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@JesseKobernick Avatar @JesseKobernick Jesse Kobernick

Jesse Kobernick posts on X about $mstr, bitcoin, $asst, stack the most. They currently have XXXXX followers and XXX posts still getting attention that total XXXXXX engagements in the last XX hours.

Engagements: XXXXXX #

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Mentions: XX #

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Followers: XXXXX #

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Social Influence #

Social category influence cryptocurrencies #1710 finance XXXX% stocks #5337 automotive brands XXXX% currencies XXXX% countries XXXX%

Social topic influence $mstr #58, bitcoin #664, $asst #99, stack #1051, money 1.01%, $49m 0.67%, longterm #797, cb #7, sec #1686, $strc XXXX%

Top accounts mentioned or mentioned by @strategy @punterjeff @actuallyclimber @btcbullrider @80iqmindset @btcoverflow @metaplanetjp @ryquant @grok @adrianrmorris @adrian_r_morris @joelonbitcoin @saylor @hermeslux @dylanleclair @malikas_friend @inheritingbtc @richardahaas @joshmandell6 @btc_overflow

Top assets mentioned Strategy (MSTR) Bitcoin (BTC) Strive, Inc. (ASST) Nakamoto Games (NAKA) Metaplanet Inc. (MTPLF) Strike (STRK) Strategy Incorporated (STRF) Stride (STRD) Semler Scientific, Inc. (SMLR)

Top Social Posts #

Top posts by engagements in the last XX hours

"@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 5862 followers, 2600 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 5860 followers, 34.3K 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 5856 followers, 1481 engagements

"@EspritAlberta @ZynxBTC Many termination scenarios will require SMLR to pay $49M breakup fee"
X Link @JesseKobernick 2025-10-14T05:02Z 5856 followers, XX engagements

"If you're investing in any #bitcoin treasury co. this is an important event to watch. Some companies like $MSTR have said they would entertain a share buyback if mNAV drops below 1"
X Link @JesseKobernick 2025-10-02T06:01Z 5859 followers, 1170 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 5862 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 5856 followers, 5567 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 5862 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

"@MartinKonstant5 @volcan_589 Really Can you point me to this filing"
X Link @JesseKobernick 2025-10-13T14:27Z 5855 followers, XX engagements

"@ZynxBTC @zifush8 @DylanLeClair_ @gerovich Based on these responses it sounds like some shareholders have preemptive rights. Can buy their pro rata portion of subsequent issuances to prevent their position from being diluted"
X Link @JesseKobernick 2025-10-14T05:34Z 5856 followers, XXX engagements

"Months or years without significant equity dilution may do the trick rather than a legal restriction. But IMO it'll take a while for the market to believe that they can buy a company's stock at a higher premium without fear that the company will harvest that premium at some point. That's the issue I see. On point X I think you need to think of two different types of treasury companies: X. MSTR and maybe MP with large stacks and longer history. X. Newer entrants that are small and get stuck close to NAV. Those newer entrants may need to take a different strategy to survive (or avoid slow"
X Link @JesseKobernick 2025-10-09T16:59Z 5856 followers, XXX engagements

"The ATM at market price and share dilution undoubtedly puts downward pressure on share price. One can still make the case that the company's use of that capital has an offsetting effect such that the ATM and share dilution has a net postiive effect on share price. Is that the point you are making @Adrian_R_Morris"
X Link @JesseKobernick 2025-10-09T15:47Z 5854 followers, 19.2K 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 5861 followers, 2496 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 5862 followers, XX 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 5861 followers, 3794 engagements

"@Bitcoin_Baddie_ @dcfmusic Nah it would just take time to dig up specific uses of S-3s why they differ from treasury co uses and make the case on why the market reaction differs. Many people already get it I think"
X Link @JesseKobernick 2025-10-12T17:47Z 5852 followers, XXX engagements

"@ThetaMaestro Ok. Hope so"
X Link @JesseKobernick 2025-10-15T21:13Z 5862 followers, XX 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 5860 followers, 2610 engagements

"@Adrian_R_Morris @b_kochkodin Sentiment is your word. I was putting it in your terms. Im looking at performance"
X Link @JesseKobernick 2025-10-12T18:44Z 5853 followers, XXX engagements

"The idea of a X mNAV floor might not hold for companies that are unprofitable. If they remain at or below X for too long I would think the market would then bring that mNAV down as they would see that they don't have operating profits to cover their expenses so the NAV should further erode as you look forward"
X Link @JesseKobernick 2025-10-06T21:24Z 5856 followers, XXX 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 5862 followers, 12.9K 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 5862 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 5856 followers, 3390 engagements

"My concern too re $STRC: "Hiking rates on STRC to maintain/defend a peg or price level is not going to work when depositors want to get their money back out." $STRC's selling pt is price stability. Can $MSTR quickly hike rates high enough to maintain stability in a drawdown"
X Link @JesseKobernick 2025-10-06T04:49Z 5855 followers, 9253 engagements

"Adrian can we agree that both issuances and buybacks can impact price I understand your analysis tells you issuances dont impact price. But surely they may impact priceotherwise whats the point of Saylor limiting the volume of the ATM in any way; and shouldnt he be hitting it at any and all premiums"
X Link @JesseKobernick 2025-10-12T17:55Z 5853 followers, XXX 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 5862 followers, 20.6K 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 5856 followers, 8848 engagements

"Wow. The number X company Nippon Telegraph and Telephone has a market cap that is $90B USD larger than MetaPlanet's market cap. 🤯 Great volume for selling more shares to buy BTC. $MTPLF"
X Link @JesseKobernick 2025-05-23T08:20Z 5856 followers, 1689 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 5860 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 5859 followers, 1516 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 5862 followers, 41K 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 5861 followers, XXX engagements

"@Adrian_R_Morris @b_kochkodin I hear what youre saying. Im trying to find where we agree"
X Link @JesseKobernick 2025-10-12T18:05Z 5853 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 5862 followers, 3584 engagements

"Tether has operating revenue that allows it to buy more treasuries thereby increasing Treasuries per Share"
X Link @JesseKobernick 2025-10-12T05:17Z 5852 followers, 1394 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 5862 followers, 3452 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 5862 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 5859 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 5862 followers, XXX engagements

"@AdrianoC2222 Are you thinking selling cash secured puts like MetaPlanet does or selling calls against your stack Or something else"
X Link @JesseKobernick 2025-10-12T20:47Z 5853 followers, XXX engagements

"Many heroes will be slayed this cycle. A tough but necessary culling. #bitcoin"
X Link @JesseKobernick 2025-10-13T14:39Z 5856 followers, 2957 engagements

"Seems like there are a few options for BTCTCs that dont have operating income and drop below X mNAV: a. Dont buy back shares. Hold cash to cover expenses (or sell BTC to cover expenses). Maybe mNAV goes back up. b. Sell BTC to buy back shares at some attractive point below X mNAV and communicate your plan to the market (mNAV level; how you will pay for the shares; why you believe its a temporary lull). Maybe use cash held to buy back shares but Climbs numbers suggest you need a lot of cash to move the needle. c. Do nothing. Hope mNAV goes up. Communicate no plan or vaguely suggest you might"
X Link @JesseKobernick 2025-10-12T18:56Z 5854 followers, 2581 engagements