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MicroStrategy is targeting a $2B preferred stock raise, merging bitcoin’s volatility with fixed income. $MSTR isn't just raising capital—it's driving bitcoin adoption at scale. [B2YB Theya]

Joe Consorti ⚡️

53,318 subscribers

13,520 Aufrufe • vor 1 Jahr •via X (Twitter)

Wissenschaft & Technologie Finanzen

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7 Kommentare

Profilbild von Malachi ₿.

Malachi ₿.vor 1 Jahr

@TheyaBitcoin what happened to your prediction of bitcoin tanking in line with M2 money supply?

Profilbild von Joe Consorti ⚡️

Joe Consorti ⚡️vor 1 Jahr

@TheyaBitcoin What prediction?

Profilbild von FixTheWorld

FixTheWorldvor 1 Jahr

@TheyaBitcoin There is a potential risk for all convertible note holders to convert their notes into common shares, leading to shareholder dilution around 2028/2029. With this dilution risk in mind, what is the argument for investing in $MSTR? I look forward to your perspective.

Profilbild von crypto lover

crypto lovervor 1 Jahr

@TheyaBitcoin How long can you use your own shares to raise capital? Its called a pyramide game.......

Profilbild von Count de la Fère 🇾🇪

Count de la Fère 🇾🇪vor 1 Jahr

@TheyaBitcoin Who will secure the bitcoin network when the block rewards stop and there are only 7 transactions per second? Will the fees be astronomical?

Profilbild von Davi Pinheiro

Davi Pinheirovor 1 Jahr

@TheyaBitcoin I kinda get what you are saying but any book or video I can learn more about what saylor is doing?

Profilbild von Personal Risk Management

Personal Risk Managementvor 1 Jahr

@TheyaBitcoin $2B is just the beginning. Amazing that more aren’t picking up on this. Wall Street especially.

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$MSTR is simultaneously long & short global carry. Taking on debt at low rates to invest in bitcoin is long global carry. Bitcoin in and of itself is short global carry. MicroStrategy has created a 60/40 portfolio, all inside of one investment vehicle. [B2YB Theya]

$MSTR is simultaneously long & short global carry. Taking on debt at low rates to invest in bitcoin is long global carry. Bitcoin in and of itself is short global carry. MicroStrategy has created a 60/40 portfolio, all inside of one investment vehicle. [B2YB Theya]

Joe Consorti

202,175 Aufrufe • vor 1 Jahr

$STRC JUST BECAME THE LARGEST PREFERRED STOCK IN THE WORLD 🤯 $8.5B in just 8 months. Saylor built a capital machine to buy Bitcoin at scale.

$STRC JUST BECAME THE LARGEST PREFERRED STOCK IN THE WORLD 🤯 $8.5B in just 8 months. Saylor built a capital machine to buy Bitcoin at scale.

CryptosRus

35,087 Aufrufe • vor 2 Monaten

MicroStrategy just joined the Nasdaq-100, putting bitcoin in the $5.8T passive fund market. With $2.59B flowing daily, passive funds funnel capital into MSTR, boosting its stock, increasing bitcoin purchases, and tightening supply. Passive funds are now a bitcoin Trojan Horse.

MicroStrategy just joined the Nasdaq-100, putting bitcoin in the $5.8T passive fund market. With $2.59B flowing daily, passive funds funnel capital into MSTR, boosting its stock, increasing bitcoin purchases, and tightening supply. Passive funds are now a bitcoin Trojan Horse.

Joe Consorti

61,708 Aufrufe • vor 1 Jahr

📺 The Bitcoin For Corporations Show Episode 8 now live — hosted by Pierre Rochard Phong Le, CEO of Strategy, shares how MSTR became the world’s first Bitcoin-native public company—and why it’s more than just a software stock. From capital markets to balance sheet strategy, Phong lays out the new rules of valuation in the #Bitcoin era. 00:00 – Intro: How to Value a Bitcoin Treasury Company 01:28 – Phong Le on Strategy’s Bitcoin Thesis 04:45 – Why MSTR Isn’t Just a Tech Stock Anymore 08:12 – The Role of FASB Accounting in Bitcoin Adoption 11:39 – Capital Markets: Equity, Debt & Bitcoin 15:20 – Convertible Bonds & Leveraged Bitcoin Exposure 19:05 – What Investors Miss When Valuing MSTR 23:34 – How Institutions View Bitcoin 27:48 – Risks, Volatility, and Shareholder Expectations 32:15 – Bitcoin’s Role in Long-Term Corporate Strategy 36:20 – Advice for Other Bitcoin Treasury Companies 39:12 – Building a Bitcoin-Backed Capital Market 43:10 – Addressing Bitcoin Volatility 46:00 – Why STRF Is Gaining Market Traction 48:30 – Final Thoughts from Phong Le

📺 The Bitcoin For Corporations Show Episode 8 now live — hosted by Pierre Rochard Phong Le, CEO of Strategy, shares how MSTR became the world’s first Bitcoin-native public company—and why it’s more than just a software stock. From capital markets to balance sheet strategy, Phong lays out the new rules of valuation in the #Bitcoin era. 00:00 – Intro: How to Value a Bitcoin Treasury Company 01:28 – Phong Le on Strategy’s Bitcoin Thesis 04:45 – Why MSTR Isn’t Just a Tech Stock Anymore 08:12 – The Role of FASB Accounting in Bitcoin Adoption 11:39 – Capital Markets: Equity, Debt & Bitcoin 15:20 – Convertible Bonds & Leveraged Bitcoin Exposure 19:05 – What Investors Miss When Valuing MSTR 23:34 – How Institutions View Bitcoin 27:48 – Risks, Volatility, and Shareholder Expectations 32:15 – Bitcoin’s Role in Long-Term Corporate Strategy 36:20 – Advice for Other Bitcoin Treasury Companies 39:12 – Building a Bitcoin-Backed Capital Market 43:10 – Addressing Bitcoin Volatility 46:00 – Why STRF Is Gaining Market Traction 48:30 – Final Thoughts from Phong Le

Bitcoin For Corporations

237,146 Aufrufe • vor 1 Jahr

📹 WATCH: Andrew Kang, EVP & CFO at Strategy, explains how #Bitcoin is powering a new era of capital formation. With STRK and STRF, Strategy is pioneering innovative fixed income securities for the Bitcoin era—offering yield, access, and torque at global scale. 📍Bitcoin For Corporations Symposium | #Bitcoin2025

📹 WATCH: Andrew Kang, EVP & CFO at Strategy, explains how #Bitcoin is powering a new era of capital formation. With STRK and STRF, Strategy is pioneering innovative fixed income securities for the Bitcoin era—offering yield, access, and torque at global scale. 📍Bitcoin For Corporations Symposium | #Bitcoin2025

Bitcoin For Corporations

36,792 Aufrufe • vor 1 Jahr

STRC is a glorified T-Bill. Incredibly over-hyped by the Bitcoin community. 11.5% variable yield that is going to decrease over time. Not 11.5% in perpetuity. Zero capital upside. It is better than a "money market fund" or "HYSA"? Sure, but that's a low bar to beat. Nobody builds wealth with these types of products. It's not the best Strategy preferred stock by any means. That's STRK. The fixed payment of $8 per share actually makes it far more attractive from an income perspective over the long-term. STRC is 11.5% annualized right now, but if/when BTC rallies & the Fed cuts rates, that's going to drop much lower. STRK gives you actual fixed income PLUS capital upside (non-expiring MSTR call option).

STRC is a glorified T-Bill. Incredibly over-hyped by the Bitcoin community. 11.5% variable yield that is going to decrease over time. Not 11.5% in perpetuity. Zero capital upside. It is better than a "money market fund" or "HYSA"? Sure, but that's a low bar to beat. Nobody builds wealth with these types of products. It's not the best Strategy preferred stock by any means. That's STRK. The fixed payment of $8 per share actually makes it far more attractive from an income perspective over the long-term. STRC is 11.5% annualized right now, but if/when BTC rallies & the Fed cuts rates, that's going to drop much lower. STRK gives you actual fixed income PLUS capital upside (non-expiring MSTR call option).

Mitchell Askew

38,788 Aufrufe • vor 3 Monaten

This is why $MSTR and the Bitcoin Treasury playbook is breaking the status quo but only few understand it. An understanding of what sits at the intersection of Bitcoin, security analysis and the unwinding of the fixed income market is a must know. Preston Pysh nailed it in his talk with Danny Knowles. We are still early. These prefs are just starting to scale. The fun hasn’t even started yet.

This is why $MSTR and the Bitcoin Treasury playbook is breaking the status quo but only few understand it. An understanding of what sits at the intersection of Bitcoin, security analysis and the unwinding of the fixed income market is a must know. Preston Pysh nailed it in his talk with Danny Knowles. We are still early. These prefs are just starting to scale. The fun hasn’t even started yet.

J64

58,742 Aufrufe • vor 11 Monaten

I think MSTR could go to around all-time high at only a 1.4x mNAV + $150k BTC. $150k Bitcoin is going to be incredibly cheap compared to the long term trend 1 year from now. If we start the climb back now, STRC gets turned back w/ $2b per month issued, and $500m of MSTR gets issued per month. This pace would still be under their 2026 YTD capital raising pace. The beach ball is being held underwater it's just waiting for Bitcoin to move.

I think MSTR could go to around all-time high at only a 1.4x mNAV + $150k BTC. $150k Bitcoin is going to be incredibly cheap compared to the long term trend 1 year from now. If we start the climb back now, STRC gets turned back w/ $2b per month issued, and $500m of MSTR gets issued per month. This pace would still be under their 2026 YTD capital raising pace. The beach ball is being held underwater it's just waiting for Bitcoin to move.

Adam Livingston

112,748 Aufrufe • vor 1 Monat

CryptoKaleo claims MicroStrategy is trapped in an endless cycle that is hurting its shareholders "They are diluting $MSTR holders directly to pay the bill for everything else." "They're buying the Bitcoin as a mask to be able to say, 'Hey, we're still buying Bitcoin,' but they're not increasing Bitcoin per share at all. For the longest time, that was the No. 1 metric." "They can't raise money through $STRC as long as it's trading this far below par... they can't tap that facility, and that was where they were raising the majority of their capital over the past year." "The real options left are dilution via either selling $MSTR or selling Bitcoin. Either way, both are hurting shareholders."

CryptoKaleo claims MicroStrategy is trapped in an endless cycle that is hurting its shareholders "They are diluting $MSTR holders directly to pay the bill for everything else." "They're buying the Bitcoin as a mask to be able to say, 'Hey, we're still buying Bitcoin,' but they're not increasing Bitcoin per share at all. For the longest time, that was the No. 1 metric." "They can't raise money through $STRC as long as it's trading this far below par... they can't tap that facility, and that was where they were raising the majority of their capital over the past year." "The real options left are dilution via either selling $MSTR or selling Bitcoin. Either way, both are hurting shareholders."

Fibonacci 🥷

57,821 Aufrufe • vor 1 Monat

🕸️ The Strategy flywheel is slowly starting to resonate with the market. BRITISH HODL ❤️‍🔥🐂❤️‍🔥 breaks down the core of the thesis during his conversation with Sean Clarke. Once you understand that Saylor’s playbook is volatility centric, you realize that every BTC buy, regardless of buyer, is beneficial to $MSTR. BlackRock and the rest of the ETF’s are helping amplify MSTR’s abilities to execute on their playbook, just imagine what nation state activity would do. Listen to BritishHODL simplify the complexity of the machine that has helped MicroStrategy outperform everyone. Key insights: 🚀 BlackRock’s Dominance: BlackRock isn’t just participating in Bitcoin—it’s seizing control. With ETFs, MicroStrategy, and Coinbase under its belt, it’s driving a financial revolution, aiming to reshape Bitcoin markets and dominate like never before. (00:25, 00:31, 00:52) 🌍 Bitcoin Accessibility: Owning one Bitcoin is a stretch for 99.4% of the population. Fractional ownership is the new frontier, challenging traditional finance and making Bitcoin accessible while underscoring its scarcity and value. (02:39, 03:10) 🏦 Strategic Reserves: The U.S. and other nations are eyeing Bitcoin as a “strategic reserve.” This move could trigger massive demand, marking Bitcoin’s evolution from a niche asset to a cornerstone of global finance. (06:19, 07:58, 08:12) 📈 MicroStrategy’s Role: MicroStrategy bridges traditional finance with Bitcoin, offering a platform for traders to tap its $40T volatility market. With bonds tied to Bitcoin, it’s evolving into a key growth engine for global investors. (10:35, 11:00, 16:05) ⚡ S-Curve Growth: Bitcoin’s adoption is in its S-curve moment—explosive growth as institutions and nations embrace it. This phase mirrors tech revolutions, with rapid adoption paving the way for market stabilization in the years ahead. (34:32, 35:18, 36:45) Full video:

🕸️ The Strategy flywheel is slowly starting to resonate with the market. BRITISH HODL ❤️‍🔥🐂❤️‍🔥 breaks down the core of the thesis during his conversation with Sean Clarke. Once you understand that Saylor’s playbook is volatility centric, you realize that every BTC buy, regardless of buyer, is beneficial to $MSTR. BlackRock and the rest of the ETF’s are helping amplify MSTR’s abilities to execute on their playbook, just imagine what nation state activity would do. Listen to BritishHODL simplify the complexity of the machine that has helped MicroStrategy outperform everyone. Key insights: 🚀 BlackRock’s Dominance: BlackRock isn’t just participating in Bitcoin—it’s seizing control. With ETFs, MicroStrategy, and Coinbase under its belt, it’s driving a financial revolution, aiming to reshape Bitcoin markets and dominate like never before. (00:25, 00:31, 00:52) 🌍 Bitcoin Accessibility: Owning one Bitcoin is a stretch for 99.4% of the population. Fractional ownership is the new frontier, challenging traditional finance and making Bitcoin accessible while underscoring its scarcity and value. (02:39, 03:10) 🏦 Strategic Reserves: The U.S. and other nations are eyeing Bitcoin as a “strategic reserve.” This move could trigger massive demand, marking Bitcoin’s evolution from a niche asset to a cornerstone of global finance. (06:19, 07:58, 08:12) 📈 MicroStrategy’s Role: MicroStrategy bridges traditional finance with Bitcoin, offering a platform for traders to tap its $40T volatility market. With bonds tied to Bitcoin, it’s evolving into a key growth engine for global investors. (10:35, 11:00, 16:05) ⚡ S-Curve Growth: Bitcoin’s adoption is in its S-curve moment—explosive growth as institutions and nations embrace it. This phase mirrors tech revolutions, with rapid adoption paving the way for market stabilization in the years ahead. (34:32, 35:18, 36:45) Full video:

J64

19,929 Aufrufe • vor 1 Jahr

If Bitcoin keeps going down, will MicroStrategy end up like FTX? Pio and Kaleo discuss the future of MicroStrategy. Pio: "Do you realistically think that $MSTR is going to have to sell 50,000 Bitcoin in the next two years?" Kaleo: "More, and I think it's their best option. They have made it their clear mission that they want to increase net Bitcoin, but what does that necessarily do to create value for $MSTR holders?" "I just think it's reckless right now, the way that $MSTR and the other assets are being advertised... MSTR is amplified Bitcoin... it's just a fancy word for saying it's leveraged." "You can also lose a lot more on the way down... they can't get rid of those dividends unless they buy $STRC back... the obligations accrue; they don't go away." "Look at what happened with FTX. Did anybody think that Bitcoin was going to go back down to 16k?... No. As Bitcoin price goes down, the MSTR compression of their multiple continues to go down."

If Bitcoin keeps going down, will MicroStrategy end up like FTX? Pio and Kaleo discuss the future of MicroStrategy. Pio: "Do you realistically think that $MSTR is going to have to sell 50,000 Bitcoin in the next two years?" Kaleo: "More, and I think it's their best option. They have made it their clear mission that they want to increase net Bitcoin, but what does that necessarily do to create value for $MSTR holders?" "I just think it's reckless right now, the way that $MSTR and the other assets are being advertised... MSTR is amplified Bitcoin... it's just a fancy word for saying it's leveraged." "You can also lose a lot more on the way down... they can't get rid of those dividends unless they buy $STRC back... the obligations accrue; they don't go away." "Look at what happened with FTX. Did anybody think that Bitcoin was going to go back down to 16k?... No. As Bitcoin price goes down, the MSTR compression of their multiple continues to go down."

Fibonacci 🥷

40,183 Aufrufe • vor 1 Monat

🔥STRK: THE BEST VALUE IN BITCOIN - GET PAID TO WAIT TO GET RICH?!?🔥 Everyone is staring at STRC for the yield and STRF for the seniority, while STRK is sitting in the corner like a chemically enhanced preferred stock with a concealed MSTR call option taped under its trench coat. In this video, I break down why STRK might be one of the most slept-on securities in the Strategy capital stack, how its yield compares to STRC and STRF, and why the conversion option could become absurdly valuable if Strategy keeps compounding Bitcoin exposure per share. STRC is income. STRF is senior income. STRK might be income with a Saylor-powered moon launcher attached. Not financial advice. I am just a man watching the fiat retirement complex get folded into a Bitcoin meat grinder:

🔥STRK: THE BEST VALUE IN BITCOIN - GET PAID TO WAIT TO GET RICH?!?🔥 Everyone is staring at STRC for the yield and STRF for the seniority, while STRK is sitting in the corner like a chemically enhanced preferred stock with a concealed MSTR call option taped under its trench coat. In this video, I break down why STRK might be one of the most slept-on securities in the Strategy capital stack, how its yield compares to STRC and STRF, and why the conversion option could become absurdly valuable if Strategy keeps compounding Bitcoin exposure per share. STRC is income. STRF is senior income. STRK might be income with a Saylor-powered moon launcher attached. Not financial advice. I am just a man watching the fiat retirement complex get folded into a Bitcoin meat grinder:

Adam Livingston

23,811 Aufrufe • vor 2 Monaten

My latest thoughts on $BTC, $STRC, and $MSTR with 邦妮區塊鏈 Bonnie Blockchain and David Lin at Consensus 2026. 0:00 - Strategy’s Bitcoin sale controversy 0:36 - Why Strategy may sell Bitcoin 3:12 - “Never sell your Bitcoin” explained 4:40 - How Strategy buys more Bitcoin than it sells 6:33 - Michael Saylor’s Bitcoin accumulation philosophy 8:04 - Using Bitcoin liquidity and market arbitrage 11:14 - Responding to Ponzi scheme criticism 13:32 - STRC trading patterns and Bitcoin buying 15:05 - What really drives Bitcoin’s price 17:58 - Bitcoin, macro risks, and Fed policy 19:43 - Bitcoin as digital capital and digital credit 21:52 - Strategy’s dominance in preferred stock issuance 23:09 - AI, digital credit, and Bitcoin’s future 24:36 - Saylor’s childhood inspiration and MIT story

My latest thoughts on $BTC, $STRC, and $MSTR with 邦妮區塊鏈 Bonnie Blockchain and David Lin at Consensus 2026. 0:00 - Strategy’s Bitcoin sale controversy 0:36 - Why Strategy may sell Bitcoin 3:12 - “Never sell your Bitcoin” explained 4:40 - How Strategy buys more Bitcoin than it sells 6:33 - Michael Saylor’s Bitcoin accumulation philosophy 8:04 - Using Bitcoin liquidity and market arbitrage 11:14 - Responding to Ponzi scheme criticism 13:32 - STRC trading patterns and Bitcoin buying 15:05 - What really drives Bitcoin’s price 17:58 - Bitcoin, macro risks, and Fed policy 19:43 - Bitcoin as digital capital and digital credit 21:52 - Strategy’s dominance in preferred stock issuance 23:09 - AI, digital credit, and Bitcoin’s future 24:36 - Saylor’s childhood inspiration and MIT story

Michael Saylor

417,265 Aufrufe • vor 2 Monaten

JUST IN: Strategy's Michael Saylor just said, "We will raise a lot of capital with $STRC at or above par, but we won't sell $STRC even a penny below par." Strategy is committed to filtering out the volatility of $STRC.🔥🙌

JUST IN: Strategy's Michael Saylor just said, "We will raise a lot of capital with $STRC at or above par, but we won't sell $STRC even a penny below par." Strategy is committed to filtering out the volatility of $STRC.🔥🙌

BitcoinTreasuries.NET

19,748 Aufrufe • vor 1 Monat

🔥SAYLOR HAS WON: THE BITCOIN SINGULARITY IS HERE🔥 THIS IS THE BIGGEST STORY IN FINANCE. THE BEARS ARE ON LIFE SUPPORT. ASSUMING LAST WEEK'S CAPTURE RATE, STRATEGY JUST RAISED MORE THAN THEIR ENTIRE ANNUAL DIVIDEND OBLIGATION... ...IN ONE TRADING SESSION... ...WITH ZERO MSTR ISSUANCE NEEDED. $1.2 BILLION OF BITCOIN PURCHASED IN ONE DAY. THE CAPITAL FROM THE WORLD'S LARGEST INCOME POOL IS FLOODING INTO BITCOIN. STRC. THE GREATEST SHARPE RATIO IN HISTORY. 11.5% YIELD. 1.7% VOLATILITY. HIGH LIQUIDITY. NOTHING CAN COMPETE WITH SAYLOR'S BITCOIN WAR MACHINE. THIS IS THE GREATEST WEALTH TRANSFER IN THE HISTORY OF HUMANITY:

🔥SAYLOR HAS WON: THE BITCOIN SINGULARITY IS HERE🔥 THIS IS THE BIGGEST STORY IN FINANCE. THE BEARS ARE ON LIFE SUPPORT. ASSUMING LAST WEEK'S CAPTURE RATE, STRATEGY JUST RAISED MORE THAN THEIR ENTIRE ANNUAL DIVIDEND OBLIGATION... ...IN ONE TRADING SESSION... ...WITH ZERO MSTR ISSUANCE NEEDED. $1.2 BILLION OF BITCOIN PURCHASED IN ONE DAY. THE CAPITAL FROM THE WORLD'S LARGEST INCOME POOL IS FLOODING INTO BITCOIN. STRC. THE GREATEST SHARPE RATIO IN HISTORY. 11.5% YIELD. 1.7% VOLATILITY. HIGH LIQUIDITY. NOTHING CAN COMPETE WITH SAYLOR'S BITCOIN WAR MACHINE. THIS IS THE GREATEST WEALTH TRANSFER IN THE HISTORY OF HUMANITY:

Adam Livingston

243,170 Aufrufe • vor 3 Monaten

🚀WHAT PRICE WILL MSTR BE AT $1 MILLION BITCOIN?🚀 I handicapped the absolute hell out of this model. Bitcoin rises from $65,993 to $1,000,000 over 8 full years. The entire STR preferred stack remains at a 12% dividend rate for all 96 months. The rate never declines. MSTR common stock is issued to fund every dollar of dividends, so shareholders absorb the dilution. No additional debt is added. No MSTR is sold at a premium to acquire Bitcoin... EVER. mNAV is only permitted to rise modestly as STRC scales. Strategy has already raised approximately $16.4 billion in 2026 through July 19, a roughly $29.9 billion annualized pace. Yet these scenarios allow only $0 to $6 billion of annual STRC issuance: $0/month - no STRC ever issued | 1.023× mNAV | $2,100 MSTR | 21.08× return | 1.39× Bitcoin’s multiple (+39%) $100M/month | $1.2B/year, 4% of current pace | 1.10× mNAV | $2,292 MSTR | 23.01× | 1.52× Bitcoin (+52%) $200M/month | $2.4B/year, 8% of pace | 1.20× mNAV | $2,540 MSTR | 25.50× | 1.68× Bitcoin (+68%) $300M/month | $3.6B/year, 12% of pace | 1.30× mNAV | $2,796 MSTR | 28.07× | 1.85× Bitcoin (+85%) $400M/month | $4.8B/year, 16% of pace | 1.40× mNAV | $3,060 MSTR | 30.73× | 2.03× Bitcoin (+103%) $500M/month | $6B/year, 20% of pace | 1.50× mNAV | $3,333 MSTR | 33.47× | 2.21× Bitcoin (+121%) Bitcoin itself returns 15.15×. The most important result is the first one. With zero new STRC issuance and absolutely zero mNAV expansion, MSTR still reaches approximately $2,100 and outperforms Bitcoin. Stock Multiple = BTC Multiple × CEBE Sats/Share Multiple × CEBE mNAV Multiple 15.15× BTC appreciation × 1.39× CEBE sats/share accretion × 1.00× mNAV change = 21.08× MSTR. The amplification is already embedded in the balance sheet. The market does not need to award MSTR a higher valuation multiple for it to work. Even in the $500M monthly STRC scenario, Strategy finishes with only 987,098 Bitcoin. Yes, the $3,333 model example includes a scenario where they fail to reach 1 million BTC in the next 8 years. If Bitcoin goes up... the machine works:

🚀WHAT PRICE WILL MSTR BE AT $1 MILLION BITCOIN?🚀 I handicapped the absolute hell out of this model. Bitcoin rises from $65,993 to $1,000,000 over 8 full years. The entire STR preferred stack remains at a 12% dividend rate for all 96 months. The rate never declines. MSTR common stock is issued to fund every dollar of dividends, so shareholders absorb the dilution. No additional debt is added. No MSTR is sold at a premium to acquire Bitcoin... EVER. mNAV is only permitted to rise modestly as STRC scales. Strategy has already raised approximately $16.4 billion in 2026 through July 19, a roughly $29.9 billion annualized pace. Yet these scenarios allow only $0 to $6 billion of annual STRC issuance: $0/month - no STRC ever issued | 1.023× mNAV | $2,100 MSTR | 21.08× return | 1.39× Bitcoin’s multiple (+39%) $100M/month | $1.2B/year, 4% of current pace | 1.10× mNAV | $2,292 MSTR | 23.01× | 1.52× Bitcoin (+52%) $200M/month | $2.4B/year, 8% of pace | 1.20× mNAV | $2,540 MSTR | 25.50× | 1.68× Bitcoin (+68%) $300M/month | $3.6B/year, 12% of pace | 1.30× mNAV | $2,796 MSTR | 28.07× | 1.85× Bitcoin (+85%) $400M/month | $4.8B/year, 16% of pace | 1.40× mNAV | $3,060 MSTR | 30.73× | 2.03× Bitcoin (+103%) $500M/month | $6B/year, 20% of pace | 1.50× mNAV | $3,333 MSTR | 33.47× | 2.21× Bitcoin (+121%) Bitcoin itself returns 15.15×. The most important result is the first one. With zero new STRC issuance and absolutely zero mNAV expansion, MSTR still reaches approximately $2,100 and outperforms Bitcoin. Stock Multiple = BTC Multiple × CEBE Sats/Share Multiple × CEBE mNAV Multiple 15.15× BTC appreciation × 1.39× CEBE sats/share accretion × 1.00× mNAV change = 21.08× MSTR. The amplification is already embedded in the balance sheet. The market does not need to award MSTR a higher valuation multiple for it to work. Even in the $500M monthly STRC scenario, Strategy finishes with only 987,098 Bitcoin. Yes, the $3,333 model example includes a scenario where they fail to reach 1 million BTC in the next 8 years. If Bitcoin goes up... the machine works:

Adam Livingston

45,166 Aufrufe • vor 3 Tagen