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JUST IN: Strive Asset Management just launched a new #Bitcoin-backed preferred-stock-focused income ETF under the ticker $DCAP. More liquidity and capital flows into $STRC and $SATA 🔥

Bitcoin Treasuries

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43,052 просмотров • 15 дней назад •via X (Twitter)

Финансы #Bitcoin

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⚠️ SOMETHING JUST BROKE IN SAYLOR'S BITCOIN MACHINE Strategy's $STRC preferred stock hit an all-time low. $82. 18% below the $100 it's built to hold. Here's why it matters. Below par, Strategy can't issue new shares to buy bitcoin. The money machine just stalled. And last month, Saylor sold bitcoin to cover the dividend. The first sale since 2022.

⚠️ SOMETHING JUST BROKE IN SAYLOR'S BITCOIN MACHINE Strategy's $STRC preferred stock hit an all-time low. $82. 18% below the $100 it's built to hold. Here's why it matters. Below par, Strategy can't issue new shares to buy bitcoin. The money machine just stalled. And last month, Saylor sold bitcoin to cover the dividend. The first sale since 2022.

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JUST IN: 🇺🇸 New York Stock Exchange Group President says "you can't argue with the success of #Bitcoin ETFs and the liquidity it has brought" 🚀

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JUST IN: Strategy's Stretch $STRC has now raised enough capital to buy 17,500 #Bitcoin in just the first 2 days of this week. And we are only 2 hours into the 2nd trading day 🔥 THINGS ARE ABOUT TO GET WILD

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31,625 просмотров • 5 месяцев назад

BREAKING: Strive $SATA just obliterated its previous record - raising enough capital to buy an estimated 2,624 #Bitcoin in a single week! That would be 16% of their reported stack - the equivalent of Strategy buying 134,180 BTC in a week. THIS IS ABSOLUTELY WILD 🔥🔥

BREAKING: Strive $SATA just obliterated its previous record - raising enough capital to buy an estimated 2,624 #Bitcoin in a single week! That would be 16% of their reported stack - the equivalent of Strategy buying 134,180 BTC in a week. THIS IS ABSOLUTELY WILD 🔥🔥

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33,766 просмотров • 4 месяцев назад

🚨 THE "NEVER SELL" BITCOIN GUY IS NOW UNDER INVESTIGATION FOR MISLEADING INVESTORS Rosen Law Firm opened a securities probe into Strategy focused on its STRC preferred shares. Sold near $100. Now in the $80s. The allegation: Investors were promised returns that didn't hold. Nothing's proven yet. But the leveraged Bitcoin machine is finally facing a courtroom.

🚨 THE "NEVER SELL" BITCOIN GUY IS NOW UNDER INVESTIGATION FOR MISLEADING INVESTORS Rosen Law Firm opened a securities probe into Strategy focused on its STRC preferred shares. Sold near $100. Now in the $80s. The allegation: Investors were promised returns that didn't hold. Nothing's proven yet. But the leveraged Bitcoin machine is finally facing a courtroom.

Merlijn The Trader

37,564 просмотров • 3 месяцев назад

🔥Strategy's STRC is the FIXED INCOME KILLER APP🔥 11% dividends on an annualized basis. PAID MONTHLY. This SMOKES every other traditional fixed income product. And the dividends are ROC, which means they are TAX-DEFERRED. These are NOT taxed as income. Every “safe yield” product in America is the same movie with different actors: You hand them dollars They hand you a coupon Inflation quietly eats the principal You clap because the number went up STRC is a different animal. STRC is what happens when fixed income stops pretending the denominator is stable. Traditional fixed income = yield paid from a system that’s structurally losing purchasing power. STRC = yield funded by a balance sheet that’s actively compounding a harder asset. So yeah, the headline yield matters (11% variable, paid monthly). But the real edge is that your “coverage” isn’t coming from hope, it’s coming from Bitcoin reserves + capital markets machinery. Compare the usual “popular” choices: T-Bills: “Congrats on matching the Fed… until the cuts.” IG corporates: “Enjoy the spread… until credit risk wakes up.” High yield: “You’re underwriting zombies for a few extra points.” Munis: “Great if you’re high bracket… still capped by fiat math.” CDs: “Locked up for a rate you’ll hate in 6 months.” Preferred ETFs: “Equity risk cosplay with bond marketing.” Money markets: “Cash that thinks it’s investing.” STRC is basically: “Here’s a real coupon, and the issuer is playing offense with the treasury instead of praying the CPI gods behave.” Fixed income has been a retirement home for capital. STRC is fixed income with teeth. Not financial advice. I’m just saying the bond market is getting dunked on by a ticker that acts like a money printer stapled to a war chest. $10,000 into STRC vs. traditional fixed income after 20 years: Strategy STRC (11%): $80,623 3-M T-Bill: $20,483 10-Yr Treasury: $22,726 IG Corporate: $25,638 High-Yield Corp: $35,236 AAA Muni: $17,372 Series I Bond: $22,038 1-Yr CD: $22,336 Preferred ETF: $34,386 Gov MMF: $20,208 Fixed income built on Bitcoin is THE FUTURE.

🔥Strategy's STRC is the FIXED INCOME KILLER APP🔥 11% dividends on an annualized basis. PAID MONTHLY. This SMOKES every other traditional fixed income product. And the dividends are ROC, which means they are TAX-DEFERRED. These are NOT taxed as income. Every “safe yield” product in America is the same movie with different actors: You hand them dollars They hand you a coupon Inflation quietly eats the principal You clap because the number went up STRC is a different animal. STRC is what happens when fixed income stops pretending the denominator is stable. Traditional fixed income = yield paid from a system that’s structurally losing purchasing power. STRC = yield funded by a balance sheet that’s actively compounding a harder asset. So yeah, the headline yield matters (11% variable, paid monthly). But the real edge is that your “coverage” isn’t coming from hope, it’s coming from Bitcoin reserves + capital markets machinery. Compare the usual “popular” choices: T-Bills: “Congrats on matching the Fed… until the cuts.” IG corporates: “Enjoy the spread… until credit risk wakes up.” High yield: “You’re underwriting zombies for a few extra points.” Munis: “Great if you’re high bracket… still capped by fiat math.” CDs: “Locked up for a rate you’ll hate in 6 months.” Preferred ETFs: “Equity risk cosplay with bond marketing.” Money markets: “Cash that thinks it’s investing.” STRC is basically: “Here’s a real coupon, and the issuer is playing offense with the treasury instead of praying the CPI gods behave.” Fixed income has been a retirement home for capital. STRC is fixed income with teeth. Not financial advice. I’m just saying the bond market is getting dunked on by a ticker that acts like a money printer stapled to a war chest. $10,000 into STRC vs. traditional fixed income after 20 years: Strategy STRC (11%): $80,623 3-M T-Bill: $20,483 10-Yr Treasury: $22,726 IG Corporate: $25,638 High-Yield Corp: $35,236 AAA Muni: $17,372 Series I Bond: $22,038 1-Yr CD: $22,336 Preferred ETF: $34,386 Gov MMF: $20,208 Fixed income built on Bitcoin is THE FUTURE.

Adam Livingston

61,147 просмотров • 9 месяцев назад

Saylor’s Bitcoin Machine Meets the Cash Reality The real story is not that Strategy may sell up to $1.25B of Bitcoin. The bigger story is that it has moved from a simple accumulation narrative into a complex capital markets machine. The old pitch was buy Bitcoin, never sell, increase Bitcoin per share. The new structure has preferred stock, convertible debt, reserves, buybacks, dividend obligations, and now a BTC monetization plan. That shift matters because Bitcoin does not produce cash flow. Preferred dividends and interest expense do. Strategy says it has about $2.55B in USD reserves and roughly $1.76B in annual preferred dividend and interest obligations. That sounds like about 17 months of coverage, but that number is static. It assumes no future dividend increases, no stress, no buybacks, no taxes, no transaction costs, and no deterioration in capital market access. If they keep raising the STRC dividend to defend the price near par, the cash burn rises and the runway gets shorter. The Digital Credit Problem STRC is marketed as digital credit, but economically it behaves like a high yield perpetual preferred stock tied to confidence in a Bitcoin balance sheet. It is not normal debt because there is no traditional maturity. It is not common equity because it sits ahead of common shareholders and carries a large cash distribution expectation. The design is clever but circular. STRC’s dividend can be adjusted to keep the security near $99 to $100. The dividend was raised to 12%, which may support the price, but it also raises cash burn. If STRC trades below par, Strategy may raise the dividend again. If the dividend rises, the reserve coverage shrinks. If cash gets tight, Strategy needs new issuance, reserves, or Bitcoin sales. The compounding issue makes the structure even more fragile. If dividends are paid on time, they do not compound against the company. But if payments are deferred or missed, unpaid dividends can accumulate and compound monthly until paid. That means a liquidity problem does not just sit there. It can grow on itself. Where The Fragility Lives Strategy owns a volatile, non cash flowing asset and has layered cash obligations on top of it. That works when Bitcoin rises, MSTR trades at a premium, and investors are hungry for yield. It gets harder when Bitcoin falls, spreads widen, or investors demand higher returns. Selling Bitcoin now changes the narrative. Bitcoin is no longer just the sacred reserve asset. It is now a liquidity backstop for dividends, reserves, interest, and buybacks. The $1.25B monetization program adds runway, but it also proves the point. Cash promises need cash sources. That creates the feedback loop. If Bitcoin falls, asset coverage weakens. If STRC trades lower, required yields rise. If yields rise, Strategy may need to raise the dividend. If the dividend rises, cash burn accelerates. If issuance slows, reserves get used. If reserves fall, Bitcoin sales become more likely. If those sales look defensive, confidence weakens further. My Take Common shareholders own the upside, but they sit below debt and preferred claims. Preferred holders get high yield, but they rely on Strategy’s ability to maintain reserves, issue securities, monetize Bitcoin, and keep market confidence intact. This is no longer just a Bitcoin bet. It is a Bitcoin liquidity bet, a capital markets access bet, and a confidence bet. Strategy can survive if Bitcoin rises, MSTR keeps a premium, and yield investors keep funding the machine. If two fail at once, the model becomes fragile. The key red flags are STRC below par, dividend hikes that fail to restore the price, reserve coverage under 12 months, unpaid dividends compounding, visible Bitcoin sales, MSTR near or below NAV, and preferred yields widening. The structure can work, but not forever on narrative alone. Eventually, cash obligations meet cash sources. That is where the risk lives.

Saylor’s Bitcoin Machine Meets the Cash Reality The real story is not that Strategy may sell up to $1.25B of Bitcoin. The bigger story is that it has moved from a simple accumulation narrative into a complex capital markets machine. The old pitch was buy Bitcoin, never sell, increase Bitcoin per share. The new structure has preferred stock, convertible debt, reserves, buybacks, dividend obligations, and now a BTC monetization plan. That shift matters because Bitcoin does not produce cash flow. Preferred dividends and interest expense do. Strategy says it has about $2.55B in USD reserves and roughly $1.76B in annual preferred dividend and interest obligations. That sounds like about 17 months of coverage, but that number is static. It assumes no future dividend increases, no stress, no buybacks, no taxes, no transaction costs, and no deterioration in capital market access. If they keep raising the STRC dividend to defend the price near par, the cash burn rises and the runway gets shorter. The Digital Credit Problem STRC is marketed as digital credit, but economically it behaves like a high yield perpetual preferred stock tied to confidence in a Bitcoin balance sheet. It is not normal debt because there is no traditional maturity. It is not common equity because it sits ahead of common shareholders and carries a large cash distribution expectation. The design is clever but circular. STRC’s dividend can be adjusted to keep the security near $99 to $100. The dividend was raised to 12%, which may support the price, but it also raises cash burn. If STRC trades below par, Strategy may raise the dividend again. If the dividend rises, the reserve coverage shrinks. If cash gets tight, Strategy needs new issuance, reserves, or Bitcoin sales. The compounding issue makes the structure even more fragile. If dividends are paid on time, they do not compound against the company. But if payments are deferred or missed, unpaid dividends can accumulate and compound monthly until paid. That means a liquidity problem does not just sit there. It can grow on itself. Where The Fragility Lives Strategy owns a volatile, non cash flowing asset and has layered cash obligations on top of it. That works when Bitcoin rises, MSTR trades at a premium, and investors are hungry for yield. It gets harder when Bitcoin falls, spreads widen, or investors demand higher returns. Selling Bitcoin now changes the narrative. Bitcoin is no longer just the sacred reserve asset. It is now a liquidity backstop for dividends, reserves, interest, and buybacks. The $1.25B monetization program adds runway, but it also proves the point. Cash promises need cash sources. That creates the feedback loop. If Bitcoin falls, asset coverage weakens. If STRC trades lower, required yields rise. If yields rise, Strategy may need to raise the dividend. If the dividend rises, cash burn accelerates. If issuance slows, reserves get used. If reserves fall, Bitcoin sales become more likely. If those sales look defensive, confidence weakens further. My Take Common shareholders own the upside, but they sit below debt and preferred claims. Preferred holders get high yield, but they rely on Strategy’s ability to maintain reserves, issue securities, monetize Bitcoin, and keep market confidence intact. This is no longer just a Bitcoin bet. It is a Bitcoin liquidity bet, a capital markets access bet, and a confidence bet. Strategy can survive if Bitcoin rises, MSTR keeps a premium, and yield investors keep funding the machine. If two fail at once, the model becomes fragile. The key red flags are STRC below par, dividend hikes that fail to restore the price, reserve coverage under 12 months, unpaid dividends compounding, visible Bitcoin sales, MSTR near or below NAV, and preferred yields widening. The structure can work, but not forever on narrative alone. Eventually, cash obligations meet cash sources. That is where the risk lives.

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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 mathematical examples. I ran the exact same Bitcoin treasury model twice. They have the same BTC purchases, same preferred issuance, same capital structure, and same BTC path. The only thing I changed was the dividend rate on new preferred capital: 13% vs. 15%. If Bitcoin ends at $150K: 13% prefs → 26,662 sats/share 15% prefs → 26,466 sats/share Difference: 0.74% If Bitcoin ends at $250K: 13% prefs → 32,225 sats/share 15% prefs → 32,062 sats/share Difference: 0.50% Obviously, cheaper capital is better when everything else is equal. But that's the point. A 200 bps difference in preferred cost moved the modeled common-equity outcome by less than 1%. Matt's math is right. Now take the thought experiment one step further. Assume two companies each begin with $100M of common equity, Bitcoin rises 50%, and both can invest their preferred proceeds into Bitcoin. Company A can raise $50M of preferred capital at 13%. $150M of Bitcoin appreciates to $225M. Subtract $50M of preferred principal and $6.5M of dividends. Ending common equity: $168.5M Common equity return: +68.5% Company B has to pay 15%, but its investor base and liquidity allow it to raise twice as much: $100M. $200M of Bitcoin appreciates to $300M. Subtract $100M of preferred principal and $15M of dividends. Ending common equity: $185M Common equity return: +85.0% So the company paying the higher cost of capital produces the higher common-equity return: 13% financing → +68.5% 15% financing → +85.0% That is a 16.5 percentage point advantage despite paying 200 bps more for capital. Assuming an unchanged valuation multiple and no common-share dilution (could be accretive economically), those are also approximately the stock returns. This is why obsessing over the lowest possible preferred coupon can miss the bigger variable. Cost of capital matters, but how much accretive capital can you raise and deploy is a lot more important. Amplification overwhelmingly drives shareholder returns:

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 mathematical examples. I ran the exact same Bitcoin treasury model twice. They have the same BTC purchases, same preferred issuance, same capital structure, and same BTC path. The only thing I changed was the dividend rate on new preferred capital: 13% vs. 15%. If Bitcoin ends at $150K: 13% prefs → 26,662 sats/share 15% prefs → 26,466 sats/share Difference: 0.74% If Bitcoin ends at $250K: 13% prefs → 32,225 sats/share 15% prefs → 32,062 sats/share Difference: 0.50% Obviously, cheaper capital is better when everything else is equal. But that's the point. A 200 bps difference in preferred cost moved the modeled common-equity outcome by less than 1%. Matt's math is right. Now take the thought experiment one step further. Assume two companies each begin with $100M of common equity, Bitcoin rises 50%, and both can invest their preferred proceeds into Bitcoin. Company A can raise $50M of preferred capital at 13%. $150M of Bitcoin appreciates to $225M. Subtract $50M of preferred principal and $6.5M of dividends. Ending common equity: $168.5M Common equity return: +68.5% Company B has to pay 15%, but its investor base and liquidity allow it to raise twice as much: $100M. $200M of Bitcoin appreciates to $300M. Subtract $100M of preferred principal and $15M of dividends. Ending common equity: $185M Common equity return: +85.0% So the company paying the higher cost of capital produces the higher common-equity return: 13% financing → +68.5% 15% financing → +85.0% That is a 16.5 percentage point advantage despite paying 200 bps more for capital. Assuming an unchanged valuation multiple and no common-share dilution (could be accretive economically), those are also approximately the stock returns. This is why obsessing over the lowest possible preferred coupon can miss the bigger variable. Cost of capital matters, but how much accretive capital can you raise and deploy is a lot more important. Amplification overwhelmingly drives shareholder returns:

Adam Livingston

20,415 просмотров • 10 дней назад