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🔥SMARTER WEB COMPANY: THE GREATEST BITCOIN YIELD ENGINE ON EARTH🔥 Ever since my last Smarter Web Company update... this BRITISH BITCOIN BAZOOKA has BLOWN EVERY EXPECTATION out of the WATER. 26,241% BTC YIELD?!? From a $4 million market cap to over $1 billion in two months?!?! Only a month... show more

Adam Livingston

83,938 subscribers

30,637 次观看 • 1 年前 •via X (Twitter)

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The Smarter Web Company is currently the fastest growing Bitcoin Treasury Company in the world. The Smarter Web Company is also currently the best performing UK equity. Welcome back to The Bitcoin Treasuries Podcast. Powered by Onramp. Today's guest is Andrew Webley, CEO of The Smarter Web Company. We discuss the company's institutional investors, the tickers, mNAV months to cover, the firm's Bitcoin buying process, and more. Here's my conversation with Andrew Webley. 0:00 - Intro 0:11 - Smarter Web Company’s Big Bitcoin Move 2:57 - Institutional Investors in Smarter Web Company 6:21 - What are the tickers Smarter Web Company is trading under? 7:50 - What is the mNAV months to cover metric? 11:32 - What has surprised Andrew about the community around Smarter Web Company? 15:03 - Smarter Web Company’s Bitcoin buying process 19:45 - What questions does Andrew get from investors? 22:37 - How Andrew thinks through the media side of the business 26:18 - How Andrew thinks about investor relations 30:03 - Where does Andrew see the most amount of inbound and activity coming from? 32:29 - What is the ratio of Smarter Web’s investor base in the US vs UK? 36:28 - Andrew’s takeaways from Metaplanet still being the only Bitcoin Treasury company in Japan 42:08 - Where does Andrew see the Smarter Web Company going both operationally and with its treasury going forward? 45:09 - Will Bitcoin Treasury companies be the main driver of Bitcoin from $100K upwards? 49:17 - Closing thoughts and where to find Andrew online

The Smarter Web Company is currently the fastest growing Bitcoin Treasury Company in the world. The Smarter Web Company is also currently the best performing UK equity. Welcome back to The Bitcoin Treasuries Podcast. Powered by Onramp. Today's guest is Andrew Webley, CEO of The Smarter Web Company. We discuss the company's institutional investors, the tickers, mNAV months to cover, the firm's Bitcoin buying process, and more. Here's my conversation with Andrew Webley. 0:00 - Intro 0:11 - Smarter Web Company’s Big Bitcoin Move 2:57 - Institutional Investors in Smarter Web Company 6:21 - What are the tickers Smarter Web Company is trading under? 7:50 - What is the mNAV months to cover metric? 11:32 - What has surprised Andrew about the community around Smarter Web Company? 15:03 - Smarter Web Company’s Bitcoin buying process 19:45 - What questions does Andrew get from investors? 22:37 - How Andrew thinks through the media side of the business 26:18 - How Andrew thinks about investor relations 30:03 - Where does Andrew see the most amount of inbound and activity coming from? 32:29 - What is the ratio of Smarter Web’s investor base in the US vs UK? 36:28 - Andrew’s takeaways from Metaplanet still being the only Bitcoin Treasury company in Japan 42:08 - Where does Andrew see the Smarter Web Company going both operationally and with its treasury going forward? 45:09 - Will Bitcoin Treasury companies be the main driver of Bitcoin from $100K upwards? 49:17 - Closing thoughts and where to find Andrew online

Tim Kotzman

166,075 次观看 • 1 年前

🔥WHY I AM EVEN MORE BULLISH ON STRIVE (ASST) - TOTAL, UTTER, COMPLETE BITCOIN BUYING DOMINATION🔥 I could not possibly be more bullish on ASST. Here I break down the recent performance of SATA + ASST, and why I believe ASST will go to $100 sooner rather than later. I think this is a $1.2 billion company that will become worth $120 billion in relatively short order. THIS ISN'T YOUR GRANDMA'S BITCOIN TREASURY COMPANY, KIDS. I AM GIGA-BULLISH:

🔥WHY I AM EVEN MORE BULLISH ON STRIVE (ASST) - TOTAL, UTTER, COMPLETE BITCOIN BUYING DOMINATION🔥 I could not possibly be more bullish on ASST. Here I break down the recent performance of SATA + ASST, and why I believe ASST will go to $100 sooner rather than later. I think this is a $1.2 billion company that will become worth $120 billion in relatively short order. THIS ISN'T YOUR GRANDMA'S BITCOIN TREASURY COMPANY, KIDS. I AM GIGA-BULLISH:

Adam Livingston

23,257 次观看 • 2 个月前

🔥SWAN BITCOIN'S $384 MILLION BITCOIN SUPERWEAPON🔥 Sequans ($SQNS) just dropped a buy of 370 BTC on DAY ONE. This is a RECURSIVE, REFLEXIVE BITCOIN ACCUMULATOR with a roadmap to ABSORB MORE BTC than SOVEREIGN NATIONS. In this video I cover: - How Sequans raised $384m - Why buy 370 BTC on day one (it's genius) - Why Swan's Bitcoin Treasury system is basically the CIA with cold storage. GIGA-BULLISH. POTENTIAL TOP 5 HOLDER OF BTC. CHECK OUT THE DETAILS. THEY WILL AMAZE YOU:

🔥SWAN BITCOIN'S $384 MILLION BITCOIN SUPERWEAPON🔥 Sequans ($SQNS) just dropped a buy of 370 BTC on DAY ONE. This is a RECURSIVE, REFLEXIVE BITCOIN ACCUMULATOR with a roadmap to ABSORB MORE BTC than SOVEREIGN NATIONS. In this video I cover: - How Sequans raised $384m - Why buy 370 BTC on day one (it's genius) - Why Swan's Bitcoin Treasury system is basically the CIA with cold storage. GIGA-BULLISH. POTENTIAL TOP 5 HOLDER OF BTC. CHECK OUT THE DETAILS. THEY WILL AMAZE YOU:

Adam Livingston

57,237 次观看 • 1 年前

🔥THE LONDON BITCOIN COMPANY - THE NEXT GREAT BITCOIN TREASURY?🔥 This could be a MICRO-CAP BALLISTIC MISSILE. $BTC on the LSE ($VINZF on OTC) seems to have some unique advantages as one of the first UK Bitcoin treasury companies. The team has achieved +247% BTC stack growth in just 35 days. I believe they are uniquely positioned to siphon from the UK fixed income market, and their capital raising partner has both Donald Trump Jr. and Eric Trump on their board. Full breakdown:

🔥THE LONDON BITCOIN COMPANY - THE NEXT GREAT BITCOIN TREASURY?🔥 This could be a MICRO-CAP BALLISTIC MISSILE. $BTC on the LSE ($VINZF on OTC) seems to have some unique advantages as one of the first UK Bitcoin treasury companies. The team has achieved +247% BTC stack growth in just 35 days. I believe they are uniquely positioned to siphon from the UK fixed income market, and their capital raising partner has both Donald Trump Jr. and Eric Trump on their board. Full breakdown:

Adam Livingston

47,593 次观看 • 1 年前

🔥HOW STRATEGY EASILY OVERTAKES APPLE - $5+ TRILLION MARKET CAP🔥 Not only will Strategy overtake Apple... They will do it EASILY. This is the ULTIMATE VIDEO to showcase the power of Bitcoin on the balance sheet and how Strategy will overtake EVERY SINGLE COMPANY stuck in the legacy system. REPOST THIS EVERYWHERE TO SHARE THE TRUTH ABOUT THE POWER OF BITCOIN ON THE BALANCE SHEET:

🔥HOW STRATEGY EASILY OVERTAKES APPLE - $5+ TRILLION MARKET CAP🔥 Not only will Strategy overtake Apple... They will do it EASILY. This is the ULTIMATE VIDEO to showcase the power of Bitcoin on the balance sheet and how Strategy will overtake EVERY SINGLE COMPANY stuck in the legacy system. REPOST THIS EVERYWHERE TO SHARE THE TRUTH ABOUT THE POWER OF BITCOIN ON THE BALANCE SHEET:

Adam Livingston

22,640 次观看 • 1 年前

🚀 Andrew is back on the pod The CEO of The Smarter Web Company, jumps on to discuss the incredible journey from £4M to £1B in just 8 weeks. We talk: 🎯 Reaching 1,600 BTC 📊 Building a top-25 Bitcoin treasury company 🏦 What is P/BYD? (Written with Jesse Myers) 🇬🇧 Ambitions to reach the FTSE 100 TLDR: Everything is okay. Andrew Webley

🚀 Andrew is back on the pod The CEO of The Smarter Web Company, jumps on to discuss the incredible journey from £4M to £1B in just 8 weeks. We talk: 🎯 Reaching 1,600 BTC 📊 Building a top-25 Bitcoin treasury company 🏦 What is P/BYD? (Written with Jesse Myers) 🇬🇧 Ambitions to reach the FTSE 100 TLDR: Everything is okay. Andrew Webley

Jordan Walker

20,313 次观看 • 1 年前

The Metaplanet Inc. acquisition of Siibo Securities is the biggest Bitcoin story so far in 2026 No other Bitcoin Company can replicate Metaplanet's unique position: > 40,000 BTC Treasury 🟠 > Yield Starved Market 🇯🇵 > Type-1 Securities License ✅ I bought the stock back in 2024 when they first pivoted to Bitcoin and I'm buying again here today. This is the most asymmetric opportunity in the Bitcoin Treasury Ecosystem

The Metaplanet Inc. acquisition of Siibo Securities is the biggest Bitcoin story so far in 2026 No other Bitcoin Company can replicate Metaplanet's unique position: > 40,000 BTC Treasury 🟠 > Yield Starved Market 🇯🇵 > Type-1 Securities License ✅ I bought the stock back in 2024 when they first pivoted to Bitcoin and I'm buying again here today. This is the most asymmetric opportunity in the Bitcoin Treasury Ecosystem

Mitchell Askew

12,312 次观看 • 2 个月前

Welcome back to The Bitcoin Treasuries Podcast. Today's guests are Andrew Webley and Jesse Myers. We discuss what gave them the conviction to start a Bitcoin Treasury Company, Digital Credit and Preferred Products, the secret sauce of having liquidity in your stock, listing on the London Stock Exchange, the Bitcoin Treasuries Unconference UK, and much more. Here's my conversation with Andrew Webley and Jesse Myers. 0:00 - Intro 0:43 - Andrew’s background and journey to Bitcoin 5:00 - Jesse’s background and journey to Bitcoin 13:08 - What gave Andrew and Jesse the conviction to start a DAT 16:30 - Are more DAT companies coming out of the UK? 21:48 - Gold & Silver vs Bitcoin 31:13 - Digital Credit & Preferred Products 40:20 - Consistently buying more Bitcoin as a DAT 47:12 - The secret sauce of having liquidity in your stock 51:51 - Smarter Web Company’s listing in London 1:01:05 - Bitcoin Treasuries Unconference UK 1:06:16 - Closing thoughts and where to find The Smarter Web Company online

Welcome back to The Bitcoin Treasuries Podcast. Today's guests are Andrew Webley and Jesse Myers. We discuss what gave them the conviction to start a Bitcoin Treasury Company, Digital Credit and Preferred Products, the secret sauce of having liquidity in your stock, listing on the London Stock Exchange, the Bitcoin Treasuries Unconference UK, and much more. Here's my conversation with Andrew Webley and Jesse Myers. 0:00 - Intro 0:43 - Andrew’s background and journey to Bitcoin 5:00 - Jesse’s background and journey to Bitcoin 13:08 - What gave Andrew and Jesse the conviction to start a DAT 16:30 - Are more DAT companies coming out of the UK? 21:48 - Gold & Silver vs Bitcoin 31:13 - Digital Credit & Preferred Products 40:20 - Consistently buying more Bitcoin as a DAT 47:12 - The secret sauce of having liquidity in your stock 51:51 - Smarter Web Company’s listing in London 1:01:05 - Bitcoin Treasuries Unconference UK 1:06:16 - Closing thoughts and where to find The Smarter Web Company online

Tim Kotzman

120,475 次观看 • 6 个月前

🔥 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:

🔥 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 次观看 • 5 个月前

🚨 WARNING: SOMETHING EXTREMELY BAD IS HAPPENING... Remember when Michael Saylor told everyone to SELL THEIR KIDNEY before selling Bitcoin? Now read this again: He just sold 3,588 BTC for $216 MILLION. One month ago, Strategy sold only 32 BTC. And a 32 BTC sale was enough to push Bitcoin to its lowest level in months. Now Strategy announced a sale of 20,000 BTC ($1.25 billion). And this is happening at the worst possible moment: If Bitcoin loses $58,000, this will not be one normal dump. More than $1.7 billion in longs gets liquidated. This will initiate the largest liquidation cascade in history. The company everyone relied on to buy every dip has now turned into Bitcoin’s worst enemy. And here’s the part nobody wants to hear: The more brutal the flush, the closer we get to the real market cycle bottom. This is how market cycle bottoms form. Keep in mind: I’ve called every major market top and bottom for over 10 YEARS. I was one of the only people who called the top in October, and I’ll do it again, that’s literally my job. If you still haven’t followed me, you’ll regret it.

🚨 WARNING: SOMETHING EXTREMELY BAD IS HAPPENING... Remember when Michael Saylor told everyone to SELL THEIR KIDNEY before selling Bitcoin? Now read this again: He just sold 3,588 BTC for $216 MILLION. One month ago, Strategy sold only 32 BTC. And a 32 BTC sale was enough to push Bitcoin to its lowest level in months. Now Strategy announced a sale of 20,000 BTC ($1.25 billion). And this is happening at the worst possible moment: If Bitcoin loses $58,000, this will not be one normal dump. More than $1.7 billion in longs gets liquidated. This will initiate the largest liquidation cascade in history. The company everyone relied on to buy every dip has now turned into Bitcoin’s worst enemy. And here’s the part nobody wants to hear: The more brutal the flush, the closer we get to the real market cycle bottom. This is how market cycle bottoms form. Keep in mind: I’ve called every major market top and bottom for over 10 YEARS. I was one of the only people who called the top in October, and I’ll do it again, that’s literally my job. If you still haven’t followed me, you’ll regret it.

DANNY

92,326 次观看 • 1 个月前

🔥HOW STRATEGY, METAPLANET, AND STRIVE WILL BRING US $1,000,000 BITCOIN🔥 A new financial engine is live and it’s about to pull Bitcoin into the seven-figure range. This is not a hype cycle. It’s a capital flow inevitability. In this presentation, I break down the reflexive flywheel powering Strategy, Metaplanet, and Strive,three public companies using Bitcoin-backed preferred equity to convert fixed-income capital into relentless BTC demand. Topics Covered: How the STRC/ATM flywheel amplifies every $1 of equity into $1.33 of Bitcoin Why global allocators will flee 0–4% bonds for 11% yield backed by BTC How just 0.5% of the $153T bond market creates a $765B inflow Why post-2028 halving leaves only 82k BTC/year… vs 376k BTC/year in corporate absorption Why $1 million per BTC is the mathematical clearing price. The bond market is 150× larger than Bitcoin. The flywheel already operates across continents. PRICE IS THE FINAL VARIABLE:

🔥HOW STRATEGY, METAPLANET, AND STRIVE WILL BRING US $1,000,000 BITCOIN🔥 A new financial engine is live and it’s about to pull Bitcoin into the seven-figure range. This is not a hype cycle. It’s a capital flow inevitability. In this presentation, I break down the reflexive flywheel powering Strategy, Metaplanet, and Strive,three public companies using Bitcoin-backed preferred equity to convert fixed-income capital into relentless BTC demand. Topics Covered: How the STRC/ATM flywheel amplifies every $1 of equity into $1.33 of Bitcoin Why global allocators will flee 0–4% bonds for 11% yield backed by BTC How just 0.5% of the $153T bond market creates a $765B inflow Why post-2028 halving leaves only 82k BTC/year… vs 376k BTC/year in corporate absorption Why $1 million per BTC is the mathematical clearing price. The bond market is 150× larger than Bitcoin. The flywheel already operates across continents. PRICE IS THE FINAL VARIABLE:

Adam Livingston

19,163 次观看 • 7 个月前

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.

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 次观看 • 11 个月前

🚨METAPLANET RAISES $1.4 BILLION FOR MORE BITCOIN🚨 Metplanet just CARPET-BOMBED the fiat system with a $1.4 BILLION equity bazooka, and are about to funnel it STRAIGHT into BITCOIN. Even after blasting their share count up by 51%, every single share now carries MORE Bitcoin than before. This isn’t dilution. It’s MUTATION. The corporate genome has been rewritten in sats. In the next six weeks, Japan will unleash over 11,000–12,500 fresh BTC buys into a market already running dry. That’s not treasury management, that’s a financial war crime against fiat. THIS IS WHY I AM GIGA-BULLISH:

🚨METAPLANET RAISES $1.4 BILLION FOR MORE BITCOIN🚨 Metplanet just CARPET-BOMBED the fiat system with a $1.4 BILLION equity bazooka, and are about to funnel it STRAIGHT into BITCOIN. Even after blasting their share count up by 51%, every single share now carries MORE Bitcoin than before. This isn’t dilution. It’s MUTATION. The corporate genome has been rewritten in sats. In the next six weeks, Japan will unleash over 11,000–12,500 fresh BTC buys into a market already running dry. That’s not treasury management, that’s a financial war crime against fiat. THIS IS WHY I AM GIGA-BULLISH:

Adam Livingston

34,253 次观看 • 11 个月前

Making Sense Of Bitcoin Treasury Companies If you've been following me on X you’ll know that I have recently been floating a lot of my updated thoughts on the Bitcoin Treasury space. Here I have synthesised all of my ideas and distilled them into a single video. If you prefer YouTube, you can find the link in the comments. If you prefer written format, continue reading. The first thing we need to do is acknowledge an important fact which is that Strategy, as a Bitcoin Treasury Company, is an anomaly. What do I mean by that? Strategy’s success has been defined by a number of unique factors and circumstances, most of which cannot be replicated again by other Bitcoin Treasury Companies. Specifically, there are 6 things that stand out to me. 1. Before adopting Bitcoin, Strategy was a billion dollar company with an operating business that was generating roughly $50M in cash a year. 2. Until the introduction of the ETF's in January 2024, Strategy was the only way for the average investor to gain passive exposure to Bitcoin. 3. Until this year, Strategy was the only way for the average investor to gain leveraged exposure to Bitcoin. 4. Strategy was issuing multiple, billion dollar, zero coupon, unsecured convertible notes at +50% conversion premiums. 5. Strategy has Michael Saylor, who, you don’t need me to tell you, is in a league of his own. 6. For many reasons, including those I’ve just mentioned, Strategy has benefitted disproportionately from the broader sentiment around Bitcoin. In other words, for the best part of 4 years, Strategy had zero competition for either capital or attention. As a result, it became a magnet for capital from anyone who wanted exposure to Bitcoin and it attracted inflows that were beyond what fundamentals alone would maybe justify. Therefore, using Strategy as a blueprint for the performance that you can expect from other Bitcoin Treasury Companies is a bad idea. Using Strategy as a blueprint for how to operate a Bitcoin Treasury Company is a good idea. Now let’s break down what’s unfolded over the last 6 months or so. Between May and June of this year, when we witnessed a flood of new Bitcoin Treasury Companies, we entered what I refer to as the frenzy phase. The frenzy phase was driven almost entirely by sentiment. By sentiment I simply mean emotion. Since then, as sentiment has slowly faded, the market has increasingly priced Bitcoin Treasury Companies based more on fundamentals. By fundamentals I simply mean facts. So where as sentiment is driven by emotion and hype, fundamentals are driven by facts and reason. The problem is that when you price Bitcoin Treasury Companies on fundamentals, you realise that many of them are almost entirely dependent on sentiment in order to expand mNAV so they can raise capital via the common stock ATM to buy Bitcoin and generate Bitcoin Yield. However, for me, raising capital via the common stock ATM and recycling it into Bitcoin is not genuine value creation — it’s value transfer. That’s not to say you shouldn’t leverage the ATM as and when necessary — you should. However, if your business model as a Bitcoin Treasury Company no longer works when “sentiment is low” then you have neither a business model nor a business. You’re the equivalent of a meme stock except with Bitcoin on your balance sheet. On that basis, companies shouldn’t expect to trade at a premium if the common stock ATM is the only way they raise capital. I’m not saying they won’t trade at a premium — I’m saying that companies shouldn’t expect to. Now, between July and now, we’ve obviously seen mNAVs compress substantially and so the frenzy phase is over which means that the days of automatically being granted generous mNAV multiples is also over. So now we are in the maturity phase. The maturity phase is going to be defined by being able to offer a differentiated value proposition and having a sustainable business model that can generate Bitcoin Yield in any environment independent of sentiment. In other words, they can generate Bitcoin Yield when trading at or below 1 mNAV. So essentially now, Bitcoin Treasury Companies have to work for their mNAV multiples — as it should be. Following the maturity phase will be the consolidation phase where capital, Bitcoin and ultimately market share will converge towards a small number of Bitcoin Treasury Companies that will dominate the entire industry. I should clarify that I am referring predominantly to pure-play Bitcoin Treasury Companies — companies who are valued based solely on their Bitcoin strategy. Now, with everything that I’ve said, how should you evaluate Bitcoin Treasury Companies? Hopefully over the next few weeks I’m going to string together a video with my valuation framework. In the meantime, a basic test is that I use is this: How much Bitcoin Yield can the company generate over X period of time — you decide what that period of time is — if it traded at 1x mNAV over that entire period? If the answer is 0, then they are probably entirely dependent on raising capital via the common stock ATM which means they likely don’t deserve a premium. If the answer is >0, then they are probably innovating through the use of other instruments — like converts and preferred products — which means they likely do deserve a premium and so whatever number you come up with should be used as the base for your valuation. Now, don’t be fooled. The Bitcoin Treasury Company space is, not entirely, but to a large degree, a zero-sum game. Every Dollar raised by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. Every Bitcoin purchased by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. It’s only because we are early that everyone is incentivised to essentially hold hands and cheer each other on. However, make no mistake, everyone involved is tacitly well aware that they are all competing for the same finite amount of capital and the same fixed amount of Bitcoin. Thus, the reality is that, by definition, not every Bitcoin Treasury Company is going to succeed. So choose your horses and jockeys wisely. As a side note, with the amount of Bitcoin Treasury Companies now desperately chasing and competing for the same capital from institutions, who do you think has the leverage; the Bitcoin Treasury Companies or the institutions? I’ll let you decide. Before I close, I want to leave you guys with this. There is a small subset of people invested in Bitcoin Treasury Companies who are desperately clinging on to their bags because they believe “sentiment will return.” These people are completely missing the point. My friends, if your investing philosophy is based on sentiment, you are simply not going to last. You want to base your decisions, as far as possible, on fundamentals. As investors, you either adapt and update your mental models based on how things are and not how you want them to be — or you get left behind. With that in mind: Never get caught up in tribalism. Never get attached to your beliefs. Always think critically. Always think independently. Always seek Truth.

Making Sense Of Bitcoin Treasury Companies If you've been following me on X you’ll know that I have recently been floating a lot of my updated thoughts on the Bitcoin Treasury space. Here I have synthesised all of my ideas and distilled them into a single video. If you prefer YouTube, you can find the link in the comments. If you prefer written format, continue reading. The first thing we need to do is acknowledge an important fact which is that Strategy, as a Bitcoin Treasury Company, is an anomaly. What do I mean by that? Strategy’s success has been defined by a number of unique factors and circumstances, most of which cannot be replicated again by other Bitcoin Treasury Companies. Specifically, there are 6 things that stand out to me. 1. Before adopting Bitcoin, Strategy was a billion dollar company with an operating business that was generating roughly $50M in cash a year. 2. Until the introduction of the ETF's in January 2024, Strategy was the only way for the average investor to gain passive exposure to Bitcoin. 3. Until this year, Strategy was the only way for the average investor to gain leveraged exposure to Bitcoin. 4. Strategy was issuing multiple, billion dollar, zero coupon, unsecured convertible notes at +50% conversion premiums. 5. Strategy has Michael Saylor, who, you don’t need me to tell you, is in a league of his own. 6. For many reasons, including those I’ve just mentioned, Strategy has benefitted disproportionately from the broader sentiment around Bitcoin. In other words, for the best part of 4 years, Strategy had zero competition for either capital or attention. As a result, it became a magnet for capital from anyone who wanted exposure to Bitcoin and it attracted inflows that were beyond what fundamentals alone would maybe justify. Therefore, using Strategy as a blueprint for the performance that you can expect from other Bitcoin Treasury Companies is a bad idea. Using Strategy as a blueprint for how to operate a Bitcoin Treasury Company is a good idea. Now let’s break down what’s unfolded over the last 6 months or so. Between May and June of this year, when we witnessed a flood of new Bitcoin Treasury Companies, we entered what I refer to as the frenzy phase. The frenzy phase was driven almost entirely by sentiment. By sentiment I simply mean emotion. Since then, as sentiment has slowly faded, the market has increasingly priced Bitcoin Treasury Companies based more on fundamentals. By fundamentals I simply mean facts. So where as sentiment is driven by emotion and hype, fundamentals are driven by facts and reason. The problem is that when you price Bitcoin Treasury Companies on fundamentals, you realise that many of them are almost entirely dependent on sentiment in order to expand mNAV so they can raise capital via the common stock ATM to buy Bitcoin and generate Bitcoin Yield. However, for me, raising capital via the common stock ATM and recycling it into Bitcoin is not genuine value creation — it’s value transfer. That’s not to say you shouldn’t leverage the ATM as and when necessary — you should. However, if your business model as a Bitcoin Treasury Company no longer works when “sentiment is low” then you have neither a business model nor a business. You’re the equivalent of a meme stock except with Bitcoin on your balance sheet. On that basis, companies shouldn’t expect to trade at a premium if the common stock ATM is the only way they raise capital. I’m not saying they won’t trade at a premium — I’m saying that companies shouldn’t expect to. Now, between July and now, we’ve obviously seen mNAVs compress substantially and so the frenzy phase is over which means that the days of automatically being granted generous mNAV multiples is also over. So now we are in the maturity phase. The maturity phase is going to be defined by being able to offer a differentiated value proposition and having a sustainable business model that can generate Bitcoin Yield in any environment independent of sentiment. In other words, they can generate Bitcoin Yield when trading at or below 1 mNAV. So essentially now, Bitcoin Treasury Companies have to work for their mNAV multiples — as it should be. Following the maturity phase will be the consolidation phase where capital, Bitcoin and ultimately market share will converge towards a small number of Bitcoin Treasury Companies that will dominate the entire industry. I should clarify that I am referring predominantly to pure-play Bitcoin Treasury Companies — companies who are valued based solely on their Bitcoin strategy. Now, with everything that I’ve said, how should you evaluate Bitcoin Treasury Companies? Hopefully over the next few weeks I’m going to string together a video with my valuation framework. In the meantime, a basic test is that I use is this: How much Bitcoin Yield can the company generate over X period of time — you decide what that period of time is — if it traded at 1x mNAV over that entire period? If the answer is 0, then they are probably entirely dependent on raising capital via the common stock ATM which means they likely don’t deserve a premium. If the answer is >0, then they are probably innovating through the use of other instruments — like converts and preferred products — which means they likely do deserve a premium and so whatever number you come up with should be used as the base for your valuation. Now, don’t be fooled. The Bitcoin Treasury Company space is, not entirely, but to a large degree, a zero-sum game. Every Dollar raised by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. Every Bitcoin purchased by one Bitcoin Treasury Company is at the expense of every other Bitcoin Treasury Company. It’s only because we are early that everyone is incentivised to essentially hold hands and cheer each other on. However, make no mistake, everyone involved is tacitly well aware that they are all competing for the same finite amount of capital and the same fixed amount of Bitcoin. Thus, the reality is that, by definition, not every Bitcoin Treasury Company is going to succeed. So choose your horses and jockeys wisely. As a side note, with the amount of Bitcoin Treasury Companies now desperately chasing and competing for the same capital from institutions, who do you think has the leverage; the Bitcoin Treasury Companies or the institutions? I’ll let you decide. Before I close, I want to leave you guys with this. There is a small subset of people invested in Bitcoin Treasury Companies who are desperately clinging on to their bags because they believe “sentiment will return.” These people are completely missing the point. My friends, if your investing philosophy is based on sentiment, you are simply not going to last. You want to base your decisions, as far as possible, on fundamentals. As investors, you either adapt and update your mental models based on how things are and not how you want them to be — or you get left behind. With that in mind: Never get caught up in tribalism. Never get attached to your beliefs. Always think critically. Always think independently. Always seek Truth.

Chris Millas

34,483 次观看 • 10 个月前

If you're just trying to capture the promise of crypto, you could own just two securities. You could own Bitcoin and Ethereum, and you would capture more than 90% of the alpha or price volatility of the entire crypto market. If you have Bitcoin and Ethereum together, you can wrap and you can stake and you can create a distribution. You can get yield off this combination that you couldn't before. Now I have yield. I get a check every month.

If you're just trying to capture the promise of crypto, you could own just two securities. You could own Bitcoin and Ethereum, and you would capture more than 90% of the alpha or price volatility of the entire crypto market. If you have Bitcoin and Ethereum together, you can wrap and you can stake and you can create a distribution. You can get yield off this combination that you couldn't before. Now I have yield. I get a check every month.

Kevin O'Leary aka Mr. Wonderful

35,232 次观看 • 11 个月前

🔥HOW I AM GOING TO GET FILTHY RICH WITH METAPLANET🔥 Metaplanet is trading like Wall Street found a Bitcoin vault, looked inside, saw 40,000+ BTC, checked the EV mNAV, saw it under 1x, and said... “Interesting, but have you considered buying a software company at 900 times earnings?” In this video, I break down why I think Metaplanet could be one of the most mispriced Bitcoin treasury plays on Earth. We’re talking: Bitcoin exposure at a discount Metaplanet’s BTC accumulation strategy Why the prefs could be massively misunderstood CEBE analysis on what common shareholders actually own $200k and $275k Bitcoin scenarios The 100,000 BTC and 210,000 BTC goal cases ..and why this thing could become a financial flamethrower if Bitcoin returns to trend. The market sees a weird Japanese Bitcoin stock. I see a potential balance sheet weapon before consensus arrives. If Metaplanet pulls this off, the people ignoring it now are going to be sitting in index funds eating room-temperature deli meat while the Bitcoin treasury companies turn into sovereign wealth funds with stock tickers. This is the thesis. This is the math. This is how I am trying to get filthy rich with Metaplanet:

🔥HOW I AM GOING TO GET FILTHY RICH WITH METAPLANET🔥 Metaplanet is trading like Wall Street found a Bitcoin vault, looked inside, saw 40,000+ BTC, checked the EV mNAV, saw it under 1x, and said... “Interesting, but have you considered buying a software company at 900 times earnings?” In this video, I break down why I think Metaplanet could be one of the most mispriced Bitcoin treasury plays on Earth. We’re talking: Bitcoin exposure at a discount Metaplanet’s BTC accumulation strategy Why the prefs could be massively misunderstood CEBE analysis on what common shareholders actually own $200k and $275k Bitcoin scenarios The 100,000 BTC and 210,000 BTC goal cases ..and why this thing could become a financial flamethrower if Bitcoin returns to trend. The market sees a weird Japanese Bitcoin stock. I see a potential balance sheet weapon before consensus arrives. If Metaplanet pulls this off, the people ignoring it now are going to be sitting in index funds eating room-temperature deli meat while the Bitcoin treasury companies turn into sovereign wealth funds with stock tickers. This is the thesis. This is the math. This is how I am trying to get filthy rich with Metaplanet:

Adam Livingston

48,909 次观看 • 4 个月前

🔥SAYLOR'S ENDGAME IS HERE - STRATEGY TO 2 MILLION BITCOIN BY END OF 2027🔥 $1 billion in ONE WEEK from STRC. To be followed by almost $1 billion in ONE DAY from STRC. HALF of their ANNUAL DIVIDEND OBLIGATION raised from JUST STRC in LESS THAN ONE TRADING DAY. THE BEARS ARE RUNNING OUT OF AMMO. THIS IS THE GREAT BITCOIN SINGULARITY STRATEGY TO 2 MILLION BITCOIN. 10% OF THE SUPPLY. YOU ARE LIVING IN SAYLOR'S ENDGAME.

🔥SAYLOR'S ENDGAME IS HERE - STRATEGY TO 2 MILLION BITCOIN BY END OF 2027🔥 $1 billion in ONE WEEK from STRC. To be followed by almost $1 billion in ONE DAY from STRC. HALF of their ANNUAL DIVIDEND OBLIGATION raised from JUST STRC in LESS THAN ONE TRADING DAY. THE BEARS ARE RUNNING OUT OF AMMO. THIS IS THE GREAT BITCOIN SINGULARITY STRATEGY TO 2 MILLION BITCOIN. 10% OF THE SUPPLY. YOU ARE LIVING IN SAYLOR'S ENDGAME.

Adam Livingston

30,614 次观看 • 4 个月前