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Jesse Kobernick posts on X about bitcoin, debt, $asst, $mstr the most. They currently have XXXXX followers and XXX posts still getting attention that total XXXXXX engagements in the last XX hours.
Social category influence cryptocurrencies #3162 finance XXXX% stocks XXXX% countries XXXX% exchanges XXXX%
Social topic influence bitcoin #1424, debt #555, $asst #131, $mstr #454, stack 0.96%, the only #1813, unlock 0.96%, holders #893, $49m #6, longterm XXXX%
Top accounts mentioned or mentioned by @strategy @actuallyclimber @punterjeff @metaplanetjp @btcbullrider @80iqmindset @ryquant @adrianrmorris @btcoverflow @grok @hermeslux @saylor @dylanleclair @adrian_r_morris @joelonbitcoin @malikas_friend @inheritingbtc @richardahaas @joshmandell6 @drgil
Top assets mentioned Bitcoin (BTC) Strive, Inc. (ASST) Strategy (MSTR) Semler Scientific, Inc. (SMLR) Nakamoto Games (NAKA) Hundred Million (100M) Qtum (QTUM) Metaplanet Inc. (MTPLF)
Top posts by engagements in the last XX hours
"@MartyBent is a granola mom masquerading as a bitcoin podcaster"
X Link @JesseKobernick 2025-10-17T06:35Z 5868 followers, XXX engagements
"Having no debt as a BTCTC should not be a point of pride. Anyone can get exposure to non-leveraged BTC without having to bear operational risk or expenses"
X Link @JesseKobernick 2025-10-17T17:14Z 5868 followers, 4357 engagements
"@BenWerkman Good write-up. Thanks Ben. Does $ASST plan to provide guidance with respect to how and when it will use its common ATM or its buyback program"
X Link @JesseKobernick 2025-10-13T01:38Z 5867 followers, 2624 engagements
"$STRF--yielding 8.6%--still seems more attractive than $STRC--yielding XXXXX% yield. STRF being senior in the capital stack (behind only bonds) is very appealing as is the X% penalty if $MSTR defers any dividend owed on STRF. If STRC succeeds and MSTR can run the ATM on it that both builds the BTC capital base which helps STRF and reduces the need to ATM STRF. I'm okay giving up 1.75%/yr for seniority in the capital stock and higher potential price appreciation. I understand why MSTR common holders want their grandmas to buy STRC but STRF seems like the better investment option"
X Link @JesseKobernick 2025-10-05T05:33Z 5866 followers, 34.3K engagements
"@RealJimChanos are you a buyer if a bitcoin treasury company does this 😂"
X Link @JesseKobernick 2025-10-17T18:08Z 5867 followers, XXX engagements
"Good explanation below on the value of the preferreds. @ColeMacro can you share more about how and when $ASST plans to use the common share ATM Are you averse to limiting its use to paying dividends on the preferreds and covering operating expenses"
X Link @JesseKobernick 2025-10-11T06:22Z 5866 followers, 1490 engagements
"@EspritAlberta @ZynxBTC Many termination scenarios will require SMLR to pay $49M breakup fee"
X Link @JesseKobernick 2025-10-14T05:02Z 5867 followers, XX engagements
"@KristophJeffers More or less where Im at. Leveraged BTC exposure is the selling pt and there are ways to get similar exposure with fewer unknowns and risks. The leveraged exposure thats now for sale is also on worse terms in some cases than an individual can obtain"
X Link @JesseKobernick 2025-10-16T03:09Z 5866 followers, XX engagements
"I was mistaken here. Capital Group reduced their holdings in MSTR--not MetaPlanet--in Q4 2024"
X Link @JesseKobernick 2025-10-07T18:15Z 5865 followers, 5569 engagements
"Which approach do you want your $BTC treasury company exec to take X. Assume other people might have something worth hearing and might know something that you dont. X. Assume negative comments are bots so as to avoid having to engage intellectually with a contrary idea"
X Link @JesseKobernick 2025-10-10T03:00Z 5866 followers, 16.7K engagements
"Thanks for sharing this. Interesting legal question. Haven't dug into it much in the context of BTC treasury company which have unusual financial statements (e.g. MSTR's large BTC asset position on its balance sheet but low income). I think you'd want to look at DGCL Sec. XXX which speaks to some limits on share buybacks if it would impair the capital. This article goes into what impairment is and how surplus is measured. I think they likely would be able to buy back common shares until liabilities exceed assets but have only briefly looked at it"
X Link @JesseKobernick 2025-10-06T21:21Z 5860 followers, XXX engagements
"@dRiskDave @HermesLux @Metaplanet_JP I like the framing scaling down to minimal dilution over time. I fear some of the newer companies that ran PIPE financings may struggle to regain trust to get anything off the ground. So need to act boldly to regain that trust"
X Link @JesseKobernick 2025-10-08T15:30Z 5868 followers, XXX engagements
"Expenses will get more scrutiny if these BTC treasury companies remain under X mNAV and are unable to acquire BTC. What are we subsidizing and why"
X Link @JesseKobernick 2025-10-14T21:38Z 5867 followers, 2529 engagements
"Looking at financial statements and SEC filings. The plan for many companies that are sub-1 mNAV is likely simply to hold cash sufficient to cover expenses for several years. Of course they don't make money. So they sold common but instead of buying BTC they held cash. In essence the BTC treasury companies are holding cash as a treasury reserve.🤷♂"
X Link @JesseKobernick 2025-10-15T04:52Z 5867 followers, XX engagements
"Why do you think it's essentail at that mNAV level Why not X or X The CSP income raised from selling preferreds helps. But it will never fully cover the obligation. You sell $100M in preferreds with X% interest. Then you buy $95M in BTC and use $5M for a CSP. You get X% annualized premium on the $5M. Ok cool. The next year you have to pay X% on the $100M of preferred again. Not saying I dislike CSPs or preferreds. Just that they won't fully for the dividends"
X Link @JesseKobernick 2025-10-17T06:22Z 5868 followers, XXX engagements
"@Adrian_R_Morris @saylor That's a strawman. All can be true: bots exist (both bearish and bullish); there are legitimate criticisms; and pointing to bots certainly looks like an exuse"
X Link @JesseKobernick 2025-10-16T16:06Z 5868 followers, XXX engagements
"@IIICapital @caprioleio You should link to the excellent series of articles from @bewaterltd on the subject. He spends enormous time (even more than X minutes) analyzing the subject. People can decide for themselves whether there are parallels"
X Link @JesseKobernick 2025-10-14T13:22Z 5866 followers, 3811 engagements
"@benminer2 In hindsight a lot of the BTCTC moves as mNAVs collapsed looked like efforts to time the BTC cycle"
X Link @JesseKobernick 2025-10-17T17:56Z 5868 followers, XX engagements
"@ThetaMaestro Ok. Hope so"
X Link @JesseKobernick 2025-10-15T21:13Z 5867 followers, XX engagements
"@ThetaMaestro Like I said I like MetaPlanet. Just think it's silly to be confounded as to why the market doesn't consider their CSP sales an operating business"
X Link @JesseKobernick 2025-10-15T20:54Z 5866 followers, XXX engagements
"I hear you. And that thinking does resonate to a degree. The future income streams is a speculative but it's something I certainly think about as even a small % of monetizing the BTC can lead to a tremendous outcome if the BTC stack is big. I fear the equity dilution is slowly killing the ability for them to acquire more BTC as it dissuades new investors from buying at any premium. I think they all recognize this which is why many companies seem to be focusing intently on preferreds. If they limit the equity dilution to cover the preferred dividends then premium could return--which is how"
X Link @JesseKobernick 2025-10-08T16:43Z 5865 followers, XXX engagements
"Way too early to say whether any #bitcoin treasury company is dead. Except $SMLR. $ASST suggests they need preferreds to succeed. And they need scale to issue preferreds. And they needed the PIPE and SMLR to reach scale. Could work. 🤷♂"
X Link @JesseKobernick 2025-10-14T03:37Z 5868 followers, 2627 engagements
"Should I long Defiance Quantum ETF $QTUM as a hedge on my bitcoin"
X Link @JesseKobernick 2025-10-17T04:12Z 5868 followers, 1253 engagements
"Simply put preferred stock enables the expansion of Bitcoin holdings without dilution allowing an increase in Bitcoin per share without being influenced by mNAV. Id be inclined to buy more if they put things in place to limit the common dilution to cover only preferred dividends. Provide the market certainty that should MP sell $1B in preferred we are getting exposure to XX% leverage on attractive terms. Remove the uncertainty on whether the company will decide to delever and dilute at any moment via common share sales"
X Link @JesseKobernick 2025-10-17T04:36Z 5868 followers, 8903 engagements
"Yes. PIPE investors (hedge funds) buy stock. Stock price pumps (is pumped). Retail investor and ordinary shareholders buy stock. PIPE investors short locking in profits. Price recedes to PIPE price or lower of course. PIPE shares unlock allowing investors to close positions. Investors thank the company for facilitating the orderly transfer of capital from retail X followers to their hedge fund. Company says Price movement is out of our control As the PIPE shares are unlocked and the stock price has collapsed we should warn you that a PIPE can cause funny price action. But did you notice we"
X Link @JesseKobernick 2025-10-14T03:39Z 5867 followers, 13K engagements
"@AllYourModels @HermesLux @Metaplanet_JP Could be. Would you be a buyer at 2-3x mNAV Someone needs to be"
X Link @JesseKobernick 2025-10-08T16:02Z 5865 followers, XXX engagements
"I'm not sure. There are certainly lots of factors that are outside the control of management that could have dictated price movement regardless of what they did. But most of MSTR's earlier growth was debt-fueled and did not focus on common equity issuance. That piece is fairly new at least at that scale"
X Link @JesseKobernick 2025-10-17T08:02Z 5868 followers, XXX engagements
"@Checkmatey They have a fair amount of time to come into compliance before Nasdaq delisting. I wonder how much capacity these guys have in authorized shares"
X Link @JesseKobernick 2025-10-16T21:39Z 5868 followers, XXX engagements
"Surprised to see that $SMLR shareholders did not approve the issuance of preferred stock"
X Link @JesseKobernick 2025-09-11T23:36Z 5868 followers, 1986 engagements
"@BTCBULLRIDER Its a derivatives trade dependent on selling common to harvest a premium. Challenging or impossible to project it out. I doubt Simon and Dylan view it as something other than a discount on BTC purchases"
X Link @JesseKobernick 2025-10-16T02:35Z 5868 followers, XXX engagements
"Sentiment as described here is the value of the company as determined by the market. mNAV is the value of the company as determined by the market reflected as a multiple of net asset value (or sometimes just BTC asset value). So mNAV = sentiment is true under these definitions. But I dont understand what Im supposed to take away from this"
X Link @JesseKobernick 2025-10-12T22:02Z 5867 followers, 3612 engagements
"I like MetaPlanet but I think it's misleading to refer to their BTC income generation as a "profitable operating business." They sell cash secured puts. The only way they can sell the puts is to first have cash--and the only meaningful way for them to get cash is to first dilute common holders through the sale of stock. (They say they don't use margin.) This is not an operating business in any ordinary sense of the term. So it's not surprising that the market doesn't value MetaPlanet based on its "operating business.""
X Link @JesseKobernick 2025-10-15T20:30Z 5868 followers, 24.7K engagements
"Seems challenging to know who is a long-term investor (aside from the obvious CB buyer). To attract the "right" long-term investor you have to be a company worthy of being held long-term. I read that even the vaunted Capital Group sold down their MetaPlanet position in Q4 2024"
X Link @JesseKobernick 2025-10-07T17:56Z 5865 followers, 8851 engagements
"@PDPhilaPhil @HermesLux Think theyre too small to be systemic risks. And my guess is worst case scenario they sell just enough BTC to keep the game going (pay salaries expenses debt obligations etc.). Many can do that for a while"
X Link @JesseKobernick 2025-10-17T03:36Z 5868 followers, XX engagements
"Been turning over the prefs in my head a fair amount. Interesting thoughts here. I keep going back to the inability of the company to pay the dividends without selling common. The dollar amounts of the obligations may be relatively small (as I know people note in the case of MSTR). But I tend to think this will be a hangup both from the perspective of the common investor and from the perspective of the potential pref buyer. It seems like the structure requires the more risk-averse pref buyers to also adopt a belief in BTC's trajectory. Otherwise they don't get the dividends"
X Link @JesseKobernick 2025-10-15T04:44Z 5866 followers, XXX engagements
"The Board of $NAKA would indeed be obligated to consider any credible offer. Kind of crazy that M&A potential is being discussed"
X Link @JesseKobernick 2025-10-09T18:58Z 5867 followers, 1518 engagements
"I think @HermesLux is generally right regarding the inability of #bitcoin treasury companies to sustain high mNAVs unless they develop other income streams. But I think these companies including $MSTR and @Metaplanet_JP will need to go further to reassure the market that common share dilution is off the table. To do this they will need to legally eliminate the company's ability to easily turn on the common share ATM. I explain why and how below. Many treasury companies are hoping that $BTC pumps hard; investors hop back into riskier assets to try to outperform BTC; premiums expand; and they"
X Link @JesseKobernick 2025-10-08T06:59Z 5866 followers, 41K engagements
"@bitpokerpix True. Do you think MetaPlanet is trying to time BTC's price movement"
X Link @JesseKobernick 2025-10-17T17:57Z 5868 followers, XX engagements
"Think my math is off depending on what you consider a liability. But you get the idea"
X Link @JesseKobernick 2025-10-17T04:50Z 5868 followers, XXX engagements
"@KellanMccauley @ActuallyClimber That outcome may even be best case if they can't get mNAV up. Did you see the vote count on the preferred stock proposal for SMLR I'm not at all sure they'll have the votes on the SMLR side for the merger if ASST drops too much due to the PIPE unlock"
X Link @JesseKobernick 2025-10-06T21:30Z 5867 followers, XXX engagements
"@Sunfollower360 I'm not sure having a bunch of BTC operating expenses and no operating income is a strong argument for a strong share price. Would the buy/sell of BTC in your hypothetical cancel each other out So the question then is does the CSP premium exceed the cost of capital"
X Link @JesseKobernick 2025-10-17T19:15Z 5867 followers, XX engagements
"Who is tracking how much cash each BTCTC holds When all these companies traded at a premium no one cared. Just sell common for cash. But if the only way for the business to operate is with cash reserves or new debt (or selling chairs) it would be interesting to see how much cash they maintain"
X Link @JesseKobernick 2025-10-17T06:53Z 5868 followers, XXX engagements
"Interesting that you highlight ETFs. I've seen people note that you pay a XXXX% fee with IBIT but $MSTR is "free." Putting aside the operating losses borne by the shareholders $MSTR actually pays X% or more for its BTC--that fee is just applied when they sell stock (MSTR STRF STRK etc.). They sell stock and pay the Sales Agent X% then they buy BTC with that cash. The fees were higher for the BTC bought in the IPO than through the ATM. Not sure how much they pay to execute the BTC trade. You might not see an expense ratio for MSTR in your brokerage account but it's hardly "free.""
X Link @JesseKobernick 2025-10-15T20:49Z 5868 followers, 3982 engagements
"In case you want more than a 3-minute inch-deep analysis on whether treasury companies are similar to investment trust of the 1920s read this excellent series of articles from @bewaterltd. Agree disagree you'll come away more informed:"
X Link @JesseKobernick 2025-10-14T13:25Z 5867 followers, 3475 engagements
"I do hold MP. I generally don't talk about my specific holdings because I think what is best for each of us varies significantly (individual needs risk tolerance stage of life comfort with volatilty etc.). I also fear that sharing my specific positions will distort my thinking. Commitment bias social pressure etc. My own inadequacies"
X Link @JesseKobernick 2025-10-15T05:23Z 5867 followers, XX engagements
"@mc_khristina @ZynxBTC SMLr pays $49M to ASST in most termination scenarios. XX% of their stack. SMLR is fucked. Will get sued"
X Link @JesseKobernick 2025-10-14T04:07Z 5867 followers, XXX engagements
"@KristophJeffers Yes. Im undecided on the long term future of many of these companies. Theres so much bullshit and cope out there and loud voices incentivized to propagate it"
X Link @JesseKobernick 2025-10-15T23:07Z 5866 followers, XXX engagements
"@InvestmentsVgm @KunalBSukhija @DylanLeClair_ True. Yes annual. So you hit MSTRs expense ratio after year 8"
X Link @JesseKobernick 2025-10-15T21:51Z 5868 followers, XX engagements
"I hear you man. I think you're right on the motivation. Also exlains all these companies stacking BTC as their mNAVs collapsed. Trading short term common stock performance for potential long-term benefit. My concern on prefs is the same as the MSTR prefs: absent operating income to pay the divs you need buyers to believe both (a) BTC is going up at a good click; and (b) the common stock will receive a premium. Just guessing but I imagine these concerns may hold back prefs more than the actual leverage ratio of the company"
X Link @JesseKobernick 2025-10-17T17:54Z 5868 followers, XXX engagements