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$MSTR “Occasionally we will take a slight dilution in Bitcoin per share to improve the credit worthiness of the company.” In the past two days, the combined impressions across Saylor’s signal, Phong’s follow up, and Monday’s announcement crossed 17.5 MILLION! Love it or hate it, the attention Strategy commands...

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Zaid 🟧

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47,335 views • 1 month ago •via X (Twitter)

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Making Sense Of Strategy What is happening with $MSTR? If you’ve been following me on X for any meaningful length of time, you will know that I have been attempting to calibrate people’s expectations of the stock's performance for the best part of 2025. Here I have synthesised all of my thoughts and distilled them into a single video. If you prefer YouTube, you can watch it here: If you prefer written format, continue reading. The first thing we need to understand is what Strategy is and why people invest in it. Strategy At the highest level, Strategy is leveraged Bitcoin. That’s it. Strategy leverages debt to acquire more Bitcoin. Therefore, the main reason you invest in Strategy is because you want to outperform Bitcoin. The only thing better than Bitcoin is more Bitcoin. The second thing we need to understand is mNAV. mNAV Generally speaking for a pure-play Bitcoin Treasury Company like Strategy, mNAV is a reflection of the market's expectation of future Bitcoin Yield. Bitcoin Yield comes with diminishing returns because each additional Bitcoin purchase contributes less to Bitcoin Per Share. Thus, the larger your Bitcoin stack, the harder it becomes to generate Bitcoin Yield and by extension the harder it becomes to outperform Bitcoin. This is why on a Bitcoin Standard, over a long enough time horizon, mNAV trends towards 1 since the maximum amount of Bitcoin you can own is 21M. With all this in mind, why is Strategy trading where it is and why is it trading at such a low mNAV? There are a few reasons. 1. Strategy Is A Different Company In 2025 Firstly, Strategy is a totally different company in 2025 to the one it was in 2020. For context, believe it or not, the company only introduced Bitcoin Yield and Bitcoin Per Share in the July 2024 Q2 Earnings Call and so it was only after that that they began optimising for those metrics. In my view, that is also when Michael Saylor truly started to understand the opportunity that was in front of him, which is why in October 2024 we saw Strategy announce the 21/21 plan which became the catalyst for the parabolic run we saw in November 2024 where $MSTR went on to briefly hit an all-time-high of around $550. Since people are comparing $MSTR this cycle to the $MSTR of last cycle when it briefly traded at an mNAV of over 8x, it is distorting their expectations. Again, Strategy is a totally different company today with a totally different set of dynamics. 2. New Industry Secondly, we need to recognise that the Bitcoin Treasury Company industry is entirely new which means that the market has been forced to learn and adapt in real-time. With Strategy being the first and by far the largest Bitcoin Treasury Company, it has gained a disproportionate amount of attention and as a result it has attracted a disproportionate amount of speculative capital along the way while everyone has been trying to figure out how to value it. Consequently, in my view, the move we saw in November 2024 was an over-correction to the upside — which by the way coincided with Bitcoin’s parabolic run following Donald Trump’s election win — and what we’re now seeing is an over-correction to the downside. 3. Bitcoin Yield Thirdly, as I mentioned at the beginning, Bitcoin Treasury Companies are currently valued based on how much Bitcoin Yield they are expected to generate in the future. At the time of recording, Strategy currently holds precisely 637,460 Bitcoin — that’s over 3% of the total Bitcoin supply — which means that it is much, much harder to generate meaningful Bitcoin Yield, which again is why we’re seeing the mNAV compress. However, there is a caveat here. There is another metric that Strategy have introduced which is Bitcoin $ Gain. Bitcoin $ Gain is defined as the $ value of newly acquired Bitcoin within any period. Strategy — and I don’t blame them — have been attempting to encourage the market to interpret Bitcoin $ Gain as “earnings” and to value the company based on how much earnings it is expected to generate in the future. For full disclosure, I personally dislike Bitcoin $ Gain as a valuation metric. I think framing it as “earnings” is misleading and disingenuous. I understand why it has been introduced because it speaks the language of Wall Street. However, traditional earnings are final. Bitcoin $ Gain is not because it is forever subject to the price of Bitcoin. Therefore, for Bitcoin $ Gain to be embraced by Wall Street, the market must collectively agree that Bitcoin is going up forever. I remain very sceptical of that happening — especially in the short-to-medium term. However, I am also not attached to my beliefs and so if Wall Street does decide to embrace Bitcoin $ Gain as its primary valuation metric, then $MSTR is likely undervalued by a factor of 5-10x. If not, then $MSTR is likely undervalued by a factor of 1-2x. If you’re not content with the latter being the worst case scenario, then the stock probably isn’t for you. 4. Preferred Products Fourthly, the Strategy thesis right now revolves entirely around the success of its preferred products. Remember, Michael Saylor wants Strategy to become the Amazon of the fixed income market. Thus, we’re not talking about a small innovation here — we are talking about completely transforming global finance. This means that the process of generating awareness and educating the market that will ultimately drive demand for these products is going to take years — not months — which is why you need to have a long time-horizon. Presently, the market is completely discounting the success of Strategy’s preferred products. What it’s not factoring in however is that the capital markets are desperate for yield right now. Thus, when — not if — but when, they eventually wake up to Bitcoin, how do you think they’re going to get that yield? Who is going to be the entity that is offering Bitcoin-backed credit instruments at scale? The answer is obviously Strategy, but again, this is a 5-to-10 year and beyond story. So with all that said, if you’re reading this right now, what should you do? Valuing Strategy There are 3 steps you need to take: 1. Firstly, you need to define your time horizon. In other words, how long do you intend on holding the stock for? 2. Secondly, you need to estimate either — depending on your preferred metric — how much Bitcoin Yield or how much Bitcoin $ Gain you expect Strategy to generate during that period and then calculate how much you expect $MSTR to outperform Bitcoin based on those values. 3. Thirdly, ask yourself whether you’d be satisfied with the level of outperformance you have calculated? In other words, is the trade-off worth it? Or would you be better off investing in either spot Bitcoin, an alternative Bitcoin Treasury Company or a Bitcoin ETF. If you’re satisfied with the level of outperformance that you’ve calculated, then $MSTR it probably a good choice of investment for you. If you're not satisfied, then $MSTR is probably a bad choice of investment for you. I personally believe that $MSTR will outperform Bitcoin by a minimum factor of 1-2x over the next 5/10 years and potentially much more if Bitcoin $ Gain becomes the primary metric by which it is valued, but again, I remain sceptical of that happening. Regardless, the best is yet to come.
11:54

Making Sense Of Strategy What is happening with $MSTR? If you’ve been following me on X for any meaningful length of time, you will know that I have been attempting to calibrate people’s expectations of the stock's performance for the best part of 2025. Here I have synthesised all of my thoughts and distilled them into a single video. If you prefer YouTube, you can watch it here: If you prefer written format, continue reading. The first thing we need to understand is what Strategy is and why people invest in it. Strategy At the highest level, Strategy is leveraged Bitcoin. That’s it. Strategy leverages debt to acquire more Bitcoin. Therefore, the main reason you invest in Strategy is because you want to outperform Bitcoin. The only thing better than Bitcoin is more Bitcoin. The second thing we need to understand is mNAV. mNAV Generally speaking for a pure-play Bitcoin Treasury Company like Strategy, mNAV is a reflection of the market's expectation of future Bitcoin Yield. Bitcoin Yield comes with diminishing returns because each additional Bitcoin purchase contributes less to Bitcoin Per Share. Thus, the larger your Bitcoin stack, the harder it becomes to generate Bitcoin Yield and by extension the harder it becomes to outperform Bitcoin. This is why on a Bitcoin Standard, over a long enough time horizon, mNAV trends towards 1 since the maximum amount of Bitcoin you can own is 21M. With all this in mind, why is Strategy trading where it is and why is it trading at such a low mNAV? There are a few reasons. 1. Strategy Is A Different Company In 2025 Firstly, Strategy is a totally different company in 2025 to the one it was in 2020. For context, believe it or not, the company only introduced Bitcoin Yield and Bitcoin Per Share in the July 2024 Q2 Earnings Call and so it was only after that that they began optimising for those metrics. In my view, that is also when Michael Saylor truly started to understand the opportunity that was in front of him, which is why in October 2024 we saw Strategy announce the 21/21 plan which became the catalyst for the parabolic run we saw in November 2024 where $MSTR went on to briefly hit an all-time-high of around $550. Since people are comparing $MSTR this cycle to the $MSTR of last cycle when it briefly traded at an mNAV of over 8x, it is distorting their expectations. Again, Strategy is a totally different company today with a totally different set of dynamics. 2. New Industry Secondly, we need to recognise that the Bitcoin Treasury Company industry is entirely new which means that the market has been forced to learn and adapt in real-time. With Strategy being the first and by far the largest Bitcoin Treasury Company, it has gained a disproportionate amount of attention and as a result it has attracted a disproportionate amount of speculative capital along the way while everyone has been trying to figure out how to value it. Consequently, in my view, the move we saw in November 2024 was an over-correction to the upside — which by the way coincided with Bitcoin’s parabolic run following Donald Trump’s election win — and what we’re now seeing is an over-correction to the downside. 3. Bitcoin Yield Thirdly, as I mentioned at the beginning, Bitcoin Treasury Companies are currently valued based on how much Bitcoin Yield they are expected to generate in the future. At the time of recording, Strategy currently holds precisely 637,460 Bitcoin — that’s over 3% of the total Bitcoin supply — which means that it is much, much harder to generate meaningful Bitcoin Yield, which again is why we’re seeing the mNAV compress. However, there is a caveat here. There is another metric that Strategy have introduced which is Bitcoin $ Gain. Bitcoin $ Gain is defined as the $ value of newly acquired Bitcoin within any period. Strategy — and I don’t blame them — have been attempting to encourage the market to interpret Bitcoin $ Gain as “earnings” and to value the company based on how much earnings it is expected to generate in the future. For full disclosure, I personally dislike Bitcoin $ Gain as a valuation metric. I think framing it as “earnings” is misleading and disingenuous. I understand why it has been introduced because it speaks the language of Wall Street. However, traditional earnings are final. Bitcoin $ Gain is not because it is forever subject to the price of Bitcoin. Therefore, for Bitcoin $ Gain to be embraced by Wall Street, the market must collectively agree that Bitcoin is going up forever. I remain very sceptical of that happening — especially in the short-to-medium term. However, I am also not attached to my beliefs and so if Wall Street does decide to embrace Bitcoin $ Gain as its primary valuation metric, then $MSTR is likely undervalued by a factor of 5-10x. If not, then $MSTR is likely undervalued by a factor of 1-2x. If you’re not content with the latter being the worst case scenario, then the stock probably isn’t for you. 4. Preferred Products Fourthly, the Strategy thesis right now revolves entirely around the success of its preferred products. Remember, Michael Saylor wants Strategy to become the Amazon of the fixed income market. Thus, we’re not talking about a small innovation here — we are talking about completely transforming global finance. This means that the process of generating awareness and educating the market that will ultimately drive demand for these products is going to take years — not months — which is why you need to have a long time-horizon. Presently, the market is completely discounting the success of Strategy’s preferred products. What it’s not factoring in however is that the capital markets are desperate for yield right now. Thus, when — not if — but when, they eventually wake up to Bitcoin, how do you think they’re going to get that yield? Who is going to be the entity that is offering Bitcoin-backed credit instruments at scale? The answer is obviously Strategy, but again, this is a 5-to-10 year and beyond story. So with all that said, if you’re reading this right now, what should you do? Valuing Strategy There are 3 steps you need to take: 1. Firstly, you need to define your time horizon. In other words, how long do you intend on holding the stock for? 2. Secondly, you need to estimate either — depending on your preferred metric — how much Bitcoin Yield or how much Bitcoin $ Gain you expect Strategy to generate during that period and then calculate how much you expect $MSTR to outperform Bitcoin based on those values. 3. Thirdly, ask yourself whether you’d be satisfied with the level of outperformance you have calculated? In other words, is the trade-off worth it? Or would you be better off investing in either spot Bitcoin, an alternative Bitcoin Treasury Company or a Bitcoin ETF. If you’re satisfied with the level of outperformance that you’ve calculated, then $MSTR it probably a good choice of investment for you. If you're not satisfied, then $MSTR is probably a bad choice of investment for you. I personally believe that $MSTR will outperform Bitcoin by a minimum factor of 1-2x over the next 5/10 years and potentially much more if Bitcoin $ Gain becomes the primary metric by which it is valued, but again, I remain sceptical of that happening. Regardless, the best is yet to come.

Chris Millas

36,835 views • 10 months ago

$MSTR “I have an idea for $30 trillion.” “We have $60 billion of capital. We could buy anything.” - Michael Saylor $STRC is the multi-trillion-dollar idea. It’s the product Strategy is here to build. It’s also why investing in this company requires a genuinely long time horizon. $STRC has already attracted over $10 billion of capital, but if management is right, it’s still in the very early stages of its journey. Each year of consistent execution, each expansion into the credit markets, and each disciplined capital allocation decision strengthens the structure. As long as the company remains focused on accumulating Bitcoin and strengthening digital credit, I don’t believe there is a more compelling idea for management to pursue. This is the strategy. This is the multi-trillion-dollar bet. This is what you’re ultimately investing in. Mission Strategy. $BTC $MSTR $STRC
1:52

$MSTR “I have an idea for $30 trillion.” “We have $60 billion of capital. We could buy anything.” - Michael Saylor $STRC is the multi-trillion-dollar idea. It’s the product Strategy is here to build. It’s also why investing in this company requires a genuinely long time horizon. $STRC has already attracted over $10 billion of capital, but if management is right, it’s still in the very early stages of its journey. Each year of consistent execution, each expansion into the credit markets, and each disciplined capital allocation decision strengthens the structure. As long as the company remains focused on accumulating Bitcoin and strengthening digital credit, I don’t believe there is a more compelling idea for management to pursue. This is the strategy. This is the multi-trillion-dollar bet. This is what you’re ultimately investing in. Mission Strategy. $BTC $MSTR $STRC

Zaid 🟧

15,021 views • 13 days ago

$MSTR How does Strategy defend the peg on $STRC if a large seller were to dump? The answer was remarkably simple. The instrument defends itself. That is the design. If you want the best takeaway from today’s call, it’s probably Michael Saylor explaining the mechanics of defending $STRC in the video below. It’s something I had thought about often. But it is incredible how Saylor manages to simplify it and make it make complete sense. As long as Strategy maintains its consistency and its focus on $STRC as its flagship product, the instrument remains remarkably stable. And the reason is the relationships and the pools of capital that surround it. If a large seller pulls $STRC below the peg on any given day, that creates an opportunity for a hedge fund to step in and capture the move back up, knowing Strategy will deploy its resources to restore it. And all of this happens while retail interest continues to pour in from buyers who are not here to hedge. Every large seller is met with another buyer who sees value. The capital base only grows wider over time. This should tell Strategy investors exactly why the company has placed $STRC at the front of everything it does. It now understands just how rigid and stable this instrument is built to be. The more you understand the design, the harder it is to bet against it. $BTC $MSTR $STRC
2:50

$MSTR How does Strategy defend the peg on $STRC if a large seller were to dump? The answer was remarkably simple. The instrument defends itself. That is the design. If you want the best takeaway from today’s call, it’s probably Michael Saylor explaining the mechanics of defending $STRC in the video below. It’s something I had thought about often. But it is incredible how Saylor manages to simplify it and make it make complete sense. As long as Strategy maintains its consistency and its focus on $STRC as its flagship product, the instrument remains remarkably stable. And the reason is the relationships and the pools of capital that surround it. If a large seller pulls $STRC below the peg on any given day, that creates an opportunity for a hedge fund to step in and capture the move back up, knowing Strategy will deploy its resources to restore it. And all of this happens while retail interest continues to pour in from buyers who are not here to hedge. Every large seller is met with another buyer who sees value. The capital base only grows wider over time. This should tell Strategy investors exactly why the company has placed $STRC at the front of everything it does. It now understands just how rigid and stable this instrument is built to be. The more you understand the design, the harder it is to bet against it. $BTC $MSTR $STRC

Zaid 🟧

27,232 views • 1 month ago

“There was never any talk of the risk.” Peter Schiff is just lying at this point. The risk of $STRC was always obvious: it is preferred equity issued by a Bitcoin Treasury Company. Saylor said it clearly: if Bitcoin goes down long term or forever, that is the risk. And what are we seeing now? Bitcoin under pressure. Liquidity rotated into AI and IPOs. Maximum fear. STRC down. That is not some hidden scandal. That is risk premium repricing. Strategy does not magically control STRC’s market price. They can adjust the dividend rate, but the market prices the risk of Bitcoin and Strategy’s ability to keep paying dividends. And when Bitcoin starts going up again, what do you think happens? The same risk premium reprices in the other direction. If you buy preferred equity in a Bitcoin company, you are making one core assumption: Bitcoin goes up over the long term. That was never hidden.
0:42

“There was never any talk of the risk.” Peter Schiff is just lying at this point. The risk of $STRC was always obvious: it is preferred equity issued by a Bitcoin Treasury Company. Saylor said it clearly: if Bitcoin goes down long term or forever, that is the risk. And what are we seeing now? Bitcoin under pressure. Liquidity rotated into AI and IPOs. Maximum fear. STRC down. That is not some hidden scandal. That is risk premium repricing. Strategy does not magically control STRC’s market price. They can adjust the dividend rate, but the market prices the risk of Bitcoin and Strategy’s ability to keep paying dividends. And when Bitcoin starts going up again, what do you think happens? The same risk premium reprices in the other direction. If you buy preferred equity in a Bitcoin company, you are making one core assumption: Bitcoin goes up over the long term. That was never hidden.

Alex 👽

21,150 views • 21 days ago

"Is Stretch really that innovative Bitcoin-backed credit, or is it just yield chasing right now?" David Duong on the real debate around Michael Saylor and Strategy "So far Saylor has demonstrated the ability to raise capital and grow his Bitcoin per share. That kind of stays ahead of the compounding dividend obligation he has. That engine so far has been running" "But is that an autopilot thing where he can just keep doing that in perpetuity? I don't have the answer to that. I don't think anyone does" "A lot of it comes down to Michael Saylor. How good is he at continuing this trend? I don't know what the answer is gonna be at the end of all things, but this is what a lot of people are internalizing at the moment"
1:09

"Is Stretch really that innovative Bitcoin-backed credit, or is it just yield chasing right now?" David Duong on the real debate around Michael Saylor and Strategy "So far Saylor has demonstrated the ability to raise capital and grow his Bitcoin per share. That kind of stays ahead of the compounding dividend obligation he has. That engine so far has been running" "But is that an autopilot thing where he can just keep doing that in perpetuity? I don't have the answer to that. I don't think anyone does" "A lot of it comes down to Michael Saylor. How good is he at continuing this trend? I don't know what the answer is gonna be at the end of all things, but this is what a lot of people are internalizing at the moment"

The Wolf Of All Streets

15,712 views • 1 month ago

Strategy sold 3,588 BTC last week. That's 112x more than the 32 BTC they sold a few weeks ago (which freaked out the market). Here's what's happening and why they are doing this... 1. Last week = Strategy sold Last week, Strategy sold 3,588 BTC and used all of the proceeds ($216m) to fund dividend payments on their suite of preferred equities. Q2 dividend payments for STRF, STRK, STRD, and STRE... and June dividends for STRC. Notably, BTC price opened last week at $59.5k. Strategy sold 3,588 BTC over the course of the week, yet BTC price went up to $63.5k. 2. The bigger picture = Strategy is NET buying Strategy bought 85,296 BTC in Q2. Their combined selling for Q2 was 3,620 BTC (32 + 3,588). In other words, they bought 22.5x more BTC in Q2 than they sold. (For 2026 YTD numbers, Strategy has bought ~175k BTC and sold 3.6k BTC. That's a 48x ratio.) 3. The message in advance Weeks ago, Saylor explained what they are doing, in an interview with Michaël van de Poppe (see clip) "On occasion, we'll buy 20 Bitcoin & we'll sell 1 Bitcoin... Then the credit investors will give us enough to buy 20 more Bitcoin." Saylor further explained the strategic rationale of selling Bitcoin... "Our credit investors expect that we're going to support the credit dividend and pay it (and our asset is BTC)... 'will you sell some Bitcoin to pay us the money?' They expect me to say yes, because if I'm not going to pay the dividend, they're not going to buy the credit & the credit agency won't rate the credit." 4. What Strategy is doing Strategy is showing the market that they can and will sell BTC. They are doing this to gain access to more credit market capital... so that they can buy much more BTC. Saylor has recently asserted that it's important to "buy more Bitcoin than you sell." This is that in action. In Q2, they bought 85k BTC. They then used 3.5k BTC to fund the dividends on the Digital Credit that enabled them to buy 85k BTC. They bought 22.5 and sold 1. 5. What to expect next Saylor said they will "inoculate the market" by selling a little BTC. This is the second dose of inoculation. They will keep doing it until the market expects it and no longer reacts to it. They are not dumping their BTC treasury strategy for dollars. That is the click-bait headline for the uninformed. What they are telling you is that they plan to sell 1 BTC so they can buy 20 BTC. Over and over.
1:24

Strategy sold 3,588 BTC last week. That's 112x more than the 32 BTC they sold a few weeks ago (which freaked out the market). Here's what's happening and why they are doing this... 1. Last week = Strategy sold Last week, Strategy sold 3,588 BTC and used all of the proceeds ($216m) to fund dividend payments on their suite of preferred equities. Q2 dividend payments for STRF, STRK, STRD, and STRE... and June dividends for STRC. Notably, BTC price opened last week at $59.5k. Strategy sold 3,588 BTC over the course of the week, yet BTC price went up to $63.5k. 2. The bigger picture = Strategy is NET buying Strategy bought 85,296 BTC in Q2. Their combined selling for Q2 was 3,620 BTC (32 + 3,588). In other words, they bought 22.5x more BTC in Q2 than they sold. (For 2026 YTD numbers, Strategy has bought ~175k BTC and sold 3.6k BTC. That's a 48x ratio.) 3. The message in advance Weeks ago, Saylor explained what they are doing, in an interview with Michaël van de Poppe (see clip) "On occasion, we'll buy 20 Bitcoin & we'll sell 1 Bitcoin... Then the credit investors will give us enough to buy 20 more Bitcoin." Saylor further explained the strategic rationale of selling Bitcoin... "Our credit investors expect that we're going to support the credit dividend and pay it (and our asset is BTC)... 'will you sell some Bitcoin to pay us the money?' They expect me to say yes, because if I'm not going to pay the dividend, they're not going to buy the credit & the credit agency won't rate the credit." 4. What Strategy is doing Strategy is showing the market that they can and will sell BTC. They are doing this to gain access to more credit market capital... so that they can buy much more BTC. Saylor has recently asserted that it's important to "buy more Bitcoin than you sell." This is that in action. In Q2, they bought 85k BTC. They then used 3.5k BTC to fund the dividends on the Digital Credit that enabled them to buy 85k BTC. They bought 22.5 and sold 1. 5. What to expect next Saylor said they will "inoculate the market" by selling a little BTC. This is the second dose of inoculation. They will keep doing it until the market expects it and no longer reacts to it. They are not dumping their BTC treasury strategy for dollars. That is the click-bait headline for the uninformed. What they are telling you is that they plan to sell 1 BTC so they can buy 20 BTC. Over and over.

Jesse Myers

168,501 views • 12 days ago

$MSTR Kudos to Coffeezilla for actually getting on a live call with Jeff Walton after making his accusations about digital credit products and the Strategy model. And a massive shout out to Jeff for being extraordinarily composed throughout. That’s where the credit ends. This conversation is a clear example of what happens when influencers jump on a trend without doing the work. Without running the math. Without approaching the topic with even a baseline level of humility. Coffeezilla has built a remarkable career exposing scams. That is genuinely valuable work, and nobody should take that away from him. But there is a significant difference between digging through documentation to expose bad actors and deciding to go against the thesis of someone who has innovated this entire space and thought about it day and night, and then entering a live unedited conversation with someone who has studied and built upon that very thesis in professional practice. Michael Saylor has been publicly advocating for Bitcoin for over five years. The dashboards are public. The thesis is public. The math is public. The entire capital structure has been laid out in exhaustive detail across hundreds of keynotes, interviews, and earnings calls. To assume that reading into all of that in a day, then doubling down with broad public accusations about the model not being viable, is extremely shortsighted. And for someone with millions of followers, it is irresponsible. What this conversation made evidently clear is that when you go up against people who have built their entire professional lives on math and objective reasoning, opinions are not enough. Strategy is trying to improve the credit market. Trying to give retirees a fighting chance. Trying to innovate in a space where there is no easy alternative path. Doing it transparently, mathematically, and with full confidence in what they have built. That deserves curiosity. Not a camera and a hot take. I am genuinely skeptical this entire video sees the light of day on his channel. Once again, Jeff was exceptional. $BTC $MSTR $STRC
3:04

$MSTR Kudos to Coffeezilla for actually getting on a live call with Jeff Walton after making his accusations about digital credit products and the Strategy model. And a massive shout out to Jeff for being extraordinarily composed throughout. That’s where the credit ends. This conversation is a clear example of what happens when influencers jump on a trend without doing the work. Without running the math. Without approaching the topic with even a baseline level of humility. Coffeezilla has built a remarkable career exposing scams. That is genuinely valuable work, and nobody should take that away from him. But there is a significant difference between digging through documentation to expose bad actors and deciding to go against the thesis of someone who has innovated this entire space and thought about it day and night, and then entering a live unedited conversation with someone who has studied and built upon that very thesis in professional practice. Michael Saylor has been publicly advocating for Bitcoin for over five years. The dashboards are public. The thesis is public. The math is public. The entire capital structure has been laid out in exhaustive detail across hundreds of keynotes, interviews, and earnings calls. To assume that reading into all of that in a day, then doubling down with broad public accusations about the model not being viable, is extremely shortsighted. And for someone with millions of followers, it is irresponsible. What this conversation made evidently clear is that when you go up against people who have built their entire professional lives on math and objective reasoning, opinions are not enough. Strategy is trying to improve the credit market. Trying to give retirees a fighting chance. Trying to innovate in a space where there is no easy alternative path. Doing it transparently, mathematically, and with full confidence in what they have built. That deserves curiosity. Not a camera and a hot take. I am genuinely skeptical this entire video sees the light of day on his channel. Once again, Jeff was exceptional. $BTC $MSTR $STRC

Zaid 🟧

62,102 views • 2 months ago

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

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

Zaid 🟧

13,667 views • 18 days ago

.David Sacks: Bitcoin Strategic Reserve Will Maximize Long-Term Value of U.S. Holdings "The reason why we need a Bitcoin reserve is that the federal government already owns some. In fact, it obtained around 400,000 Bitcoin over the past decade through criminal and civil forfeitures and seizures. And so the government has to have a strategy for how it deals with this. In the past, the strategy has been simply to sell it in an ad hoc way, almost willy-nilly, and that cost American taxpayers something like $17 billion in lost value. So we want to have a long-term strategy to maximize the value of these holdings. We’ve decided that Bitcoin is scarce, it’s valuable, and it is strategic for the United States to hold on to this as a long-term reserve asset. So that’s the plan with the 200,000 Bitcoin that we believe are in the possession of the federal government. I say 'we believe' because no one really knows for sure since we’ve never had a proper audit. That’s one of the first things this executive order provides: we’re going to do a full government-wide audit to find out what digital assets we actually have so they can be safeguarded and moved into a strategy that maximizes their long-term value."
1:09

.David Sacks: Bitcoin Strategic Reserve Will Maximize Long-Term Value of U.S. Holdings "The reason why we need a Bitcoin reserve is that the federal government already owns some. In fact, it obtained around 400,000 Bitcoin over the past decade through criminal and civil forfeitures and seizures. And so the government has to have a strategy for how it deals with this. In the past, the strategy has been simply to sell it in an ad hoc way, almost willy-nilly, and that cost American taxpayers something like $17 billion in lost value. So we want to have a long-term strategy to maximize the value of these holdings. We’ve decided that Bitcoin is scarce, it’s valuable, and it is strategic for the United States to hold on to this as a long-term reserve asset. So that’s the plan with the 200,000 Bitcoin that we believe are in the possession of the federal government. I say 'we believe' because no one really knows for sure since we’ve never had a proper audit. That’s one of the first things this executive order provides: we’re going to do a full government-wide audit to find out what digital assets we actually have so they can be safeguarded and moved into a strategy that maximizes their long-term value."

Josh Caplan

90,861 views • 1 year ago

$MSTR It looks increasingly likely that some Bitcoin has been sold to help fund the upcoming $STRC dividend payment on May 31st. And honestly, if you’ve been following the company closely, this shouldn’t come as a surprise. Both Saylor and Phong have repeatedly hinted since the earnings call that Bitcoin sales were now part of the company’s available capital allocation levers. Given that $MSTR hasn’t exactly been trading in strength, utilizing some of the unrealized tax losses tied to higher-cost-basis Bitcoin purchases, while that window still exists, actually makes a lot of sense. (Credit to ₿itcoin ₿eliever who’s put out extensive work predicting this) Personally, I think it’s a good decision. It shows the evolution of the company and its willingness to actively utilize another lever from its evolving playbook, which ultimately only strengthens its capital market operations over time. That said, if a Bitcoin sale is officially announced next week, shareholders should probably prepare for the narrative that follows. The headlines will inevitably paint it negatively. The bears will claim it’s over. And X will most certainly become a colorful place for a couple weeks. But nothing changes fundamentally. The company is still well on its way to becoming the largest Bitcoin holder on the planet and remains on track to approach the 1 million mark sometime this year. Interesting times ahead. $BTC $MSTR $STRC
0:40

$MSTR It looks increasingly likely that some Bitcoin has been sold to help fund the upcoming $STRC dividend payment on May 31st. And honestly, if you’ve been following the company closely, this shouldn’t come as a surprise. Both Saylor and Phong have repeatedly hinted since the earnings call that Bitcoin sales were now part of the company’s available capital allocation levers. Given that $MSTR hasn’t exactly been trading in strength, utilizing some of the unrealized tax losses tied to higher-cost-basis Bitcoin purchases, while that window still exists, actually makes a lot of sense. (Credit to ₿itcoin ₿eliever who’s put out extensive work predicting this) Personally, I think it’s a good decision. It shows the evolution of the company and its willingness to actively utilize another lever from its evolving playbook, which ultimately only strengthens its capital market operations over time. That said, if a Bitcoin sale is officially announced next week, shareholders should probably prepare for the narrative that follows. The headlines will inevitably paint it negatively. The bears will claim it’s over. And X will most certainly become a colorful place for a couple weeks. But nothing changes fundamentally. The company is still well on its way to becoming the largest Bitcoin holder on the planet and remains on track to approach the 1 million mark sometime this year. Interesting times ahead. $BTC $MSTR $STRC

Zaid 🟧

98,591 views • 1 month ago

🔥 STRATEGY IS DRIVING BITCOIN TO $1 MILLION - 2026 WILL BE INSANE🔥 This is my best explanation of the MSTR bull case yet. If you need one video to watch to understand where this BITCOIN SINGULARITY is going over the next decade... THIS IS IT. Strategy has the most aggressive Bitcoin accumulation pace in corporate history... and the STRC preferred stock is turning it into a runaway flywheel. From 88,568 BTC acquired in the first 75 days of 2026… to conservative 10-year models hitting 2.85 million BTC and $2.75 trillion NAV… to the aggressive scenario where they own 8.86 million BTC... This is the full, transparent math the market is still sleeping on... THIS WILL BLOW YOUR MIND:
26:41

🔥 STRATEGY IS DRIVING BITCOIN TO $1 MILLION - 2026 WILL BE INSANE🔥 This is my best explanation of the MSTR bull case yet. If you need one video to watch to understand where this BITCOIN SINGULARITY is going over the next decade... THIS IS IT. Strategy has the most aggressive Bitcoin accumulation pace in corporate history... and the STRC preferred stock is turning it into a runaway flywheel. From 88,568 BTC acquired in the first 75 days of 2026… to conservative 10-year models hitting 2.85 million BTC and $2.75 trillion NAV… to the aggressive scenario where they own 8.86 million BTC... This is the full, transparent math the market is still sleeping on... THIS WILL BLOW YOUR MIND:

Adam Livingston

21,819 views • 3 months ago

Chamath: "Nvidia is not doing what's in the best interest of the United States." 🇺🇸🇨🇳 "I think we can all do the math. About 47% of all of NVIDIA's revenue goes to China and Chinese-related countries." "And I think when you peel back this onion, what you will find is a whole raft of companies that were stood up to buy these Nvidia GPUs to essentially act as a waystation for China." "And I think that is the big problem." "Let's have a thought starter: if 47% of all of the AI capability and horsepower is being shipped to three Asian countries, where do you think the apps that require that amount of horsepower live?" "Is there a Cursor of Bhutan that we did not know? Is there a great shopping app in Cambodia that's come out of nowhere, that's AI powered?" "I think the answer is no." "Every single time we have an advance in the United States, how is it that Alibaba shows up with something incredible? DeepSeek shows up with something better?" "At every turn and at every step of AI, they are at the same rate or one step ahead." "To be honest with you, I think the real problem that we have is that Nvidia is not doing what is in the best interest of the United States." "You have a American company that has been working around the guidelines at every turn to try to land silicon into the hands of China." "Late last year, they introduced this thing called the H20 that was explicitly designed for China and to be compliant with US rules at the time." "Which again, gives these guys substantial performance." "This is a case where (Nvidia) has plausible deniability. I sell something to a Singaporean registered company? Plausible deniability." "What am I supposed to do? You can't expect me to audit it. I think that's what NVIDIA's answer will be to this question." "But what is the real expectation? At a minimum, the United States should have a mechanism to understand it." "It is implausible that if you did one or two layers of work, you would not find that most of this traffic is being used by Chinese organizations."
1:53

Chamath: "Nvidia is not doing what's in the best interest of the United States." 🇺🇸🇨🇳 "I think we can all do the math. About 47% of all of NVIDIA's revenue goes to China and Chinese-related countries." "And I think when you peel back this onion, what you will find is a whole raft of companies that were stood up to buy these Nvidia GPUs to essentially act as a waystation for China." "And I think that is the big problem." "Let's have a thought starter: if 47% of all of the AI capability and horsepower is being shipped to three Asian countries, where do you think the apps that require that amount of horsepower live?" "Is there a Cursor of Bhutan that we did not know? Is there a great shopping app in Cambodia that's come out of nowhere, that's AI powered?" "I think the answer is no." "Every single time we have an advance in the United States, how is it that Alibaba shows up with something incredible? DeepSeek shows up with something better?" "At every turn and at every step of AI, they are at the same rate or one step ahead." "To be honest with you, I think the real problem that we have is that Nvidia is not doing what is in the best interest of the United States." "You have a American company that has been working around the guidelines at every turn to try to land silicon into the hands of China." "Late last year, they introduced this thing called the H20 that was explicitly designed for China and to be compliant with US rules at the time." "Which again, gives these guys substantial performance." "This is a case where (Nvidia) has plausible deniability. I sell something to a Singaporean registered company? Plausible deniability." "What am I supposed to do? You can't expect me to audit it. I think that's what NVIDIA's answer will be to this question." "But what is the real expectation? At a minimum, the United States should have a mechanism to understand it." "It is implausible that if you did one or two layers of work, you would not find that most of this traffic is being used by Chinese organizations."

The All-In Podcast

910,407 views • 1 year ago

🩸 THE BIGGEST BITCOIN TREASURY ON EARTH IS UNWINDING IN REAL TIME. Strategy is down 84% from its high. Tens of billions in market value gone. Its preferred stock $STRC was built to hold a $100 peg. It just broke to $75. Here is why this matters to all of Bitcoin. $MSTR did not just buy Bitcoin. It borrowed to buy Bitcoin. That structure is a rocket when price rises. And a trap when price falls. bitcoin:native is down 52% and the trap is closing. This is the leverage washing out of the entire market.
0:25

🩸 THE BIGGEST BITCOIN TREASURY ON EARTH IS UNWINDING IN REAL TIME. Strategy is down 84% from its high. Tens of billions in market value gone. Its preferred stock $STRC was built to hold a $100 peg. It just broke to $75. Here is why this matters to all of Bitcoin. $MSTR did not just buy Bitcoin. It borrowed to buy Bitcoin. That structure is a rocket when price rises. And a trap when price falls. bitcoin:native is down 52% and the trap is closing. This is the leverage washing out of the entire market.

Mister Crypto

16,950 views • 23 days ago

Marc Andreessen went on Chris Williamson's podcast and broke down exactly how Elon Musk runs multiple companies at once No other CEO on Earth does this: 1. Every week, Musk shows up at each of his companies, identifies the single biggest problem that company is having that week, and fixes it. Then he does that for 52 weeks in a row. At the end of the year, each company has solved its 52 biggest problems. Meanwhile, most large companies are still having the planning meeting for the pre-planning meeting for the board presentation with the compliance review and the legal review attached. 2. This is not a new operating method. It is actually how the great industrialists of the late 1800s and early 1900s ran their companies. Henry Ford, Andrew Carnegie, Thomas Watson, who built IBM. Total devotion from the leader to fully and deeply understand what the company does, be in the trenches, talk directly to the people doing the work, and be the lead problem solver in the organization. Andreessen says he is not aware of another current CEO who operates this way. 3. The framework Musk uses is the bottleneck. In any manufacturing chain, there is always one thing holding everything up. Sometimes it is raw materials at the start. Sometimes it is warehousing at the end. Sometimes it is in the middle. The job is to find it and remove it. Musk has universalized this concept across every company he runs. In any given week, there is one main bottleneck. He micromanages the solution to that one thing and delegates almost everything else. 4. Musk delegates almost everything. Andreessen is clear about this. He is not involved in most of what his companies are doing. He is involved in the one thing that is the biggest problem right now. Once that is fixed, he moves to the next biggest problem. Everything else by definition, is running better than the bottleneck, so it does not need him. 5. When Musk identifies the bottleneck, he goes directly to the engineer who actually understands it. not the VP of engineering, not the director, not the manager. The individual contributor who has the actual technical knowledge. He sits in the room with that person and fixes the problem alongside them. He does not ask for a report to be reviewed in three weeks. he shows up at the keyboard or on the manufacturing line and works through it overnight if necessary. 6. This is why technical people who work for Musk say it was the best experience of their lives. Andreessen's framing: if you are stuck on a problem you cannot solve, Elon Musk is going to show up in his Gulfstream, sit with you in front of the keyboard, and help you figure it out. For an engineer who genuinely cares about the work, that is an almost incomprehensible level of support from the CEO of the company. 7. Business school teaches the opposite of this: management as a generic skill applicable to any industry. Soup company or a rocket company, the management principles are the same. process, balance sheet, meeting schedules, compliance, executive motivation, interpersonal conflict resolution. Andreessen says those skills are useful in many contexts. They just give you nothing; you need to do what Musk does. And Musk pushes as far as he can away from all of that so he can spend all of his time doing the things only he can do.
5:40

Marc Andreessen went on Chris Williamson's podcast and broke down exactly how Elon Musk runs multiple companies at once No other CEO on Earth does this: 1. Every week, Musk shows up at each of his companies, identifies the single biggest problem that company is having that week, and fixes it. Then he does that for 52 weeks in a row. At the end of the year, each company has solved its 52 biggest problems. Meanwhile, most large companies are still having the planning meeting for the pre-planning meeting for the board presentation with the compliance review and the legal review attached. 2. This is not a new operating method. It is actually how the great industrialists of the late 1800s and early 1900s ran their companies. Henry Ford, Andrew Carnegie, Thomas Watson, who built IBM. Total devotion from the leader to fully and deeply understand what the company does, be in the trenches, talk directly to the people doing the work, and be the lead problem solver in the organization. Andreessen says he is not aware of another current CEO who operates this way. 3. The framework Musk uses is the bottleneck. In any manufacturing chain, there is always one thing holding everything up. Sometimes it is raw materials at the start. Sometimes it is warehousing at the end. Sometimes it is in the middle. The job is to find it and remove it. Musk has universalized this concept across every company he runs. In any given week, there is one main bottleneck. He micromanages the solution to that one thing and delegates almost everything else. 4. Musk delegates almost everything. Andreessen is clear about this. He is not involved in most of what his companies are doing. He is involved in the one thing that is the biggest problem right now. Once that is fixed, he moves to the next biggest problem. Everything else by definition, is running better than the bottleneck, so it does not need him. 5. When Musk identifies the bottleneck, he goes directly to the engineer who actually understands it. not the VP of engineering, not the director, not the manager. The individual contributor who has the actual technical knowledge. He sits in the room with that person and fixes the problem alongside them. He does not ask for a report to be reviewed in three weeks. he shows up at the keyboard or on the manufacturing line and works through it overnight if necessary. 6. This is why technical people who work for Musk say it was the best experience of their lives. Andreessen's framing: if you are stuck on a problem you cannot solve, Elon Musk is going to show up in his Gulfstream, sit with you in front of the keyboard, and help you figure it out. For an engineer who genuinely cares about the work, that is an almost incomprehensible level of support from the CEO of the company. 7. Business school teaches the opposite of this: management as a generic skill applicable to any industry. Soup company or a rocket company, the management principles are the same. process, balance sheet, meeting schedules, compliance, executive motivation, interpersonal conflict resolution. Andreessen says those skills are useful in many contexts. They just give you nothing; you need to do what Musk does. And Musk pushes as far as he can away from all of that so he can spend all of his time doing the things only he can do.

Jaynit

270,616 views • 26 days ago

$MSTR Saifedean is a great thinker, but he’s an ideologue. And the problem with ideologues is they model the future based on past patterns, without accounting for the most disruptive variable of all: changing technology. Saifedean’s world is one where, under a Bitcoin standard, time preference naturally falls. People accumulate hard money, they become patient, credit disappears, and humanity converges on a purely equity-based system. It’s elegant. But it assumes a version of human rationality that technology is actively dismantling in real time. Look around you. The defining trend of the last decade has been the opposite of patience. Instant delivery. Reels over essays. Fast food over cooking. Two-day shipping became same-day. Same-day became one hour. The most consumed content format on earth is a fifteen-second video. Artificial intelligence is accelerating this further, removing every remaining friction between want and fulfillment. The world is not trending towards lower time preference. It is trending towards zero patience at scale… What Saylor understood that Saifedean hasn’t is that real capital markets require you to look at the world the way it is. Bitcoin is a long-horizon, zero-yield, maximum-patience asset living inside a civilization that is becoming structurally more short-term by the day… Most people will never hold Bitcoin. Most of them have rent due, mortgages to pay, and no bandwidth to understand monetary debasement. They need yield now. They need capital now. Saylor’s answer to that has been to build a bridge. $MSTR pulls in the long-term thinkers (Institutions, the Bitcoin maximalists with decade-long conviction) and uses their capital as a foundation to issue products that meet everyone else where they are. The most popular of Strategy’s preferred instruments ($STRC) pays monthly rather than quarterly. And the demand of late is pushing it now towards semi-monthly. This is Saylor reading the market correctly. $STRC went from zero to $8 billion in under a year, filling a massive structural gap in the market. Saifedean is right that Bitcoin changes money. But he’s wrong that it changes human nature. As long as there are people with capital and people who need it, and technology keeps compressing time horizons, there will be credit. There will be yield. There will be instruments that meet people where they are. An ideologue dreams of the world he wants. The capitalist builds for the world that exists. Saylor is the capitalist. $BTC $MSTR $STRC
1:50

$MSTR Saifedean is a great thinker, but he’s an ideologue. And the problem with ideologues is they model the future based on past patterns, without accounting for the most disruptive variable of all: changing technology. Saifedean’s world is one where, under a Bitcoin standard, time preference naturally falls. People accumulate hard money, they become patient, credit disappears, and humanity converges on a purely equity-based system. It’s elegant. But it assumes a version of human rationality that technology is actively dismantling in real time. Look around you. The defining trend of the last decade has been the opposite of patience. Instant delivery. Reels over essays. Fast food over cooking. Two-day shipping became same-day. Same-day became one hour. The most consumed content format on earth is a fifteen-second video. Artificial intelligence is accelerating this further, removing every remaining friction between want and fulfillment. The world is not trending towards lower time preference. It is trending towards zero patience at scale… What Saylor understood that Saifedean hasn’t is that real capital markets require you to look at the world the way it is. Bitcoin is a long-horizon, zero-yield, maximum-patience asset living inside a civilization that is becoming structurally more short-term by the day… Most people will never hold Bitcoin. Most of them have rent due, mortgages to pay, and no bandwidth to understand monetary debasement. They need yield now. They need capital now. Saylor’s answer to that has been to build a bridge. $MSTR pulls in the long-term thinkers (Institutions, the Bitcoin maximalists with decade-long conviction) and uses their capital as a foundation to issue products that meet everyone else where they are. The most popular of Strategy’s preferred instruments ($STRC) pays monthly rather than quarterly. And the demand of late is pushing it now towards semi-monthly. This is Saylor reading the market correctly. $STRC went from zero to $8 billion in under a year, filling a massive structural gap in the market. Saifedean is right that Bitcoin changes money. But he’s wrong that it changes human nature. As long as there are people with capital and people who need it, and technology keeps compressing time horizons, there will be credit. There will be yield. There will be instruments that meet people where they are. An ideologue dreams of the world he wants. The capitalist builds for the world that exists. Saylor is the capitalist. $BTC $MSTR $STRC

Zaid 🟧

36,295 views • 2 months ago

Twenty One is a Bitcoin-native company with #Bitcoin at its center. Our goal? Be the ultimate vehicle for capital markets to participate in #Bitcoin. We don’t just stack. We build. We grow. The mission: grow BTC per share. This is the future of capital markets.
1:31

Twenty One is a Bitcoin-native company with #Bitcoin at its center. Our goal? Be the ultimate vehicle for capital markets to participate in #Bitcoin. We don’t just stack. We build. We grow. The mission: grow BTC per share. This is the future of capital markets.

Jack Mallers

81,400 views • 1 year ago

Hospice nurses say there is a quiet moment that happens in the minutes before someone dies, and most families sitting right there in the room do not recognize it until it has already passed. It is not dramatic, it is not loud, and it looks almost like nothing at all if you do not know what you are seeing or what to look for. Nurses who have sat with hundreds of patients at the end of life describe it as one of the most profound and tender things they witness in their entire careers. The hardest part is that most families only find out what that moment was after the fact, during grief, when it is too late to go back and be fully present for it. You deserve to know what to look for before you are sitting in that room, not after you have already left it. Share this with anyone who has a loved one in hospice care or who is walking alongside someone in their final days.
2:37

Hospice nurses say there is a quiet moment that happens in the minutes before someone dies, and most families sitting right there in the room do not recognize it until it has already passed. It is not dramatic, it is not loud, and it looks almost like nothing at all if you do not know what you are seeing or what to look for. Nurses who have sat with hundreds of patients at the end of life describe it as one of the most profound and tender things they witness in their entire careers. The hardest part is that most families only find out what that moment was after the fact, during grief, when it is too late to go back and be fully present for it. You deserve to know what to look for before you are sitting in that room, not after you have already left it. Share this with anyone who has a loved one in hospice care or who is walking alongside someone in their final days.

Neal K. Shah

346,526 views • 1 month ago

It actually blows my mind that the biggest private company in the world and the second biggest public company in the world having an agreement between them for when AGI is achieved. The fact that that is even a sentence to be said is mind blowing, most people get confused by the structure so here’s it broken down: Microsoft has a 27% ownership stake (equity) in OpenAI's for-profit company. This is a long-term investment and does not expire in 2032. The agreement they are discussing in the video is for revenue sharing. This is the part of the deal that has an end date. It is set to conclude either when AGI is verified or in 2032, whichever comes first. So, in 2032 (if AGI hasn't been declared), the specific revenue-sharing plan ends, but Microsoft remains a 27% owner of the company.
2:17

It actually blows my mind that the biggest private company in the world and the second biggest public company in the world having an agreement between them for when AGI is achieved. The fact that that is even a sentence to be said is mind blowing, most people get confused by the structure so here’s it broken down: Microsoft has a 27% ownership stake (equity) in OpenAI's for-profit company. This is a long-term investment and does not expire in 2032. The agreement they are discussing in the video is for revenue sharing. This is the part of the deal that has an end date. It is set to conclude either when AGI is verified or in 2032, whichever comes first. So, in 2032 (if AGI hasn't been declared), the specific revenue-sharing plan ends, but Microsoft remains a 27% owner of the company.

Chris

457,712 views • 8 months ago

Chamath's CDS Bet: Outlining Major Corporate Debt Default Risks "With all of the tariffs, the one thing that we haven't sufficiently talked about is there is a tremendous amount of corporate debt that supports these businesses today." "And you would say, 'Well, if long-term rates go down, there's no real risk.'" "But the tariff picture actually impacts revenues." "And the problem with that is that there's a lot of companies that have debt covenants tied to revenue and EBITDA." "And so this is what I spoke about at the beginning of January, which is, the one risk that is uncontrollable, is what happens to corporate debt and could we see a wave of defaults and a wave of action?" On our 2025 predictions show in January, Chamath Palihapitiya picked credit default swaps as his best-performing asset this year, calling it a long-shot with major upside: " I would be long CDS. I'm buying insurance using credit default swaps. I think that there is a small chance of some volatility next year. I hope it doesn't happen. I hope that this trade loses money. But if it hits, it will be the best-performing asset of 2025." Fast-forward to April: " It has hit. For every billion dollars of risk you would've put on, would have cost you ~$1M, and that million dollars would've made you ~$7M in about three months." "Why is this important? The CDS actually represents the structural risk in the United States corporate economy." "So when you see these spreads blowing out, this is actually a very important warning sign." "This is what was the canary in the coal mine for the Great Financial Crisis." "The tariff picture and the recession picture will get played out in this chart." "And I think it's something that folks can and should probably pay tremendous attention to."
1:32

Chamath's CDS Bet: Outlining Major Corporate Debt Default Risks "With all of the tariffs, the one thing that we haven't sufficiently talked about is there is a tremendous amount of corporate debt that supports these businesses today." "And you would say, 'Well, if long-term rates go down, there's no real risk.'" "But the tariff picture actually impacts revenues." "And the problem with that is that there's a lot of companies that have debt covenants tied to revenue and EBITDA." "And so this is what I spoke about at the beginning of January, which is, the one risk that is uncontrollable, is what happens to corporate debt and could we see a wave of defaults and a wave of action?" On our 2025 predictions show in January, Chamath Palihapitiya picked credit default swaps as his best-performing asset this year, calling it a long-shot with major upside: " I would be long CDS. I'm buying insurance using credit default swaps. I think that there is a small chance of some volatility next year. I hope it doesn't happen. I hope that this trade loses money. But if it hits, it will be the best-performing asset of 2025." Fast-forward to April: " It has hit. For every billion dollars of risk you would've put on, would have cost you ~$1M, and that million dollars would've made you ~$7M in about three months." "Why is this important? The CDS actually represents the structural risk in the United States corporate economy." "So when you see these spreads blowing out, this is actually a very important warning sign." "This is what was the canary in the coal mine for the Great Financial Crisis." "The tariff picture and the recession picture will get played out in this chart." "And I think it's something that folks can and should probably pay tremendous attention to."

The All-In Podcast

1,102,601 views • 1 year ago

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."
3:11

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 views • 1 month ago