month in year 8 $192 million per month in year 10 Across the full decade, the company issues approximately $8.9 billion of gross bonds, including around $3.5 billion of refinanced maturities. Here is where Metaplanet ends when Bitcoin reaches $1 million (not a prediction, just a projection of these inputs): 59,727 BTC $59.73 billion of gross Bitcoin assets $5.43 billion of outstanding debt $54.30 billion of common NAV Without BitBonds, the original 43,000 BTC would simply be worth $43 billion. The bond strategy therefore creates approximately $11.30 billion of additional common equity. Same common shareholders. Same original 43,000 BTC starting point. Approximately 16,727 additional Bitcoin accumulated through controlled balance-sheet amplification. That produces 26.3% more NAV per share at $1 million Bitcoin without common-share dilution from the bond program. Of course, they still need buyers for the bonds. They must stagger maturities, maintain adequate liquidity, service the coupons and avoid building some psychotic refinancing wall during a Bitcoin bear market. The relevant hurdle is also BTC measured in yen, rather than dollars. But at 10% amplification, Bitcoin only needs to outperform a 4.15% yen cost of capital for the strategy to become accretive. Metaplanet owns 43,000 Bitcoin and now owns the securities platform capable of distributing its debt directly into Japan’s gigantic market for fixed-income savings. This is becoming much bigger than a Bitcoin treasury company. They are building a machine that converts Japanese demand for fixed yen yield into permanently increasing Bitcoin per common share. The bondholders get 4.15%. Metaplanet shareholders get everything Bitcoin does above it for the next decade. Short fiat. Long Bitcoin. This trade is OBSCENE:
0:35

🔥METAPLANET = INSANE OPPORTUNITY🔥 I think everyone is SEVERELY underappreciating what Metaplanet is building out in Japan. If Metaplanet can borrow at 4.15% today and carry that debt until Bitcoin reaches $1 million, the economics for existing shareholders resemble selling common equity at more than TEN TIMES NAV. Yup. Imagine being able to issue equity to buy Bitcoin at a 10x mNAV. Let's break it down. The first BitBond issuance was tiny, roughly ¥200 million, or $1.3 million. The pipe behind it could eventually become enormous. Metaplanet can now issue ordinary yen-denominated bonds through its own securities subsidiary, pay investors around 4.15%, use the capital to buy Bitcoin, and roll the principal into new bonds every three years. The bondholders receive a fixed yield in yen. Metaplanet’s common shareholders capture everything Bitcoin earns above that cost of capital. Here’s how absurdly powerful the math gets. Metaplanet borrows $1 at 4.15% and buys $1 of Bitcoin. After 3 years, that $1 of debt has grown to approximately $1.13 if we assume the interest is financed and rolled. If Bitcoin doubles, the Bitcoin is worth $2. Pay the $1.13 obligation and common shareholders are left with $0.87 of incremental equity without issuing a single common share. Economically, that is equivalent to selling common equity at roughly 1.77× mNAV: $2.00 of Bitcoin ÷ $1.13 bond obligation = 1.77×. Starting with Bitcoin around $63,000: At $100,000 BTC, the bond behaves like equity issued at 1.41× mNAV. At $150,000 BTC, it behaves like equity issued at 2.11× mNAV. At $200,000 BTC, it behaves like equity issued at 2.81× mNAV. That matters enormously while Metaplanet’s common stock trades around or below NAV. Selling common shares down here would dilute existing shareholders. BitBonds allow the company to acquire more Bitcoin per share while waiting for the common-stock premium to return. Now extend this idea over the next decade. Assume Bitcoin rises from $63,000 to $1 million over 10 years. Every $1 of Bitcoin purchased today becomes $15.87. $1 borrowed at 4.15% and continuously rolled becomes approximately $1.50 owed. Common shareholders capture the remaining $14.37. The mNAV-equivalent financing multiple becomes: 15.87 ÷ 1.50 = 10.57× mNAV. Read that again. Yes. I'll repeat it for you. Metaplanet can borrow at 4.15% today and carry that debt until Bitcoin reaches $1 million, the economics for existing shareholders resemble selling common equity at more than TEN TIMES NAV. So I modeled a simple scenario. Metaplanet begins with 43,000 BTC at $63,000, giving it roughly $2.71 billion of Bitcoin. It then maintains 10% balance-sheet amplification all the way to $1 million Bitcoin. Gross BTC exposure stays at 1.10× common equity. New bonds are issued monthly at 4.15%, and every bond is rolled after three years. The opening issuance would be approximately $271 million, buying another 4,300 BTC immediately. As Bitcoin appreciates, the balance sheet creates additional borrowing capacity. Metaplanet keeps issuing enough to maintain the same conservative 10% amplification instead of allowing leverage to run wild. Average monthly issuance begins around $8 million during year one. Once the three-year rollover cycle starts, new issuance plus refinancings average approximately: $37 million per month in year 3 $72 million per month in year 6 $101 million per month in year 8 $192 million per month in year 10 Across the full decade, the company issues approximately $8.9 billion of gross bonds, including around $3.5 billion of refinanced maturities. Here is where Metaplanet ends when Bitcoin reaches $1 million (not a prediction, just a projection of these inputs): 59,727 BTC $59.73 billion of gross Bitcoin assets $5.43 billion of outstanding debt $54.30 billion of common NAV Without BitBonds, the original 43,000 BTC would simply be worth $43 billion. The bond strategy therefore creates approximately $11.30 billion of additional common equity. Same common shareholders. Same original 43,000 BTC starting point. Approximately 16,727 additional Bitcoin accumulated through controlled balance-sheet amplification. That produces 26.3% more NAV per share at $1 million Bitcoin without common-share dilution from the bond program. Of course, they still need buyers for the bonds. They must stagger maturities, maintain adequate liquidity, service the coupons and avoid building some psychotic refinancing wall during a Bitcoin bear market. The relevant hurdle is also BTC measured in yen, rather than dollars. But at 10% amplification, Bitcoin only needs to outperform a 4.15% yen cost of capital for the strategy to become accretive. Metaplanet owns 43,000 Bitcoin and now owns the securities platform capable of distributing its debt directly into Japan’s gigantic market for fixed-income savings. This is becoming much bigger than a Bitcoin treasury company. They are building a machine that converts Japanese demand for fixed yen yield into permanently increasing Bitcoin per common share. The bondholders get 4.15%. Metaplanet shareholders get everything Bitcoin does above it for the next decade. Short fiat. Long Bitcoin. This trade is OBSCENE:

Adam Livingston

29,566 Aufrufe • vor 1 Monat

🔥HOW I'M GETTING FILTHY, DISGUSTINGLY RICH WITH MSTR + ASST CALLS - 7X BITCOIN RETURNS?!?🔥 MSTR is the giant capital markets war machine. ASST is the smaller creature in the basement discovering preferred stock and screaming “ACCUMULATE”. The trade is simple in concept: Bitcoin reverts higher. Treasury companies keep buying. Common equity exposure compounds. LEAPS turn the whole thing into financial plutonium. This is absolutely not financial advice. Options can and do expire worthless. I am a man on the internet with charts, caffeine, and a dangerous emotional relationship with Bitcoin treasury companies. But the math is fascinating. And if the market is underpricing the rate of BTC accumulation, the CEBE-adjusted common-equity exposure, and the reflexive premium expansion of these companies, this could be one of the most asymmetric setups in the entire Bitcoin ecosystem. MSTR is the cannon. ASST is the compressed spring. BITCOIN IS THE TRIGGER:
26:19

🔥HOW I'M GETTING FILTHY, DISGUSTINGLY RICH WITH MSTR + ASST CALLS - 7X BITCOIN RETURNS?!?🔥 MSTR is the giant capital markets war machine. ASST is the smaller creature in the basement discovering preferred stock and screaming “ACCUMULATE”. The trade is simple in concept: Bitcoin reverts higher. Treasury companies keep buying. Common equity exposure compounds. LEAPS turn the whole thing into financial plutonium. This is absolutely not financial advice. Options can and do expire worthless. I am a man on the internet with charts, caffeine, and a dangerous emotional relationship with Bitcoin treasury companies. But the math is fascinating. And if the market is underpricing the rate of BTC accumulation, the CEBE-adjusted common-equity exposure, and the reflexive premium expansion of these companies, this could be one of the most asymmetric setups in the entire Bitcoin ecosystem. MSTR is the cannon. ASST is the compressed spring. BITCOIN IS THE TRIGGER:

Adam Livingston

25,559 Aufrufe • vor 5 Monaten

BITCOIN AMPLIFICATION DRIVES TOTAL RETURNS A company paying 14% for preferred capital can outperform a company paying 6% - when greater amplification captures a sufficiently large positive Bitcoin spread. I think the actual math behind how much amplification drives total returns will shock you. In this video I explain the mechanism, the math, and the funding challenge behind an amplified Bitcoin strategy. We walk through four fictional Bitcoin treasury companies, starting with $100 million, $1 billion, $10 billion, and $50 billion of Bitcoin assets. You will see why the largest company does not necessarily earn the highest percentage return, why amplification decays without new funding, and how much preferred capital sustaining the ratio would require. I also examine why a lower Bitcoin entry price improves upside to a fixed future price... and why cheaper Bitcoin does not automatically mean less balance-sheet risk. Enjoy!
16:52

BITCOIN AMPLIFICATION DRIVES TOTAL RETURNS A company paying 14% for preferred capital can outperform a company paying 6% - when greater amplification captures a sufficiently large positive Bitcoin spread. I think the actual math behind how much amplification drives total returns will shock you. In this video I explain the mechanism, the math, and the funding challenge behind an amplified Bitcoin strategy. We walk through four fictional Bitcoin treasury companies, starting with $100 million, $1 billion, $10 billion, and $50 billion of Bitcoin assets. You will see why the largest company does not necessarily earn the highest percentage return, why amplification decays without new funding, and how much preferred capital sustaining the ratio would require. I also examine why a lower Bitcoin entry price improves upside to a fixed future price... and why cheaper Bitcoin does not automatically mean less balance-sheet risk. Enjoy!

Adam Livingston

14,317 Aufrufe • vor 4 Tagen

Strive (ASST) is set up to absolutely moon. The catapult has been loaded. ASST holders might have this question: What happens to common equity if Bitcoin rises and the balance sheet either stays static or keeps accumulating through SATA issuance? Using CEBE math, I modeled two scenarios with Bitcoin going from roughly $68.5k to $126k. Scenario 1: Static balance sheet No new Bitcoin. No new SATA. No additional capital formation. Just the existing balance sheet riding Bitcoin higher. In that scenario, ASST goes from roughly $15.86 to $37.24. That is still a very strong outcome, because the company’s existing Bitcoin exposure appreciates and CEBE per share rises as fixed senior claims shrink in BTC terms. At $126k Bitcoin, CEBE reaches roughly 17,488 sats per share. $37.24 stock price with the multiple staying flat and zero new Bitcoin purchased :) Scenario 2: $200 million of SATA issued every month Same Bitcoin path. Same starting point. But Strive adds $200 million of SATA every month and uses it to acquire more Bitcoin. In this scenario, the stock goes from roughly $15.86 to $54.21. CEBE rises to roughly 25,456 sats per share. The Bitcoin stack grows from about 19,000 BTC to roughly 45,900 BTC. This is where the mechanism gets violent. The static balance sheet benefits from Bitcoin appreciation. The SATA issuance scenario benefits from Bitcoin appreciation plus monthly balance sheet expansion. That means the common equity is not simply waiting for Bitcoin to go up. It is watching the company potentially compound its Bitcoin exposure while the denominator gets partially protected by the capital structure. At the end of the model: Static case: $37.24 stock price SATA monthly case: $54.21 stock price Difference: +$16.97 per share Relative uplift: about 45.6% If SATA issuance is done at attractive terms and deployed into Bitcoin, the common wins big after Bitcoin moons. That is the whole game. This is amplified Bitcoin. And if the market starts pricing that correctly, the stock does not merely track Bitcoin. It can re-rate around the speed and quality of true Bitcoin-per-share growth:
0:23

Strive (ASST) is set up to absolutely moon. The catapult has been loaded. ASST holders might have this question: What happens to common equity if Bitcoin rises and the balance sheet either stays static or keeps accumulating through SATA issuance? Using CEBE math, I modeled two scenarios with Bitcoin going from roughly $68.5k to $126k. Scenario 1: Static balance sheet No new Bitcoin. No new SATA. No additional capital formation. Just the existing balance sheet riding Bitcoin higher. In that scenario, ASST goes from roughly $15.86 to $37.24. That is still a very strong outcome, because the company’s existing Bitcoin exposure appreciates and CEBE per share rises as fixed senior claims shrink in BTC terms. At $126k Bitcoin, CEBE reaches roughly 17,488 sats per share. $37.24 stock price with the multiple staying flat and zero new Bitcoin purchased :) Scenario 2: $200 million of SATA issued every month Same Bitcoin path. Same starting point. But Strive adds $200 million of SATA every month and uses it to acquire more Bitcoin. In this scenario, the stock goes from roughly $15.86 to $54.21. CEBE rises to roughly 25,456 sats per share. The Bitcoin stack grows from about 19,000 BTC to roughly 45,900 BTC. This is where the mechanism gets violent. The static balance sheet benefits from Bitcoin appreciation. The SATA issuance scenario benefits from Bitcoin appreciation plus monthly balance sheet expansion. That means the common equity is not simply waiting for Bitcoin to go up. It is watching the company potentially compound its Bitcoin exposure while the denominator gets partially protected by the capital structure. At the end of the model: Static case: $37.24 stock price SATA monthly case: $54.21 stock price Difference: +$16.97 per share Relative uplift: about 45.6% If SATA issuance is done at attractive terms and deployed into Bitcoin, the common wins big after Bitcoin moons. That is the whole game. This is amplified Bitcoin. And if the market starts pricing that correctly, the stock does not merely track Bitcoin. It can re-rate around the speed and quality of true Bitcoin-per-share growth:

Adam Livingston

14,499 Aufrufe • vor 4 Monaten

Bitcoin vs. Amplified Bitcoin I ran 500,000 paired Monte Carlo simulations over four years. Bitcoin starts at $86,000, with a 40% geometric CAGR assumption and 40% annualized volatility. The amplified model takes 1.5× each simulated daily Bitcoin return, producing roughly 60% volatility. Same Bitcoin shocks. Same $86,000 starting investment. Different sensitivity. Median ending value: Bitcoin: $330,057 - 3.84× Amplified Bitcoin: $508,584 - 5.91× At the 95th percentile: Bitcoin: $1.235 million Amplified Bitcoin: $3.676 million At the 99th percentile: Bitcoin: $2.132 million Amplified Bitcoin: $8.327 million The probability of finishing at 10× or more rises from 11.6% to 33.1%. Amplified Bitcoin finishes ahead in 85.9% of the paired simulations. But the wider upside distribution comes with a materially rougher ride. Median maximum drawdown increases from 42.2% to 57.7%. The probability of finishing below the starting investment rises from 4.7% to 7.0%. A company targeting sustained amplified exposure needs to actively manage its capital structure and Bitcoin exposure. Issuing preferred equity once does not permanently lock in 1.5× stock-price sensitivity, and balance-sheet amplification is not the same as market beta. These are the mathematical results of a maintained-sensitivity projection, not a forecast for any company. Financing costs, preferred dividends, dilution, valuation changes, and company-specific risks are excluded. Volatility is vitality:
0:30

Bitcoin vs. Amplified Bitcoin I ran 500,000 paired Monte Carlo simulations over four years. Bitcoin starts at $86,000, with a 40% geometric CAGR assumption and 40% annualized volatility. The amplified model takes 1.5× each simulated daily Bitcoin return, producing roughly 60% volatility. Same Bitcoin shocks. Same $86,000 starting investment. Different sensitivity. Median ending value: Bitcoin: $330,057 - 3.84× Amplified Bitcoin: $508,584 - 5.91× At the 95th percentile: Bitcoin: $1.235 million Amplified Bitcoin: $3.676 million At the 99th percentile: Bitcoin: $2.132 million Amplified Bitcoin: $8.327 million The probability of finishing at 10× or more rises from 11.6% to 33.1%. Amplified Bitcoin finishes ahead in 85.9% of the paired simulations. But the wider upside distribution comes with a materially rougher ride. Median maximum drawdown increases from 42.2% to 57.7%. The probability of finishing below the starting investment rises from 4.7% to 7.0%. A company targeting sustained amplified exposure needs to actively manage its capital structure and Bitcoin exposure. Issuing preferred equity once does not permanently lock in 1.5× stock-price sensitivity, and balance-sheet amplification is not the same as market beta. These are the mathematical results of a maintained-sensitivity projection, not a forecast for any company. Financing costs, preferred dividends, dilution, valuation changes, and company-specific risks are excluded. Volatility is vitality:

Adam Livingston

27,726 Aufrufe • vor 13 Tagen

WHY I AM BUYING STRIVE (ASST) In this video, I walk through my full investment thesis on Strive (ASST), a Bitcoin treasury company with one of the cleanest and most interesting capital structures in the market today. This is not a hype video. This is a long-duration, balance-sheet-driven compounding thesis. I break down: Why ASST’s lack of debt matters more than people realize How SATA (perpetual preferred equity) creates Bitcoin amplification without liquidation risk Why maintaining ~31% amplification dramatically changes long-term outcomes What happens to the common stock under 20%, 25%, and 30% Bitcoin CAGR scenarios How Bitcoin per share compounds quietly over time due to the structure itself What dilution, PIPE overhang, and ATMs actually mean in practice Under conservative assumptions, even the lowest modeled Bitcoin growth scenario produces extreme asymmetry over long time horizons. Higher CAGR scenarios push the equity into territory most investors psychologically struggle to model. No multiple expansion assumed. No debt leverage assumed. No heroic assumptions required. This video is about understanding how time, compounding, and capital structure interact, and why that combination can produce non-linear outcomes if Bitcoin continues to succeed. This is not financial advice. This is how I’m thinking about risk, asymmetry, and survival over the next 10 to 20 years:
22:52

WHY I AM BUYING STRIVE (ASST) In this video, I walk through my full investment thesis on Strive (ASST), a Bitcoin treasury company with one of the cleanest and most interesting capital structures in the market today. This is not a hype video. This is a long-duration, balance-sheet-driven compounding thesis. I break down: Why ASST’s lack of debt matters more than people realize How SATA (perpetual preferred equity) creates Bitcoin amplification without liquidation risk Why maintaining ~31% amplification dramatically changes long-term outcomes What happens to the common stock under 20%, 25%, and 30% Bitcoin CAGR scenarios How Bitcoin per share compounds quietly over time due to the structure itself What dilution, PIPE overhang, and ATMs actually mean in practice Under conservative assumptions, even the lowest modeled Bitcoin growth scenario produces extreme asymmetry over long time horizons. Higher CAGR scenarios push the equity into territory most investors psychologically struggle to model. No multiple expansion assumed. No debt leverage assumed. No heroic assumptions required. This video is about understanding how time, compounding, and capital structure interact, and why that combination can produce non-linear outcomes if Bitcoin continues to succeed. This is not financial advice. This is how I’m thinking about risk, asymmetry, and survival over the next 10 to 20 years:

Adam Livingston

42,867 Aufrufe • vor 9 Monaten

“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 👽

21,276 Aufrufe • vor 3 Monaten

🔥STRATEGY WILL BE THE WORLD'S MOST VALUABLE COMPANY - BITCOIN WILL FLIP GOLD🔥 Think Bitcoin is going to eventually flip gold as the world's #1 asset? In that case, you should be bullish on $MSTR! NAPKIN MATH: Let's make it simple with 20 million circulating BTC and gold also sees some inflows so it's $40T by the time the BTC flippening of gold happens. $40T / 20 million = $2 million per Bitcoin. When does this happen? No idea. Let's say it happens in 2038. Let's say zero MSTR mNAV expansion. Zero new Bitcoin acquired. They pay 12% on STRC until then. Dividends paid with MSTR issuance. They pay 0.55% on their debt and it never goes away (lol). RESULT: Bitcoin goes from $62,875 to $2 million. BTC return: 31.81x MSTR goes from $93.28 to approximately $4,253. MSTR return: 45.60x Again: Zero new Bitcoin acquired. Zero mNAV expansion. The preferreds remain outstanding. The debt remains outstanding. MSTR spends approximately $22.7 billion servicing STRC dividends and debt interest over the 12 years, entirely through common-stock issuance. And MSTR still outperforms Bitcoin. HOW DOES THAT HAPPEN? At the beginning, MSTR’s net senior claims equal approximately 292,251 BTC. At $2 million per Bitcoin, those exact same dollar claims equal only 9,188 BTC. The liabilities never disappear. They simply get beaten within an inch of their economic lives by the denominator. That releases approximately 283,064 BTC of residual value to the common equity without Strategy purchasing one additional sat. Common shareholders’ residual claim rises: 551,524 BTC → 834,587 BTC Paying 12 years of dividends and interest through MSTR issuance increases the share count by only: 384.6 million → 406.0 million Just 5.6% dilution. So CEBE per share rises: 143,404 sats → 205,562 sats That is 43.3% growth in claims-adjusted Bitcoin exposure per share while the gross Bitcoin treasury remains completely unchanged. The return equation becomes: 31.81x BTC appreciation × 1.433x CEBE-per-share growth × 1.00x mNAV change = 45.60x MSTR $10,000 invested in Bitcoin becomes approximately $318,000. $10,000 invested in MSTR becomes approximately. $456,000 MSTR creates roughly $138,000 of additional terminal wealth on the same $10,000 investment while buying zero additional Bitcoin. This is the part MSTR bears cannot process because their mental model of a capital structure is a shoebox with the word “DEBT” written on the lid in crayon. MSTR is not merely a static jar of Bitcoin. Common shareholders own the residual claim behind fixed-fiat liabilities wrapped around scarce collateral. As Bitcoin appreciates, those dollar liabilities consume fewer sats. The value released by that compression flows to common equity. At $2 million Bitcoin, the debt is still technically there. It just has the economic significance of a parking ticket taped to an aircraft carrier. The Bitcoin flippening would not merely dethrone gold. It would turn MSTR’s capital structure into a 12 year public execution of the dollar denominator:
0:30

🔥STRATEGY WILL BE THE WORLD'S MOST VALUABLE COMPANY - BITCOIN WILL FLIP GOLD🔥 Think Bitcoin is going to eventually flip gold as the world's #1 asset? In that case, you should be bullish on $MSTR! NAPKIN MATH: Let's make it simple with 20 million circulating BTC and gold also sees some inflows so it's $40T by the time the BTC flippening of gold happens. $40T / 20 million = $2 million per Bitcoin. When does this happen? No idea. Let's say it happens in 2038. Let's say zero MSTR mNAV expansion. Zero new Bitcoin acquired. They pay 12% on STRC until then. Dividends paid with MSTR issuance. They pay 0.55% on their debt and it never goes away (lol). RESULT: Bitcoin goes from $62,875 to $2 million. BTC return: 31.81x MSTR goes from $93.28 to approximately $4,253. MSTR return: 45.60x Again: Zero new Bitcoin acquired. Zero mNAV expansion. The preferreds remain outstanding. The debt remains outstanding. MSTR spends approximately $22.7 billion servicing STRC dividends and debt interest over the 12 years, entirely through common-stock issuance. And MSTR still outperforms Bitcoin. HOW DOES THAT HAPPEN? At the beginning, MSTR’s net senior claims equal approximately 292,251 BTC. At $2 million per Bitcoin, those exact same dollar claims equal only 9,188 BTC. The liabilities never disappear. They simply get beaten within an inch of their economic lives by the denominator. That releases approximately 283,064 BTC of residual value to the common equity without Strategy purchasing one additional sat. Common shareholders’ residual claim rises: 551,524 BTC → 834,587 BTC Paying 12 years of dividends and interest through MSTR issuance increases the share count by only: 384.6 million → 406.0 million Just 5.6% dilution. So CEBE per share rises: 143,404 sats → 205,562 sats That is 43.3% growth in claims-adjusted Bitcoin exposure per share while the gross Bitcoin treasury remains completely unchanged. The return equation becomes: 31.81x BTC appreciation × 1.433x CEBE-per-share growth × 1.00x mNAV change = 45.60x MSTR $10,000 invested in Bitcoin becomes approximately $318,000. $10,000 invested in MSTR becomes approximately. $456,000 MSTR creates roughly $138,000 of additional terminal wealth on the same $10,000 investment while buying zero additional Bitcoin. This is the part MSTR bears cannot process because their mental model of a capital structure is a shoebox with the word “DEBT” written on the lid in crayon. MSTR is not merely a static jar of Bitcoin. Common shareholders own the residual claim behind fixed-fiat liabilities wrapped around scarce collateral. As Bitcoin appreciates, those dollar liabilities consume fewer sats. The value released by that compression flows to common equity. At $2 million Bitcoin, the debt is still technically there. It just has the economic significance of a parking ticket taped to an aircraft carrier. The Bitcoin flippening would not merely dethrone gold. It would turn MSTR’s capital structure into a 12 year public execution of the dollar denominator:

Adam Livingston

24,380 Aufrufe • vor 2 Monaten

Bitcoin has already won as Digital Capital. The next wave is Digital Credit, Digital Money, Digital Yield, and Bitcoin-backed capital markets — products that can bring trillions of dollars of traditional credit and money market capital onto Bitcoin. My interview with Cointelegraph at BTC Prague. 00:57 — Bitcoin in a drawdown: five major pullbacks in six years, stronger fundamentals, and rising dominance 02:23 — Digital Credit: from zero to an $11B+ asset class in 12 months 03:35 — Digital Money: bitcoin-backed yieldcoins and the path from 40 vol to 0 vol 04:31 — The opportunity for 8% yield in dollars, euros, yen, pounds, and francs 06:02 — $300T of credit, $30–50T of money markets, and the $10T opportunity for Bitcoin 07:19 — Why Bitcoin is winning economically, technically, and ethically 08:26 — Quantum computing, FUD, and why bear markets amplify Bitcoin debates 10:37 — AI capital rotation, Bitcoin’s current drawdown, and the path to recovery 11:36 — Six years of Strategy: why I would have moved faster into Digital Credit 12:22 — The ideal Bitcoin Treasury Company: common equity plus STRC-style Digital Credit 14:35 — The 32 BTC sale, the $100M bitcoin buyback, and why capital must back credit 17:02 — Defending the equity, credit, and bitcoin-backed capital structure 19:03 — The tradeoff: buy 200,000 BTC and sell 10,000 BTC — or buy and sell zero 20:15 — “Never sell,” Twitter trolls, and Strategy’s fiduciary obligations 22:06 — Bitcoin per share, long-term accretion, and accumulating through bull and bear markets 22:34 — $21B of equity raised in 16 weeks and ~$10B of bitcoin acquired this year 24:18 — The Strategic Bitcoin Reserve, US leadership, and supportive regulation 27:18 — Digital Credit, bank credit, and Digital Money bringing trillions onto Bitcoin 28:01 — Why Bitcoin can grow organically without central bank support
28:48

Bitcoin has already won as Digital Capital. The next wave is Digital Credit, Digital Money, Digital Yield, and Bitcoin-backed capital markets — products that can bring trillions of dollars of traditional credit and money market capital onto Bitcoin. My interview with Cointelegraph at BTC Prague. 00:57 — Bitcoin in a drawdown: five major pullbacks in six years, stronger fundamentals, and rising dominance 02:23 — Digital Credit: from zero to an $11B+ asset class in 12 months 03:35 — Digital Money: bitcoin-backed yieldcoins and the path from 40 vol to 0 vol 04:31 — The opportunity for 8% yield in dollars, euros, yen, pounds, and francs 06:02 — $300T of credit, $30–50T of money markets, and the $10T opportunity for Bitcoin 07:19 — Why Bitcoin is winning economically, technically, and ethically 08:26 — Quantum computing, FUD, and why bear markets amplify Bitcoin debates 10:37 — AI capital rotation, Bitcoin’s current drawdown, and the path to recovery 11:36 — Six years of Strategy: why I would have moved faster into Digital Credit 12:22 — The ideal Bitcoin Treasury Company: common equity plus STRC-style Digital Credit 14:35 — The 32 BTC sale, the $100M bitcoin buyback, and why capital must back credit 17:02 — Defending the equity, credit, and bitcoin-backed capital structure 19:03 — The tradeoff: buy 200,000 BTC and sell 10,000 BTC — or buy and sell zero 20:15 — “Never sell,” Twitter trolls, and Strategy’s fiduciary obligations 22:06 — Bitcoin per share, long-term accretion, and accumulating through bull and bear markets 22:34 — $21B of equity raised in 16 weeks and ~$10B of bitcoin acquired this year 24:18 — The Strategic Bitcoin Reserve, US leadership, and supportive regulation 27:18 — Digital Credit, bank credit, and Digital Money bringing trillions onto Bitcoin 28:01 — Why Bitcoin can grow organically without central bank support

Michael Saylor

264,683 Aufrufe • vor 3 Monaten

📺 The Bitcoin For Corporations Show Episode 21 now live — hosted by Pierre Rochard MSCI is considering a rule change that could remove #Bitcoin treasury companies from global equity indexes. In this episode, BFC Managing Director, George Mekhail, breaks down the mechanics, what’s at stake, and how companies & investors can respond. 00:00 – Why MSCI Raised Alarm 05:12 – MSCI, Indexes, and Why They Matter 10:03 – The 50% Bitcoin Threshold 15:06 – Operating Companies or Not? 20:12 – Preferred Equity and Capital Structure 25:34 – Wall Street Resistance 30:44 – A Risky Precedent 36:03 – Capital Allocation in Inflation 42:01 – The Future of Bitcoin Treasury Companies 47:15 – Advocacy and What Comes Next
1:03:49

📺 The Bitcoin For Corporations Show Episode 21 now live — hosted by Pierre Rochard MSCI is considering a rule change that could remove #Bitcoin treasury companies from global equity indexes. In this episode, BFC Managing Director, George Mekhail, breaks down the mechanics, what’s at stake, and how companies & investors can respond. 00:00 – Why MSCI Raised Alarm 05:12 – MSCI, Indexes, and Why They Matter 10:03 – The 50% Bitcoin Threshold 15:06 – Operating Companies or Not? 20:12 – Preferred Equity and Capital Structure 25:34 – Wall Street Resistance 30:44 – A Risky Precedent 36:03 – Capital Allocation in Inflation 42:01 – The Future of Bitcoin Treasury Companies 47:15 – Advocacy and What Comes Next

Bitcoin For Corporations

44,184 Aufrufe • vor 9 Monaten

🔥METAPLANET PASSES 40K BITCOIN - MEGA BULLISH UPDATE🔥 Metaplanet just crossed 40,000 Bitcoin, and this video breaks down why that is such a massive deal. We go deep into Metaplanet’s latest Bitcoin buys, its increasingly aggressive capital raising strategy, BTC per share growth, Project NOVA, preferred share structure, and why this company is evolving into one of the most explosive Bitcoin treasury stories on Earth. In this video: - Metaplanet’s latest Bitcoin purchases - How they got to 40,000+ BTC - Why BTC per share matters more than raw dilution narratives -How warrants, preferreds, and capital markets fuel the strategy -What Project NOVA could mean for Japan’s Bitcoin future - Why this story could spiral into something enormous:
19:07

🔥METAPLANET PASSES 40K BITCOIN - MEGA BULLISH UPDATE🔥 Metaplanet just crossed 40,000 Bitcoin, and this video breaks down why that is such a massive deal. We go deep into Metaplanet’s latest Bitcoin buys, its increasingly aggressive capital raising strategy, BTC per share growth, Project NOVA, preferred share structure, and why this company is evolving into one of the most explosive Bitcoin treasury stories on Earth. In this video: - Metaplanet’s latest Bitcoin purchases - How they got to 40,000+ BTC - Why BTC per share matters more than raw dilution narratives -How warrants, preferreds, and capital markets fuel the strategy -What Project NOVA could mean for Japan’s Bitcoin future - Why this story could spiral into something enormous:

Adam Livingston

13,454 Aufrufe • vor 6 Monaten

The real story with Strategy isn't a margin call, it's that buying Bitcoin is now only one of the many things it has to manage "Strategy is not facing an automatic Bitcoin margin call or the imminent liquidation of its treasury. The significance is much subtler. Even the company that created the model has entered a new and more complicated phase" "Strategy is no longer simply raising dollars to buy Bitcoin. It's issuing common and preferred securities, holding billions of dollars, paying dividends, servicing debt, managing liquidity, considering repurchases" "And selling Bitcoin when management believes that is less damaging than issuing more securities. That may be entirely rational"
0:42

The real story with Strategy isn't a margin call, it's that buying Bitcoin is now only one of the many things it has to manage "Strategy is not facing an automatic Bitcoin margin call or the imminent liquidation of its treasury. The significance is much subtler. Even the company that created the model has entered a new and more complicated phase" "Strategy is no longer simply raising dollars to buy Bitcoin. It's issuing common and preferred securities, holding billions of dollars, paying dividends, servicing debt, managing liquidity, considering repurchases" "And selling Bitcoin when management believes that is less damaging than issuing more securities. That may be entirely rational"

The Wolf Of All Streets

33,147 Aufrufe • vor 2 Monaten

$MSTR Saylor’s response to the Bitcoin monetization framework: “I don’t think there’s a conflict between doing the right thing for Bitcoin, doing the right thing for the equity, doing the right thing for the credit. I think those are all in a dynamic harmony with each other.” Strategy has spent years building its 847,363 BTC balance sheet. That stack exists to create optionality. When the company’s securities become materially mispriced, Bitcoin itself becomes another capital allocation tool. $STRC shareholders don’t measure success by how many Bitcoin the company buys next week. They measure management’s ability to protect the structure, maintain confidence, and continue servicing the product over the long term. $MSTR shareholders understand something equally important. The faster Strategy can rely on $STRC as its primary capital engine, the less dependent it becomes on common equity issuance, making future Bitcoin accumulation increasingly accretive over time. These aren’t competing objectives. Protecting Digital Credit protects access to capital. Access to capital grows the Bitcoin treasury. And a larger Bitcoin treasury gives management even greater flexibility to defend the structure whenever the market misprices it. That’s the dynamic I don’t expect speculators to fully understand. That’s the dynamic that can take this company to a trillion. Mission Strategy. $BTC $MSTR $STRC
2:33

$MSTR Saylor’s response to the Bitcoin monetization framework: “I don’t think there’s a conflict between doing the right thing for Bitcoin, doing the right thing for the equity, doing the right thing for the credit. I think those are all in a dynamic harmony with each other.” Strategy has spent years building its 847,363 BTC balance sheet. That stack exists to create optionality. When the company’s securities become materially mispriced, Bitcoin itself becomes another capital allocation tool. $STRC shareholders don’t measure success by how many Bitcoin the company buys next week. They measure management’s ability to protect the structure, maintain confidence, and continue servicing the product over the long term. $MSTR shareholders understand something equally important. The faster Strategy can rely on $STRC as its primary capital engine, the less dependent it becomes on common equity issuance, making future Bitcoin accumulation increasingly accretive over time. These aren’t competing objectives. Protecting Digital Credit protects access to capital. Access to capital grows the Bitcoin treasury. And a larger Bitcoin treasury gives management even greater flexibility to defend the structure whenever the market misprices it. That’s the dynamic I don’t expect speculators to fully understand. That’s the dynamic that can take this company to a trillion. Mission Strategy. $BTC $MSTR $STRC

Zaid 🟧

13,766 Aufrufe • vor 3 Monaten