MicroStrategy is powered by its #Bitcoin treasury operations. We sell volatility through our ATM offerings, strip BTC risk, volatility, and performance from our fixed-income securities, and transfer that performance to our $MSTR equity holders.

Did @andrewrsorkin say "I know you are buying your own stock?" to @saylor? Sounded like it.

Volatility is Vitality. $MSTR

Great job as always! If anyone wants to better understand this strategy, check out our long-form interview where Michael breaks it down simply:

These are great segments. I get the sense that Sorkin is very intimidated with you. He hears what you are saying, but doesn’t quite get it and that makes him very uneasy. Fun to watch.

Brilliant arbitrage sir. Vol capture. Reflexivity. #math Our biggest public company hedge fund holding in @BTCOppFund is $mstr because of vision and execution like this. 🙏🙏

MicroStrategy is a Super Company.

This is complete bullshit. The problem is that neither @andrewrsorkin nor @JoeSquawk knows enough about basic finance or economics to realize that.

Saylor sir do the deed today, $3B market buy, send this thing over the hump let’s get it done 🫡

Saylor's got orange tie out. Business time

He built a volatility reactor powered by an asset that is just entering monetization phase as it goes from $2T to $300T over the next decade. They generate a spread, referred to as the BTC spread, by exploiting the difference between the equity premium, the convert premium, and the Bitcoin premium (the difference between Bitcoin and the US dollar). For example, they conducted a $4.6 billion ATM with a 70% spread, generating a $3 billion BTC gain in 5 days, equivalent to $12.5 per share. Over 10 years, this translates to $36 billion or $150 per share. They issued a $3 billion convertible bond with an 80% BTC spread, resulting in a $2.4 billion gain or $10 per share. Over 10 years, this equates to $125 per share for shareholders. By borrowing money at 6% and investing it in Bitcoin, they can generate a 90% BTC spread when Bitcoin rises by 30%, as they expect it to rise by 60%. This means the $3 billion raised through fixed income instruments like preferred stock or bonds could generate $125 per share or $30 billion over 10 years. Even if Bitcoin's price declines, MicroStrategy's business generates enough capital to profit from the arbitrage opportunity of selling volatility. A $20,000 drop in Bitcoin's price would still yield $10 billion in profit from selling the volatility. They expect to make $3 billion on their recent convertible bond if Bitcoin trades down and $30 billion if it trades up.