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"It's just complete balance sheet mismanagement" Jeff Dorman on why Strategy is being forced to sell Bitcoin "The market was worried they weren't gonna be able to satisfy the dividend. So they raised about $2 billion and said now you don't have to worry for a year and a...

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Laura Shin

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228,349 görüntüleme • 4 ay önce •via X (Twitter)

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"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

282,543 görüntüleme • 3 ay önce

Should Strategy proactively sell Bitcoin now to protect shareholders later? Kaleo makes the case for selling, and gets pushback Kaleo: "Issuing MSTR is good here. If they were able to just unload a few billion dollars worth of Bitcoin and say the price didn't move way too much, we are being proactive. If they were able to sell that $1.25 billion of Bitcoin, that's bullish" "You're advocating for destroying shareholder value now to protect shareholder value in the future. Why would we be worried about Strategy being a forced seller if we're not worried about voluntarily selling now? That point I just don't get" Kaleo: "Where else is that 10 to 12 billion dollars coming from? They right now have talked about they are willing to sell the Bitcoin. If they sell some at a higher price, it eases a lot more of the concerns than if we get to 30k and we're in the same situation and they haven't sold any" "I can't get anyone to give me an answer on how much Bitcoin he can sell and why. You have no idea what would happen if he did that. What if he does it and Bitcoin goes to 30 and people are like we're done, he's out? You've destroyed more shareholder value than if Bitcoin just goes to 30, stays there 18 months, and he's forced to sell a couple billion. The most likely scenario is at some point in the next 12 months Bitcoin goes up enough that this isn't a problem"
3:52

Should Strategy proactively sell Bitcoin now to protect shareholders later? Kaleo makes the case for selling, and gets pushback Kaleo: "Issuing MSTR is good here. If they were able to just unload a few billion dollars worth of Bitcoin and say the price didn't move way too much, we are being proactive. If they were able to sell that $1.25 billion of Bitcoin, that's bullish" "You're advocating for destroying shareholder value now to protect shareholder value in the future. Why would we be worried about Strategy being a forced seller if we're not worried about voluntarily selling now? That point I just don't get" Kaleo: "Where else is that 10 to 12 billion dollars coming from? They right now have talked about they are willing to sell the Bitcoin. If they sell some at a higher price, it eases a lot more of the concerns than if we get to 30k and we're in the same situation and they haven't sold any" "I can't get anyone to give me an answer on how much Bitcoin he can sell and why. You have no idea what would happen if he did that. What if he does it and Bitcoin goes to 30 and people are like we're done, he's out? You've destroyed more shareholder value than if Bitcoin just goes to 30, stays there 18 months, and he's forced to sell a couple billion. The most likely scenario is at some point in the next 12 months Bitcoin goes up enough that this isn't a problem"

The Wolf Of All Streets

46,399 görüntüleme • 3 ay önce

Threadguy explains why the market won't let Bitcoin recover while Saylor's still in "If you put a gun to your head and asked what makes a real emphatic bottom for Bitcoin, it's Strategy deleveraging, forced selling of the Bitcoin, and Michael Saylor on trial for financial crimes. That's a bottom right there." "Strategy has $1.7 billion promised annually to the end of time. Out of 5,000 public companies in America, maybe 100 make $1.7 billion in profit a year, and Strategy owes that forever. They're only worth their balance sheet in Bitcoin and they can't sell the Bitcoin. The whole bit is earnings per share, but the only way they earn is by selling more Strategy, and that only works if Bitcoin goes up, which it can't while Saylor's still in. So the market is just saying say uncle."
2:17

Threadguy explains why the market won't let Bitcoin recover while Saylor's still in "If you put a gun to your head and asked what makes a real emphatic bottom for Bitcoin, it's Strategy deleveraging, forced selling of the Bitcoin, and Michael Saylor on trial for financial crimes. That's a bottom right there." "Strategy has $1.7 billion promised annually to the end of time. Out of 5,000 public companies in America, maybe 100 make $1.7 billion in profit a year, and Strategy owes that forever. They're only worth their balance sheet in Bitcoin and they can't sell the Bitcoin. The whole bit is earnings per share, but the only way they earn is by selling more Strategy, and that only works if Bitcoin goes up, which it can't while Saylor's still in. So the market is just saying say uncle."

Kai

52,699 görüntüleme • 3 ay önce

"I do not believe I need a cash reserve. But our debt holders and Stretch holders feel it's less risky to have one. If Bitcoin crashed 90%, we'd have two and a half years" Strategy CEO Phong Le on why the company plans on keeping the cash reserve "Mathematically I do not believe I need a cash reserve. But from a risk perspective, to satisfy our four stakeholders, common, preferred, Bitcoin and debt holders, especially debt holders and Stretch holders, they feel it's less risky to have a cash reserve. If Bitcoin were to crash 90%, we would have two and a half years" "We took the 2.25 billion down to north of 700 million. Why did we do it? Because at that point in time, that was the best way to buy back our convertibles of one and a half billion dollars. We've also said we're going to bring it right back up, and we've done it $100 million at a time" "We bought $100 million in Bitcoin last week right after we sold $2.5 million. Nobody talks about the purchase of $100 million. They talk about the sale of $2.5 million. We'll bring the cash reserve back up and refresh it over time"
1:36

"I do not believe I need a cash reserve. But our debt holders and Stretch holders feel it's less risky to have one. If Bitcoin crashed 90%, we'd have two and a half years" Strategy CEO Phong Le on why the company plans on keeping the cash reserve "Mathematically I do not believe I need a cash reserve. But from a risk perspective, to satisfy our four stakeholders, common, preferred, Bitcoin and debt holders, especially debt holders and Stretch holders, they feel it's less risky to have a cash reserve. If Bitcoin were to crash 90%, we would have two and a half years" "We took the 2.25 billion down to north of 700 million. Why did we do it? Because at that point in time, that was the best way to buy back our convertibles of one and a half billion dollars. We've also said we're going to bring it right back up, and we've done it $100 million at a time" "We bought $100 million in Bitcoin last week right after we sold $2.5 million. Nobody talks about the purchase of $100 million. They talk about the sale of $2.5 million. We'll bring the cash reserve back up and refresh it over time"

The Wolf Of All Streets

55,916 görüntüleme • 3 ay önce

GAMESTOP $GME CEO RYAN COHEN JUST WENT ON CNBC TO ANNOUNCE A $56 BILLION OFFER FOR EBAY $EBAY AND COULD NOT EXPLAIN HOW HE WOULD FUND IT The exchange with CNBC anchors Andrew Ross Sorkin and Melissa Lee: Sorkin: "The market cap of GameStop is, call it $11 billion. You have $9 billion on your balance sheet. You have this letter from TD, that's another $20 billion. We're now at $40 billion, but we're still off by call it $16 billion." Cohen: "Half cash, half stock." Sorkin: "I hear you, I'm just saying that math doesn't get you to the price that you're offering. Where is the rest of the money coming from?" Cohen: "I don't understand your question. We're offering half cash, half stock and we have the ability to issue stock in order to get the deal done." The structure of the offer: • Total deal value: $56 billion • 50% cash, 50% stock • Confirmed financing: ~$40 billion ($11B GameStop market cap + $9B GameStop balance sheet cash + $20B TD "highly confident" letter, which is not locked financing) • Funding gap: ~$16 billion, to be covered by issuing additional GameStop stock Cohen's vision for the combined entity: "There's an opportunity to build a much larger business, to make the business much more efficient, and to accelerate revenue growth. eBay is a very strong business, but it could be in a much stronger position. It could be a much larger business than what it currently is."
6:18

GAMESTOP $GME CEO RYAN COHEN JUST WENT ON CNBC TO ANNOUNCE A $56 BILLION OFFER FOR EBAY $EBAY AND COULD NOT EXPLAIN HOW HE WOULD FUND IT The exchange with CNBC anchors Andrew Ross Sorkin and Melissa Lee: Sorkin: "The market cap of GameStop is, call it $11 billion. You have $9 billion on your balance sheet. You have this letter from TD, that's another $20 billion. We're now at $40 billion, but we're still off by call it $16 billion." Cohen: "Half cash, half stock." Sorkin: "I hear you, I'm just saying that math doesn't get you to the price that you're offering. Where is the rest of the money coming from?" Cohen: "I don't understand your question. We're offering half cash, half stock and we have the ability to issue stock in order to get the deal done." The structure of the offer: • Total deal value: $56 billion • 50% cash, 50% stock • Confirmed financing: ~$40 billion ($11B GameStop market cap + $9B GameStop balance sheet cash + $20B TD "highly confident" letter, which is not locked financing) • Funding gap: ~$16 billion, to be covered by issuing additional GameStop stock Cohen's vision for the combined entity: "There's an opportunity to build a much larger business, to make the business much more efficient, and to accelerate revenue growth. eBay is a very strong business, but it could be in a much stronger position. It could be a much larger business than what it currently is."

WOLF

42,203 görüntüleme • 5 ay önce

Vinny Lingham on exactly how the MSTR empire could crash step by step "The moment MSTR trades at a discount he cannot raise more cash. He is locked out. He cannot sell MSTR. He cannot sell STRC. Then he starts running out of cash. Call it nine months, eight months, seven months" "The market prices this in well in advance. The biggest buyer of Bitcoin is being removed. People selling Bitcoin are going to push the price down" "There is a void that forms in the market. The person who has been providing liquidity for years is no longer providing it. The price of Bitcoin goes into a deeper bear market. And then he has to sell Bitcoin to pay the interest on the preferreds"
1:32

Vinny Lingham on exactly how the MSTR empire could crash step by step "The moment MSTR trades at a discount he cannot raise more cash. He is locked out. He cannot sell MSTR. He cannot sell STRC. Then he starts running out of cash. Call it nine months, eight months, seven months" "The market prices this in well in advance. The biggest buyer of Bitcoin is being removed. People selling Bitcoin are going to push the price down" "There is a void that forms in the market. The person who has been providing liquidity for years is no longer providing it. The price of Bitcoin goes into a deeper bear market. And then he has to sell Bitcoin to pay the interest on the preferreds"

Laura Shin

98,694 görüntüleme • 3 ay önce

🚨 BITCOIN IS BEING MANIPULATED, AND I HAVE PROOF MICHAEL SAYLOR BEGINS SELLING $BTC Man who said "you do not sell your Bitcoin" is now selling Bitcoin Market reacts with immediate panic selling: $BTC < $62K Let that sink in Strategy holds 843,738 BTC - purchased for $63.87 billion at an average price of $75,700 per coin That's the largest corporate Bitcoin position in history And for years, Saylor repeated same thing over and over: Never sell. Never waver. Never flinch Then on an earnings call in May 2026, he said this: "We will probably sell some Bitcoin to fund a dividend - just to inoculate market" That single sentence broke a 5-year religion Here's what changed Strategy now carries $1.5B in annual preferred-stock dividend obligations Those dividends have to be paid in cash Bitcoin doesn't pay dividends So Saylor faces a choice: dilute shareholders with new equity, take on more debt or sell some BTC He chose door number three And there's more Company is sitting on $2.2 billion in unrealized tax benefits tied to high-cost-basis Bitcoin Selective sales could harvest those benefits - legally reducing their tax bill while offloading coins at the same time This isn't panic. This is optimization But here's what the market isn't pricing in Strategy owns approximately 4% of all Bitcoin that will ever exist If they become a consistent seller - even of small amounts - bid structure for BTC changes permanently Every fund, every ETF, every HODLer built their thesis on one assumption: Saylor is a buyer. Always That assumption just died The only time Strategy sold Bitcoin before this was December 2022 - 704 BTC for $11.8 million, purely for a tax loss This time the motivation is structural. Recurring. Tied to obligations that don't go away Watch the Coinbase Prime wallet Watch the 8-K filings The first real sale won't be announced - it'll be discovered I've been tracking institutional Bitcoin flows for years When the signal turns, I post it here first Turn on notifications. You'll want to be early on this one
0:35

🚨 BITCOIN IS BEING MANIPULATED, AND I HAVE PROOF MICHAEL SAYLOR BEGINS SELLING $BTC Man who said "you do not sell your Bitcoin" is now selling Bitcoin Market reacts with immediate panic selling: $BTC < $62K Let that sink in Strategy holds 843,738 BTC - purchased for $63.87 billion at an average price of $75,700 per coin That's the largest corporate Bitcoin position in history And for years, Saylor repeated same thing over and over: Never sell. Never waver. Never flinch Then on an earnings call in May 2026, he said this: "We will probably sell some Bitcoin to fund a dividend - just to inoculate market" That single sentence broke a 5-year religion Here's what changed Strategy now carries $1.5B in annual preferred-stock dividend obligations Those dividends have to be paid in cash Bitcoin doesn't pay dividends So Saylor faces a choice: dilute shareholders with new equity, take on more debt or sell some BTC He chose door number three And there's more Company is sitting on $2.2 billion in unrealized tax benefits tied to high-cost-basis Bitcoin Selective sales could harvest those benefits - legally reducing their tax bill while offloading coins at the same time This isn't panic. This is optimization But here's what the market isn't pricing in Strategy owns approximately 4% of all Bitcoin that will ever exist If they become a consistent seller - even of small amounts - bid structure for BTC changes permanently Every fund, every ETF, every HODLer built their thesis on one assumption: Saylor is a buyer. Always That assumption just died The only time Strategy sold Bitcoin before this was December 2022 - 704 BTC for $11.8 million, purely for a tax loss This time the motivation is structural. Recurring. Tied to obligations that don't go away Watch the Coinbase Prime wallet Watch the 8-K filings The first real sale won't be announced - it'll be discovered I've been tracking institutional Bitcoin flows for years When the signal turns, I post it here first Turn on notifications. You'll want to be early on this one

Simba

65,952 görüntüleme • 4 ay önce

JUST IN: BILLIONAIRE MIKE NOVOGRATZ JUST SAID THE FUD AGAINST MICHAEL SAYLOR IS TOTALLY AND COMPLETELY FALSE STRATEGY IS NOT GOING TO BE A "FORCED SELLER OF #BITCOIN OR $MSTR ANYTIME SOON" SAYLOR AND STRATEGY HAVE "PLENTY OF CASH TO PAY HIS DIVIDENDS" FOR YEARS "THE MARKET DOESN'T UNDERSTAND THAT HE CAN JUST SIT AND DO NOTHING AND BE FINE" DON'T BELIEVE THE FUD. HODL 🚀
0:41

JUST IN: BILLIONAIRE MIKE NOVOGRATZ JUST SAID THE FUD AGAINST MICHAEL SAYLOR IS TOTALLY AND COMPLETELY FALSE STRATEGY IS NOT GOING TO BE A "FORCED SELLER OF #BITCOIN OR $MSTR ANYTIME SOON" SAYLOR AND STRATEGY HAVE "PLENTY OF CASH TO PAY HIS DIVIDENDS" FOR YEARS "THE MARKET DOESN'T UNDERSTAND THAT HE CAN JUST SIT AND DO NOTHING AND BE FINE" DON'T BELIEVE THE FUD. HODL 🚀

The Bitcoin Historian

123,951 görüntüleme • 3 ay önce

"Hyperliquid is what Ethereum wanted to be" Santi on why the flows should come out of Ethereum, not Bitcoin "When you have the opportunity to buy HYPE at what, an 8 billion market cap, it's not real for you because of how much the founders hold. So it's an 8 billion dollar protocol. Pump is a three or four billion dollar protocol, not even. Ethereum is like 300." "So I don't necessarily need to believe that flows come in from Bitcoin. Help me rationalize why there's a 300 billion. Flows can come from Ethereum into Hyperliquid." "Ethereum was cranking out like $40 million of revenue a day during the NFT and DeFi summer days. That's like $18 billion of annualized run rate revenue, if you will. Of course you should never run rate, and that's the reckoning that probably Jason talks about." "But now Ethereum is going to make less money this year than Hyperliquid and Pump, and it's like 50 to 100 times larger."
1:02

"Hyperliquid is what Ethereum wanted to be" Santi on why the flows should come out of Ethereum, not Bitcoin "When you have the opportunity to buy HYPE at what, an 8 billion market cap, it's not real for you because of how much the founders hold. So it's an 8 billion dollar protocol. Pump is a three or four billion dollar protocol, not even. Ethereum is like 300." "So I don't necessarily need to believe that flows come in from Bitcoin. Help me rationalize why there's a 300 billion. Flows can come from Ethereum into Hyperliquid." "Ethereum was cranking out like $40 million of revenue a day during the NFT and DeFi summer days. That's like $18 billion of annualized run rate revenue, if you will. Of course you should never run rate, and that's the reckoning that probably Jason talks about." "But now Ethereum is going to make less money this year than Hyperliquid and Pump, and it's like 50 to 100 times larger."

The Wolf Of All Streets

89,717 görüntüleme • 1 ay önce

Thoughts on $CPRT valuation and buybacks "Right now, it's at one of its cheapest valuations it's been at in decades. So, they have some four-ish billions of dollars of cash on the balance sheet, so you back that out and the interest expense associated with that, and it's trading around 16 to 17 times earnings. So one of the cheapest valuations they've had. They've also been extremely selective when they've bought back stock. So they do not regularly buy back stock, but when they do, they make it meaningful, and they're very selective on the valuation, and last quarter was the first time they really bought back a meaningful slug of stock. They bought back $1.4 billion. As I mentioned, they still have another four-ish billions of dollars in cash on their balance sheet, so I would expect them to extinguish a good amount of that cash. Even if they do have to invest more in operations and all that, they should still have plenty of ability to do both. And so that's pretty interesting in terms of a signal because, again, this is not a company that regularly buys back stock. In fact, the last time they really were buyers of their stock was in 2019, but they haven't bought back a big amount of stock since 2011. So it's been that long since they've really taken a good slug of their common shares and retired that. So, that to me is a signal, and take that for what it's worth."
1:58

Thoughts on $CPRT valuation and buybacks "Right now, it's at one of its cheapest valuations it's been at in decades. So, they have some four-ish billions of dollars of cash on the balance sheet, so you back that out and the interest expense associated with that, and it's trading around 16 to 17 times earnings. So one of the cheapest valuations they've had. They've also been extremely selective when they've bought back stock. So they do not regularly buy back stock, but when they do, they make it meaningful, and they're very selective on the valuation, and last quarter was the first time they really bought back a meaningful slug of stock. They bought back $1.4 billion. As I mentioned, they still have another four-ish billions of dollars in cash on their balance sheet, so I would expect them to extinguish a good amount of that cash. Even if they do have to invest more in operations and all that, they should still have plenty of ability to do both. And so that's pretty interesting in terms of a signal because, again, this is not a company that regularly buys back stock. In fact, the last time they really were buyers of their stock was in 2019, but they haven't bought back a big amount of stock since 2011. So it's been that long since they've really taken a good slug of their common shares and retired that. So, that to me is a signal, and take that for what it's worth."

Drew Cohen

18,272 görüntüleme • 2 ay önce

Saylor just proved to the SEC and S&P that the Bitcoin actually backs the products "He sold $216,000,000 worth of Bitcoin and covered a quarter of dividends for all the preferreds plus an extra month for some of them" "He can sell less than half a percent of his stack at any given time and cover every single obligation he has for three to four months" "The SEC wants to see that. And the S&P wants to see that the Bitcoin is actually backing these products"
0:44

Saylor just proved to the SEC and S&P that the Bitcoin actually backs the products "He sold $216,000,000 worth of Bitcoin and covered a quarter of dividends for all the preferreds plus an extra month for some of them" "He can sell less than half a percent of his stack at any given time and cover every single obligation he has for three to four months" "The SEC wants to see that. And the S&P wants to see that the Bitcoin is actually backing these products"

The Wolf Of All Streets

145,745 görüntüleme • 3 ay önce

🚨 BREAKING: MICHAEL SAYLOR BEGINS SELLING $BTC Man who said "you do not sell your Bitcoin" is now selling Bitcoin Market reacts with immediate panic selling: $BTC < $72K Let that sink in Strategy holds 843,738 BTC - purchased for $63.87 billion at an average price of $75,700 per coin That's the largest corporate Bitcoin position in history And for years, Saylor repeated same thing over and over: Never sell. Never waver. Never flinch Then on an earnings call in May 2026, he said this: "We will probably sell some Bitcoin to fund a dividend - just to inoculate market" That single sentence broke a 5-year religion Here's what changed Strategy now carries $1.5B in annual preferred-stock dividend obligations Those dividends have to be paid in cash Bitcoin doesn't pay dividends So Saylor faces a choice: dilute shareholders with new equity, take on more debt or sell some BTC He chose door number three And there's more Company is sitting on $2.2 billion in unrealized tax benefits tied to high-cost-basis Bitcoin Selective sales could harvest those benefits - legally reducing their tax bill while offloading coins at the same time This isn't panic. This is optimization But here's what the market isn't pricing in Strategy owns approximately 4% of all Bitcoin that will ever exist If they become a consistent seller - even of small amounts - bid structure for BTC changes permanently Every fund, every ETF, every HODLer built their thesis on one assumption: Saylor is a buyer. Always That assumption just died The only time Strategy sold Bitcoin before this was December 2022 - 704 BTC for $11.8 million, purely for a tax loss This time the motivation is structural. Recurring. Tied to obligations that don't go away Watch the Coinbase Prime wallet Watch the 8-K filings The first real sale won't be announced - it'll be discovered I've been tracking institutional Bitcoin flows for years When the signal turns, I post it here first Turn on notifications. You'll want to be early on this one
0:30

🚨 BREAKING: MICHAEL SAYLOR BEGINS SELLING $BTC Man who said "you do not sell your Bitcoin" is now selling Bitcoin Market reacts with immediate panic selling: $BTC < $72K Let that sink in Strategy holds 843,738 BTC - purchased for $63.87 billion at an average price of $75,700 per coin That's the largest corporate Bitcoin position in history And for years, Saylor repeated same thing over and over: Never sell. Never waver. Never flinch Then on an earnings call in May 2026, he said this: "We will probably sell some Bitcoin to fund a dividend - just to inoculate market" That single sentence broke a 5-year religion Here's what changed Strategy now carries $1.5B in annual preferred-stock dividend obligations Those dividends have to be paid in cash Bitcoin doesn't pay dividends So Saylor faces a choice: dilute shareholders with new equity, take on more debt or sell some BTC He chose door number three And there's more Company is sitting on $2.2 billion in unrealized tax benefits tied to high-cost-basis Bitcoin Selective sales could harvest those benefits - legally reducing their tax bill while offloading coins at the same time This isn't panic. This is optimization But here's what the market isn't pricing in Strategy owns approximately 4% of all Bitcoin that will ever exist If they become a consistent seller - even of small amounts - bid structure for BTC changes permanently Every fund, every ETF, every HODLer built their thesis on one assumption: Saylor is a buyer. Always That assumption just died The only time Strategy sold Bitcoin before this was December 2022 - 704 BTC for $11.8 million, purely for a tax loss This time the motivation is structural. Recurring. Tied to obligations that don't go away Watch the Coinbase Prime wallet Watch the 8-K filings The first real sale won't be announced - it'll be discovered I've been tracking institutional Bitcoin flows for years When the signal turns, I post it here first Turn on notifications. You'll want to be early on this one

Aralez 🐕

320,926 görüntüleme • 4 ay önce

"The most realistic scenario of us being a forced seller of Bitcoin is in 2028 when $3.5 billion of prefers come due. And even then, we have other options" Strategy CEO Phong Le on what it would actually take for the company to be a forced seller of Bitcoin "We have about $3.5 billion of converts that come due in 2028 with a high strike price, over $400. If at that point Bitcoin has lost a significant amount of its value and our share price is depressed, we would sell the Bitcoin to satisfy the converts" "That's an edge case, because we could also just refinance those converts. We could equitize it. We're talking 2028, two years out" "I don't see any scenario until then that we become a forced seller of Bitcoin. And even then, we have other opportunities and options"
1:06

"The most realistic scenario of us being a forced seller of Bitcoin is in 2028 when $3.5 billion of prefers come due. And even then, we have other options" Strategy CEO Phong Le on what it would actually take for the company to be a forced seller of Bitcoin "We have about $3.5 billion of converts that come due in 2028 with a high strike price, over $400. If at that point Bitcoin has lost a significant amount of its value and our share price is depressed, we would sell the Bitcoin to satisfy the converts" "That's an edge case, because we could also just refinance those converts. We could equitize it. We're talking 2028, two years out" "I don't see any scenario until then that we become a forced seller of Bitcoin. And even then, we have other opportunities and options"

The Wolf Of All Streets

50,719 görüntüleme • 3 ay önce

"There's a very major difference between no choices and no great choices. Right now in the very short term, he doesn't have great choices. But he has plenty of options" "Where people are conflating this on social media is there are people who think it's in a death spiral and it's over" "He has to slightly dilute MicroStrategy shareholders to add back to the cash reserve and buy more Bitcoin. I can see an argument for saying stop buying Bitcoin for a while, bro. That could be rational. I can see an argument that they should have not paid off the convertible note for $1.3 billion because that sparked all of this" "But they're adding back to that cash reserve every single week. I can see all the negative arguments, but he has plenty of options that are slightly dilutive in the short term to shore up the balance sheet"
1:01

"There's a very major difference between no choices and no great choices. Right now in the very short term, he doesn't have great choices. But he has plenty of options" "Where people are conflating this on social media is there are people who think it's in a death spiral and it's over" "He has to slightly dilute MicroStrategy shareholders to add back to the cash reserve and buy more Bitcoin. I can see an argument for saying stop buying Bitcoin for a while, bro. That could be rational. I can see an argument that they should have not paid off the convertible note for $1.3 billion because that sparked all of this" "But they're adding back to that cash reserve every single week. I can see all the negative arguments, but he has plenty of options that are slightly dilutive in the short term to shore up the balance sheet"

The Wolf Of All Streets

31,712 görüntüleme • 3 ay önce

Strategy can never sell its Bitcoin, so the $55 billion is worth nothing, so the dividends fail, so the credit is zero, so the equity is zero. Michael Saylor walked through that argument on Diary of a CEO and then took it apart. His math on the show: Bitcoin trades about $20 billion a day, and meeting all of Strategy's obligations would be 0.01% of that market. Then Strategy sold some anyway. "We sold some Bitcoin a few weeks ago because there was a narrative that we could never sell." "No one believed us. If you want people to believe that you can do a thing, you have to do the thing." His close: "We're commercializing the market in digital credit." $MSTR bitcoin:native
2:08

Strategy can never sell its Bitcoin, so the $55 billion is worth nothing, so the dividends fail, so the credit is zero, so the equity is zero. Michael Saylor walked through that argument on Diary of a CEO and then took it apart. His math on the show: Bitcoin trades about $20 billion a day, and meeting all of Strategy's obligations would be 0.01% of that market. Then Strategy sold some anyway. "We sold some Bitcoin a few weeks ago because there was a narrative that we could never sell." "No one believed us. If you want people to believe that you can do a thing, you have to do the thing." His close: "We're commercializing the market in digital credit." $MSTR bitcoin:native

True North

37,014 görüntüleme • 2 ay önce

Strategy CEO Phong Le lays down the three reasons behind the Bitcoin sale "We did it to inoculate the market. To test our processes. And to give ourselves the opportunity for future tax loss harvesting. It is really that simple" "We did not sell it because we needed to meet our cash dividend obligations. If we did we would have sold a lot more than $2.5 million" "We have $52 billion worth of Bitcoin on our balance sheet. At some point we have to put it to work. Selling less than 1% of 1% was a reasonable place to start"
1:46

Strategy CEO Phong Le lays down the three reasons behind the Bitcoin sale "We did it to inoculate the market. To test our processes. And to give ourselves the opportunity for future tax loss harvesting. It is really that simple" "We did not sell it because we needed to meet our cash dividend obligations. If we did we would have sold a lot more than $2.5 million" "We have $52 billion worth of Bitcoin on our balance sheet. At some point we have to put it to work. Selling less than 1% of 1% was a reasonable place to start"

The Wolf Of All Streets

35,066 görüntüleme • 3 ay önce

Warren Buffett just warned that the US dollar could collapse and admitted he doesn't understand most of the stock market anymore. 95 years old, sitting on $380 billion in cash, and the first time watching from the sidelines instead of actively investing. And what he revealed at this weekend's Berkshire shareholder meeting is genuinely concerning: On the market, Buffett didn't hold back. He compared it to "a church with a casino attached" and said the casino has never been more packed. On one-day options: "That is not investing. It's not speculating. It's gambling. Totally." He pointed to the Avis short squeeze THIS WEEK. A rental car company that's been around for 50 years getting meme-squeezed in 2026. The same behavior that blew up retail traders with GameStop is back, except now it's hitting boring legacy companies with zero business being volatile. "We have lots more regulation now, but people spend their time figuring out how to get around the rules rather than follow the rules." That one sentence explains more about the current market than every CNBC segment combined. When asked why he's hoarding $380 billion instead of investing it, Buffett said something no one expected: "I understand fewer of the businesses as a percentage of the whole than I did 10 years ago. I have not learned new industries for some years. I'm not going to have an edge on a whole bunch of younger people that have actually grown up with it." Think about what he's actually saying... This is a man who made $140 billion by understanding businesses better than anyone alive. And he's telling you the current market is so detached from reality that even HE can't make sense of what's being valued and why. He quoted IBM's Tom Watson Sr.: "I'm smart in spots and I stay around those spots." In 60 years of managing money, he said MAYBE five were "really juicy." Five out of sixty. That means 92% of his career was spent WAITING while everyone else gambled. And he still ended up richer than all of them. Then the conversation turned to inflation and that's where it gets really interesting: Buffett said America is "not immune" from runaway inflation. He brought up countries that went bankrupt "six or seven times" in his lifetime. Compared today to right before Volcker had to rescue the dollar, when Americans were borrowing at 12% to buy farmland earning 6% because they believed the dollar would disappear. "Cash is trash" was the mentality. Nebraska farmers collapsed because of it. Entire communities wiped out not by a recession but by a BELIEF that the currency was dying. And Buffett sees that same energy building again. Then someone asked the question everyone wanted answered: Do you see a crash coming? "If you saw it coming, it wouldn't happen. The things people are talking about and thinking about? It's not going to happen. But there are things that can come out of the blue." He compared it to the assassination of Archduke Franz Ferdinand in 1914 that triggered World War I. Nobody was discussing or anticipating it. But it changed the world overnight. "That's particularly true now because of the things that can come out of the sky." A 95yo man who has survived every crash, every war, every crisis of the last six decades just told you the market is a casino, the dollar isn't safe, and the real collapse will be something nobody sees coming. $380 billion in cash is his answer because he believes things are about to get much worse.
1:04

Warren Buffett just warned that the US dollar could collapse and admitted he doesn't understand most of the stock market anymore. 95 years old, sitting on $380 billion in cash, and the first time watching from the sidelines instead of actively investing. And what he revealed at this weekend's Berkshire shareholder meeting is genuinely concerning: On the market, Buffett didn't hold back. He compared it to "a church with a casino attached" and said the casino has never been more packed. On one-day options: "That is not investing. It's not speculating. It's gambling. Totally." He pointed to the Avis short squeeze THIS WEEK. A rental car company that's been around for 50 years getting meme-squeezed in 2026. The same behavior that blew up retail traders with GameStop is back, except now it's hitting boring legacy companies with zero business being volatile. "We have lots more regulation now, but people spend their time figuring out how to get around the rules rather than follow the rules." That one sentence explains more about the current market than every CNBC segment combined. When asked why he's hoarding $380 billion instead of investing it, Buffett said something no one expected: "I understand fewer of the businesses as a percentage of the whole than I did 10 years ago. I have not learned new industries for some years. I'm not going to have an edge on a whole bunch of younger people that have actually grown up with it." Think about what he's actually saying... This is a man who made $140 billion by understanding businesses better than anyone alive. And he's telling you the current market is so detached from reality that even HE can't make sense of what's being valued and why. He quoted IBM's Tom Watson Sr.: "I'm smart in spots and I stay around those spots." In 60 years of managing money, he said MAYBE five were "really juicy." Five out of sixty. That means 92% of his career was spent WAITING while everyone else gambled. And he still ended up richer than all of them. Then the conversation turned to inflation and that's where it gets really interesting: Buffett said America is "not immune" from runaway inflation. He brought up countries that went bankrupt "six or seven times" in his lifetime. Compared today to right before Volcker had to rescue the dollar, when Americans were borrowing at 12% to buy farmland earning 6% because they believed the dollar would disappear. "Cash is trash" was the mentality. Nebraska farmers collapsed because of it. Entire communities wiped out not by a recession but by a BELIEF that the currency was dying. And Buffett sees that same energy building again. Then someone asked the question everyone wanted answered: Do you see a crash coming? "If you saw it coming, it wouldn't happen. The things people are talking about and thinking about? It's not going to happen. But there are things that can come out of the blue." He compared it to the assassination of Archduke Franz Ferdinand in 1914 that triggered World War I. Nobody was discussing or anticipating it. But it changed the world overnight. "That's particularly true now because of the things that can come out of the sky." A 95yo man who has survived every crash, every war, every crisis of the last six decades just told you the market is a casino, the dollar isn't safe, and the real collapse will be something nobody sees coming. $380 billion in cash is his answer because he believes things are about to get much worse.

Ricardo

1,646,932 görüntüleme • 5 ay önce

"I don't see any scenario where you'd really want to own MSTR stock right now, given how dire the options are" Jeff Dorman ranks the Strategy capital structure from safest to riskiest "In a worst case where MicroStrategy defaults, you'd want to own the debt first. If you have $56 billion of Bitcoin backing $7 billion of debt, you're fully covered. Those would rise to par immediately if you thought default was imminent. That's the safest place" "The next safest is the preferred. There's only $15 billion of preferreds on top of $7 billion of debt, backed by $57 billion of Bitcoin. In a default you'll get your money back. But people buy them for the dividend, and if you cut it they fall 30 or 40 percent" "If you think default is four years out instead of one year and you can get 12 percent per year while you wait, that might be worth it. But the MSTR stock is the hardest one. I don't see any scenario where you'd want to own it right now"
3:24

"I don't see any scenario where you'd really want to own MSTR stock right now, given how dire the options are" Jeff Dorman ranks the Strategy capital structure from safest to riskiest "In a worst case where MicroStrategy defaults, you'd want to own the debt first. If you have $56 billion of Bitcoin backing $7 billion of debt, you're fully covered. Those would rise to par immediately if you thought default was imminent. That's the safest place" "The next safest is the preferred. There's only $15 billion of preferreds on top of $7 billion of debt, backed by $57 billion of Bitcoin. In a default you'll get your money back. But people buy them for the dividend, and if you cut it they fall 30 or 40 percent" "If you think default is four years out instead of one year and you can get 12 percent per year while you wait, that might be worth it. But the MSTR stock is the hardest one. I don't see any scenario where you'd want to own it right now"

Laura Shin

56,607 görüntüleme • 4 ay önce

Michael Saylor spent 2025 telling people to sell a kidney before selling Bitcoin. Then he literally dumped $323 million of it since May. He just went on Diary of a CEO and exposed himself as a hypocrite in his own words: His company holds 842,138 Bitcoin. That is roughly 4% of every coin that will ever exist, which makes it the largest corporate holder on Earth. In February 2025 he posted "Sell a kidney if you must, but keep the Bitcoin." Weeks earlier he had written that selling weakens the network. But here is what his own filings show since May: - 32 Bitcoin sold between May 26 and May 31 for $2.5 million - 3,588 Bitcoin sold between June 29 and July 5 for $216 million, the largest disposal in company history - 1,638 Bitcoin sold between July 27 and August 2 for $104.73 million That last batch went out at an average of $63,957 a coin. His average purchase price is around $75,400. He sold at a LOSS. New Bitcoin purchases are currently paused. So why is the loudest Bitcoin bull alive selling coins for less than he paid? The answer is a bill he built himself, and he walked through the whole thing on that podcast without once connecting it to the selling. He went to ChatGPT and asked it to design a security nobody had ever built, a preferred stock where he could change the dividend rate every month. He says the lawyers and bankers told him it had never been done before. He brought it to market as a $2.5 billion IPO, then sold another $8 billion off a shelf registration. His own framing of that: Selling $15 billion of credit "kind of equates to the company making about $15 billion." Selling credit is borrowing. Every dollar came attached to a dividend he now has to pay in cash, forever, whether Bitcoin goes up or not. Strategy owes over $1.7 billion a year across five preferred instruments and its debt. The software business does not come close to covering that. So the Bitcoin covers it. The break-even is 3.2%. So if Bitcoin appreciates 3.2% a year, they can pay those dividends indefinitely by selling Bitcoin to do it. He called the sale a one-time demonstration to break a short seller narrative and said selling is not the primary strategy. His own CEO Phong Le told the Q2 earnings call that Strategy will sell whenever management finds it advantageous, and that investors should expect more going forward. Now look at who ends up holding the bag: That preferred stock is majority owned by retail investors, and it dropped to $89 against a $100 par value in June. Retail Bitcoin holders get told to hold through anything while retail preferred holders get paid a yield funded by selling that same Bitcoin at a loss. He opened that same episode explaining that Bitcoin lets you own something nobody more powerful can take away from you. In 2024 he paid $40 million to settle what the DC Attorney General called the LARGEST income tax fraud recovery in the city's history. The complaint said he claimed residency in Florida while his own security logs placed him in Washington for 1,397 days against 449 in Florida. He settled without admitting wrongdoing and still disputes living there. In 2000 he settled SEC accounting fraud charges after his company reported profits during years it was actually losing money. He disgorged $8.28 million and admitted nothing. Strategy lost $12.54 billion in the first quarter and another $8.22 billion in the second. And this week he sat there and told a 25 year old with a few hundred dollars to buy Bitcoin and hold it for a decade. But he is not doing that himself. His company just SOLD $105 million of it. What do you think of Saylor?
2:24

Michael Saylor spent 2025 telling people to sell a kidney before selling Bitcoin. Then he literally dumped $323 million of it since May. He just went on Diary of a CEO and exposed himself as a hypocrite in his own words: His company holds 842,138 Bitcoin. That is roughly 4% of every coin that will ever exist, which makes it the largest corporate holder on Earth. In February 2025 he posted "Sell a kidney if you must, but keep the Bitcoin." Weeks earlier he had written that selling weakens the network. But here is what his own filings show since May: - 32 Bitcoin sold between May 26 and May 31 for $2.5 million - 3,588 Bitcoin sold between June 29 and July 5 for $216 million, the largest disposal in company history - 1,638 Bitcoin sold between July 27 and August 2 for $104.73 million That last batch went out at an average of $63,957 a coin. His average purchase price is around $75,400. He sold at a LOSS. New Bitcoin purchases are currently paused. So why is the loudest Bitcoin bull alive selling coins for less than he paid? The answer is a bill he built himself, and he walked through the whole thing on that podcast without once connecting it to the selling. He went to ChatGPT and asked it to design a security nobody had ever built, a preferred stock where he could change the dividend rate every month. He says the lawyers and bankers told him it had never been done before. He brought it to market as a $2.5 billion IPO, then sold another $8 billion off a shelf registration. His own framing of that: Selling $15 billion of credit "kind of equates to the company making about $15 billion." Selling credit is borrowing. Every dollar came attached to a dividend he now has to pay in cash, forever, whether Bitcoin goes up or not. Strategy owes over $1.7 billion a year across five preferred instruments and its debt. The software business does not come close to covering that. So the Bitcoin covers it. The break-even is 3.2%. So if Bitcoin appreciates 3.2% a year, they can pay those dividends indefinitely by selling Bitcoin to do it. He called the sale a one-time demonstration to break a short seller narrative and said selling is not the primary strategy. His own CEO Phong Le told the Q2 earnings call that Strategy will sell whenever management finds it advantageous, and that investors should expect more going forward. Now look at who ends up holding the bag: That preferred stock is majority owned by retail investors, and it dropped to $89 against a $100 par value in June. Retail Bitcoin holders get told to hold through anything while retail preferred holders get paid a yield funded by selling that same Bitcoin at a loss. He opened that same episode explaining that Bitcoin lets you own something nobody more powerful can take away from you. In 2024 he paid $40 million to settle what the DC Attorney General called the LARGEST income tax fraud recovery in the city's history. The complaint said he claimed residency in Florida while his own security logs placed him in Washington for 1,397 days against 449 in Florida. He settled without admitting wrongdoing and still disputes living there. In 2000 he settled SEC accounting fraud charges after his company reported profits during years it was actually losing money. He disgorged $8.28 million and admitted nothing. Strategy lost $12.54 billion in the first quarter and another $8.22 billion in the second. And this week he sat there and told a 25 year old with a few hundred dollars to buy Bitcoin and hold it for a decade. But he is not doing that himself. His company just SOLD $105 million of it. What do you think of Saylor?

Ricardo

20,908 görüntüleme • 2 ay önce

Keir Starmer, "On Brexit, the reason I reminded everyone of what Nigel Farage said was because that was the promise he put to the country" "That we'd be stronger, we'd be richer, we'd have lots of money for the NHS, immigration will come down" "It all proved to be false" "Farage is not going back to the country now and saying it was a good thing, you've all benefited" "Farage will talk about almost anything else apart from the consequences of the one thing he delivered for the country, Brexit" "Farage doesn't want to talk about it, and there's a reason for that, it didn't help working people" "It turns out what he said wasn't true" "That's why Farage doesn't want to talk about Brexit" "But we have to talk about it now because we have to address the situation we are in" "We have to give this country a stronger economy, a stronger defence and security arrangement given the world we live in" "That's why I said what I said about being closer to Europe" "And this government being defined by bringing Europe back together and the UK at the heart of Europe"
1:10

Keir Starmer, "On Brexit, the reason I reminded everyone of what Nigel Farage said was because that was the promise he put to the country" "That we'd be stronger, we'd be richer, we'd have lots of money for the NHS, immigration will come down" "It all proved to be false" "Farage is not going back to the country now and saying it was a good thing, you've all benefited" "Farage will talk about almost anything else apart from the consequences of the one thing he delivered for the country, Brexit" "Farage doesn't want to talk about it, and there's a reason for that, it didn't help working people" "It turns out what he said wasn't true" "That's why Farage doesn't want to talk about Brexit" "But we have to talk about it now because we have to address the situation we are in" "We have to give this country a stronger economy, a stronger defence and security arrangement given the world we live in" "That's why I said what I said about being closer to Europe" "And this government being defined by bringing Europe back together and the UK at the heart of Europe"

Farrukh

151,769 görüntüleme • 4 ay önce