@stonychambers Avatar @stonychambers Bitcoin Asset Research

Bitcoin Asset Research posts on X about bitcoin, $mstr, this is, $strf the most. They currently have [-----] followers and [---] posts still getting attention that total [---] engagements in the last [--] hours.

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Social Influence

Social category influence cryptocurrencies 84.16% finance 68.32% stocks 57.43% automotive brands 10.89% exchanges 5.94% technology brands 2.97% products 2.97% currencies 1.98% countries 0.99%

Social topic influence bitcoin #6975, $mstr 35.64%, this is 18.81%, $strf #16, $strk 16.83%, strk 14.85%, $strc #15, fiat 10.89%, money 9.9%, investment 8.91%

Top accounts mentioned or mentioned by @strategy @microstrategy @saylor @rmtswank @lynaldencontact @joshmandell6 @punterjeff @metaplanet @dividendguy67 @strictlybtc @saifedean @aantonop @mattkratter @prestonpyshs @timevalueofbtc @natbrunells @bluewalletio @muunwallet @speedwallet @aquabitcoin

Top assets mentioned Bitcoin (BTC) Strategy (MSTR) Strategy Incorporated (STRF) Strike (STRK) Stride (STRD) Semler Scientific, Inc. (SMLR) iShares BTC Trust (IBIT) Asset Entities Inc. (ASST) Coinbase Global Inc. (COIN) Cango Inc. American Depositary Shares (CANG) Bitcoin Plus (XBC) Official Trump (TRUMP) Block, Inc. (XYZ)

Top Social Posts

Top posts by engagements in the last [--] hours

"Update: $5.42 billion of ATM remains 1.69% YTD BTC Yield is already 21% of the projected annual 8% BTC Yield from the last earnings call (raised from 6%). It's only the 21st day of the 1st month of the year and $MSTR is 21% through the annual guidance. No fixed income yet. When that starts stock will explode. MicroStrategy has acquired [-----] BTC for $1.1 billion at $101191 per bitcoin and has achieved BTC Yield of 1.69% YTD [----]. As of 1/20/2025 we hodl [------] $BTC acquired for $29.3 billion at $63610 per bitcoin. $MSTR https://t.co/SOgvMscghy MicroStrategy has acquired [-----] BTC for $1.1"
X Link 2025-01-21T13:17Z [----] followers, [----] engagements

"Common equity ATM is the best way to grow bitcoin per share. But it's also boring and dilutive so it gets a bad reputation. Issuing common equity (at a premium to NAV) is simply transmuting future earnings per share into bitcoin per share. Think about it: Shares outstanding goes up so EPS goes down. Yet BPS goes up because you sold $1 of BTC for more than $1 and bought more BTC with the difference. EPS BPS. The transmutation makes sense if the marginal EPS forfeited grows at a slower pace than the marginal BPS that was gained. This is an extremely simple calculation that any business can"
X Link 2025-10-08T18:48Z [----] followers, [----] engagements

"One day that credit spread for $STRF will hit [--]. After that it will be negative. BBYCs (Bitcoin backed yield curves) will set the risk free rates in all major fiat currencies. Tracking credit spreads on fixed rate bitcoin-backed credit instruments: $STRK $STRF $STRD 🔎 The lower the spread the less risk is perceived by the market https://t.co/j0fa6POvAv Tracking credit spreads on fixed rate bitcoin-backed credit instruments: $STRK $STRF $STRD 🔎 The lower the spread the less risk is perceived by the market https://t.co/j0fa6POvAv"
X Link 2025-12-13T02:58Z [----] followers, 13.6K engagements

"If the $STRC dividend rate drops from 11% to 5.5% @Strategy can double the notional outstanding while keeping total annual dividend cost flat. That is the asymmetry people are missing. Fixed-rate prefs do not have this property. Every incremental dollar of $STRF or $STRK issued is permanently a $10 or $8 annual obligation. STRC is different because its marginal cost can trend down over time. The dividend moves with the front end of the yield curve. When that part of the curve comes down STRC's cost comes down too making $STRC the safest issuance channel through a full cycle. ie. A hurdle rate"
X Link 2026-01-27T14:52Z [----] followers, [----] engagements

"The bull market has stopped but the building has not. Few understand HOW Bitcoin becomes the bedrock of global finance. Part of the answer is developments like RailsX. FX equities credit can settle via Bitcoin and the Lightning Network thanks to Taproot Assets. What's missing is the liquidity and trading infra that accompanies these features in any normal financial system. This includes liquidity pools orderbooks derivatives clearinghouses and market makers. All of that can be built over Lightning making Bitcoin-native finance highly permissionless. RailsX seems to be one of these"
X Link 2026-02-01T20:01Z [----] followers, [----] engagements

"You can make 1-4% in Bitcoin APR with Rails by Amboss. Rails is automated Lightning channel management with a focus on earning more sats. Yield is earned by leasing channel liquidity and routing payments. The addressable market for this scales with Lightning Network usage. One way to grow Lightning Network usage is to build non-payments financial infra on top of Lightning. This is what RailsX does. When you look at it this way it's a very organic and sensible way to grow the Amboss business. And it's quite beneficial to Bitcoin too. $9.5 TRILLION in daily FX volume. that doesn't work on"
X Link 2026-02-03T14:35Z [----] followers, [----] engagements

"Cango is treating BTC like working capital not long term capital. In January $CANG mined [------] BTC and sold [------] BTC ending the month with [------] BTC on the balance sheet. Management is now tying BTC sales to growth. They said theyll selectively sell newly mined Bitcoin to fund expansion of their inference platform. BTC sales have become a big capex line item for miners as they move into AI compute. The bear market has made the selling decision seem more sensible than financing. https://twitter.com/i/web/status/2019071412854575394 https://twitter.com/i/web/status/2019071412854575394"
X Link 2026-02-04T15:31Z [----] followers, [---] engagements

"Some facts about $STRK as of today. - Pays 10% tax-deferred yield - Trades 20% below par - Convertibility into amplified bitcoin This is bear market panic. Even if BTC falls 75% from here and then Strategy liquidates at that price STRK would still be a 20% return if paid out [--] cents on the dollar. https://twitter.com/i/web/status/2019200664551768309 https://twitter.com/i/web/status/2019200664551768309"
X Link 2026-02-05T00:05Z [----] followers, [----] engagements

"MSTR Q4 earnings thoughts Quantum FUD needed to be addressed. Bitcoin Security Program for supporting the R&D efforts in Bitcoin software sounds great. Again Bitcoin Central Banking is mentioned: $STRC is the bitcoin ecosystem's risk free rate (around [--] hour [--] minute mark). STRC is effectively the fiat issued by Strategy which is Bitcoin's central bank. This identity continues to be clearly discussed in the open yet few are catching on. Highlighting the creation of crypto and tradfi products on top of STRC is really a euphemism for the higher monetary aggregates of Bitcoin's fiat. BTC is a"
X Link 2026-02-06T12:38Z [----] followers, [----] engagements

"Every issuance of $STRC strengthens $STRF because STRF is senior. STRF will rise to $140 and beyond. The yield of STRF should approach the [--] - 30yr rate and eventually dip below it. If the 10yr is 5% then STRF at 6% makes sense. That would be a price of $167. If yield goes below 5% then STRF would be over $200. Wherever long term rates go STRF yield follows. The risk premium on STRF will continue to drop as STRC scales and bitcoin rises. @stonychambers how do you think STRF will do now that they have plainly stated that STRC has replaced it as the flagship product can you see it dropping"
X Link 2026-02-06T16:59Z [----] followers, [----] engagements

"This week's 8-K + last week's unique price action actually gives deep insight into how @Strategy runs its $MSTR ATM. $89.5 million raised by selling [------] shares is an average price of $145.12 per share. The only time these could have been sold is the early session on Monday Feb [--] because in all other times the spot price was below $145. Incidentally the $78815 per BTC purchase price was only available through the rest of the Monday Feb [--] trading session. There $IBIT traded from $44.1 - $44.9 which is BTC at $77465.178 - $78870.442 (1756.58 IBIT is [--] BTC). It is effectively like Strategy did"
X Link 2026-02-09T14:14Z [----] followers, 16K engagements

"Defi and Crypto people still don't know about $STRC We are early Where are people getting yield these days 2% APR on USDT at Aave isn't exactly sexy. Where are people getting yield these days 2% APR on USDT at Aave isn't exactly sexy"
X Link 2026-02-09T21:02Z [----] followers, [----] engagements

"The biggest confusion around the Ledn S&P Rating is that this process can or has been replicated onchain via "DeFi". Hint: It can't. Folks are pointing to Morpho and Aave loans and how these have lower interest rates than ABS and securitized credit. The problem with this comparison is that DeFi loans are indirectly subsidized in a number of different ways which obfuscates the true interest rate on those loans. For one token emissions. DeFi companies often emit tokens to users as an incentive. These emissions may go to those who are supplying loanable funds. Think hard about why someone would"
X Link 2026-02-12T14:01Z [----] followers, [---] engagements

"The only thing this video proves is that people can be wholly confident while sounding totally foolish. The core argument rests on this false dilemma (let me save you [--] minutes): "If quantum is true then time needs to be continuous (reason being you cannot take the derivative of a discrete function) but bitcoin blocktime is discrete so it shows that time is not continuous. This is a contradiction so it is either quantum or bitcoin one or the other" Can anyone see a problem here Many third options exist beyond these two choices: - Time is continuous (hence quantum is fine) but digital things"
X Link 2026-02-13T17:39Z [----] followers, [----] engagements

"$STRF and $STRC do not compete with each other. Strategy chops up the risk-return profile of BTC into different exposures that are palatable to different investors. STRF is investment grade fixed income. STRC is short duration treasury credit. Two very different exposures for very different purposes. IG = guaranteed payments Fixed income = $10 per year locked in forever Short duration = flows sensitive to short term rates Treasury credit = always close to par The same dollar that is looking for fixed income is NOT looking for treasury credit and vice versa. So why is Strategy putting so much"
X Link 2026-02-08T18:22Z [----] followers, [----] engagements

"Lightning Labs just shipped the core tools for AI to AI digital commerce. It's a toolkit that gives AI agents a native way to transact on the Lightning Network. L402 is the protocol. It uses HTTP [---] as the trigger (this is an ancient HTTP code that went unused because there wasn't an internet native digital money when HTTP was being developed). The server replies with an invoice and a credential wrapper and payment becomes the unlock for the API call. When a machines hits an API "lnget" on the client side handles the payment handshake then retries the request with the right proof of payment."
X Link 2026-02-12T16:00Z [----] followers, [----] engagements

"The current CLARITY act deadlock over yield bearing stablecoins is all you need to know about the truly enormous breakthrough that is $STRC Understand the banker perspective and the stablecoin perspective. Then understand digital credit. This could be a short book"
X Link 2026-02-16T16:16Z [----] followers, [---] engagements

"$MSTR leverages the centralizing forces of the Cantillon effect to grow its capital base at a disproportionate pace. This is what it means to be positively polarized to capital. Fiat is not made for holding it is made for spending and investing in risk assets. As long as this dynamic remains the small handful of mega-scale Digital Credit issuers will continue to absorb capital. The result is visible in these statistics. Even as a long tail of smaller bitcoin companies develop the vast majority of bitcoin is purchased by the largest corporate treasuries. "To he who has much much will be given."
X Link 2026-01-26T20:30Z [----] followers, [----] engagements

"Community: #XMR #BTC Its more bullish when a crypto community favors objectivity.🔎 #Bitcoin is too saturated with myopic and sensationalist experts who perpetuate echo chambers.🤡 #Monero has Skepticism Sundays for members to voice concerns.🤝 Who loves #truth more 🤔"
X Link 2023-06-05T17:58Z [----] followers, [----] engagements

"What does it mean when a company taps an ATM (issues equity) to buy bitcoin The company is transmuting earnings per share (EPS) into bitcoin per share (BPS). More shares reduces EPS but it increases BPS if the company trades at a premium to it's bitcoin holdings. When does this move make sense It makes sense if expected earnings growth is exceeded by the expected growth of bitcoin. So issuing shares to buy BTC is almost always the sensible thing to do. If a company generates any earnings at all it should always trade at a premium to its underlying BTC holdings. And if the company trades at a"
X Link 2024-12-09T13:55Z [----] followers, [----] engagements

"You are forgetting two major things. First the difficulty only adjusts up to increments of 4X If this quantum computer can actually mine [--] block per minute then after the first difficulty adjustment it will be [--] block per [--] minutes. And then [--] block per [--] minutes after the second difficulty adjustment. But secondly you are forgetting that if this was the only computer mining so quickly it would control the timestamps on each block header. And therefore it could write fake timestamps which allow the protocol to believe that the block time was [--] minutes all along. Thus no difficulty"
X Link 2024-12-11T01:57Z [----] followers, 36.2K engagements

"Just a reminder that S&P [---] inclusion criteria is NOT about previous [--] quarters being all positive earnings. It is about the SUM of the most recent [--] quarter's earnings being positive. Huge difference. New FASB treatment on digital assets kicks in next year and the capital gains should be more than enough to make the sum of last [--] quarters' earnings positive. No we probably won't have to wait a whole year. Next quarter is probably enough. This misunderstanding is all too prevalent on Seeking Alpha so wanted to make it clear here"
X Link 2024-12-15T11:38Z [----] followers, 16.8K engagements

"$MSTR is more of a pure play bet on bitcoin than bitcoin itself. This is the conclusion I have come to after deeply studying both assets: that MSTR is the only "meta-bet" or "over-bet" on bitcoin. And I mean this only in the financial sense. Of course cold storage bitcoin offers unmatched self sovereignty but that isn't quite a finance/ investments bet. MSTR is structured to be bitcoin plus more bitcoin over time. MSTR monetizes the aspects of bitcoin which cannot be realized by merely holding bitcoin. The simplest example is selling volatility to make a BTC Yield. BTC cannot monetize"
X Link 2024-12-16T13:32Z [----] followers, [----] engagements

"I'm really starting to think a bigger rotation into SMLR may be a highly prudent move. I write a Seeking Alpha article on $MSTR and its over [-----] views hundreds of comments. I write a Seeking Alpha article on $SMLR and its [---] views less than a dozen comments. One stock is much more crowded and hot with lots of haters fanatics and critics. Lots of leverage too. Nothing wrong with this just stating the facts. The other is an unknown trade. BTC Yield numbers are just as good if not better. And the company is objectively in a less riskier financial position. This seems like a bigger"
X Link 2024-12-22T00:12Z [----] followers, 19.7K engagements

"If you cant even remember [--] words then youre NGMI. Social security number is [--] digits. Cell phone is [--] digits. [---] is three digits. Birthdays of you and your family members are some more digits. [--] words man. You cant mess it up if you actually take it seriously. Just have some discipline and think about the words whenever you take a shower or use the toilet. Its so easy"
X Link 2024-12-22T03:57Z [----] followers, [----] engagements

"$MSTR [-----] billion max share count proposal. Preferred stock flywheel🧵 What really really caught my eye was raising the limit for preferred stock to [--] billion shares (up from [--] million). Preferred stock sits at the intersection of debt and common equity. Preferred stock investors get paid a consistent stream of dividends. However there's more flexibility in these payments than with traditional fixed income and there isn't a principal to pay in the end. A lot of different covenants can be structured into preferred stock including redemption clauses which allow the company to erase the shares"
X Link 2024-12-30T00:44Z [----] followers, [----] engagements

"The best new year resolution is to set aside 300-400 hours this year to learn about bitcoin. You can do something like this (long🧵) - January: Read The Bitcoin Standard by Saifedean Ammous @saifedean - February: Read Broken Money by Lyn Alden @LynAldenContact - March: Read Mastering Bitcoin by Andreas Antonopoulos @aantonop Read a chapter every 1-3 days. If you don't understand anything: search it up ask ChatGPT or Grok or post it here in this thread. This is about a daily [--] hour time commitment. - April: Watch 3-4 YouTube videos from Bitcoin University by @mattkratter every single day."
X Link 2025-01-01T18:00Z [----] followers, 14.7K engagements

"$MSTR is a coiled spring about to explode. ATM has pushed the leverage ratio down. Sentiment has soured and volatility has collapsed with the premium. These are all good things. The stock has become a compressed spring. CB will do the rest. If we see preferred shares this year plus a flywheel of negative coupon CBs to finance the preferred stock dividends we are easily looking at another year of over 50% BTC Yield. The 8-10% guidance from the Q3 earnings call will be achieved in Q1 [----]. Meanwhile we have multiple ETF filings which signal massive underlying demand for MSTR's products (its BTC"
X Link 2025-01-04T06:09Z [----] followers, 20.9K engagements

"Robert pursuing hashrate expansion at all cost is value destructive to the shareholder. Imagine if a REIT pursued buying more buildings at all cost. Better yet imagine if REITs in an effort to demonstrate superiority compared how many buildings they acquired in the last [--] years. IT HAS NOTHING TO DO WITH FREE CASH FLOWS. In the same way hashrate has nothing to do with free cash flows for a miner. Show me your margins and show me your operating leverage. No one cares if you can mine [--] BTC per day but have to pay [--] BTC per day in electricity and manpower"
X Link 2025-01-08T00:37Z [----] followers, 14.3K engagements

"Simple $MSTR mental model: MSTR Fwd Returns = MSTR leverage x ( BTC Fwd returns + Fwd BTC Yield ) + Liquidity Premium Capital structure leverage is MSTR's beta to BTC. BTC Yield is an alpha on top of BTC returns. Liquidity premium accounts for the securities issuance business which is a function of liquidity in MSTR common MSTR options MSTX MSTU and their options. You can call it "Saylor premium" but what you're really saying is that Saylor has created better liquidity for all these markets. And yes: mNAV is irrelevant it should not be in here."
X Link 2025-01-12T19:57Z [----] followers, [---] engagements

"Most people don't realize that $TRUMP is likely changing capital formation right before our eyes. Long hot take🧵 BTC Maxis write off crypto as shitcoinery. This heuristic is right 99.9% of the time but is susceptible to black swan events which dramatically reset worldviews. $TRUMP is the black swan. A POTUS with immense popular support who intends to overturn everything just did what many view as a massive taboo: launch a memecoin off of his own popularity. By doing so Trump has opened the floodgates to people launching tokens to raise capital. All the folks sitting on the sidelines because"
X Link 2025-01-19T15:30Z [----] followers, [----] engagements

"If Saylor was truly "frontrunning an imminent US bitcoin reserve" then the entire $21b ATM and $21b fixed income would be gone by now. Copium and hopium are strong substances. Consume with caution and never in high dosages. Always apply common sense after a hit. Reference:"
X Link 2025-01-21T17:01Z [----] followers, [----] engagements

"Long post on $MSTR fixed income strategy in H1 2025: - perpetual preferred stock - possible negative coupon bonds Context: ATM has compressed the leverage ratio. mNAV has also fallen below 2X. MSTR has become a a coiled spring about to explode. Saylor stated that in Q1 they expect to use more fixed income. They kicked off the year with the $2 billion preferred stock announcement. These are meant to be perpetual with a possible conversion feature effectively embedding an everlasting call option into the security. Maths: Assuming the preferred stock closes with a 8% dividend rate it incurs a"
X Link 2025-01-26T06:45Z [----] followers, [----] engagements

"Long deep dive into $MSTR's perpetual preferred stock $STRK 🧵 Quick Highlights: - STRK will be a new liquid security. @MicroStrategy can do ATM on STRK to create BTC Yield for MSTR common - STRK dividend is 8% payable in MSTR common shares or cash. Yes you can likely get more MSTR shares passively just by holding STRK - This means that STRK generates a BTC Yield of sorts since you can get more MSTR shares passively (and MSTR generates BTC Yield passively) - STRK is an everlasting call option on MSTR common with strike price $1000. More on this in next bullet. - STRK shares are offered at"
X Link 2025-01-27T18:45Z [----] followers, 12K engagements

"New video on $STRK which is @MicroStrategy's new preferred stock offering. $MSTR"
X Link 2025-01-28T15:48Z [----] followers, 37.7K engagements

"Rex let me make it simple for you. The convertible bond buyers are NOT buying it to get bitcoin per share exposure. They dont care about bitcoin or $MSTR. They can believe that MSTR is going to [--] and yet they will still buy it and still profit. Read that sentence again. Do it. Please read it again. It is important. Now read a third time please. Why is that What they want is the cheap option contract within the bond so they can use volatility arbitrage to extract a profit. Volatility arb can be profitable even if the underlying goes to [--]. You say youve already done the MSTR research so just"
X Link 2025-01-29T07:36Z [----] followers, [----] engagements

""What happens when other companies start doing what $MSTR is doing Saylor has no moat" @Strategy's moat is hard to see since you must understand a few different things that seem unrelated but are actually extremely connected. The moat is mutually reinforcing and comes from [--] places: - holds the largest bitcoin stack - leveraged bitcoin dominates capital structure MSTR's perfect balance of both factors IS the moat. If you can catch up to point [--] then you are too big to get to point [--]. ie Your bitcoin will NEVER dominate your capital structure. If you can catch up to point [--] then your operating"
X Link 2025-02-16T21:06Z [----] followers, 12.9K engagements

"Jack Dorsey's @blocks ( $XYZ ) is sitting on $8.4b in cash. The stock is down 25% in the last month. $XYZ trades at 2X book value and 15X forward earnings. Meanwhile it's had a 50% CAGR on net income over the last [--] years. It's seriously time for a Bitcoin strategy. The market needs to be jolted awake. $8b will buy over [-----] BTC. $XYZ already holds [----] BTC. [-----] BTC will make this the 2nd biggest pubco Bitcoin treasury company twice the size of the current #2 ( $MARA ). Unlike $MSTR $XYZ also has a cash flow machine. This could be really good"
X Link 2025-02-24T20:15Z [----] followers, [----] engagements

"$STRK ATM is announced and STRK immediately falls more than it ever has in a single day breaking with its established non-correlation with $BTC and $MSTR common. As the preferred falls the cost of capital locked in for future ATMs rises. When @Strategy sells preferred stock at $80 they lock in a 10% dividend obligation. When they sell at $160 they lock in a 5% dividend obligation. Another way to look at the drop in STRK is that the market is assigning a higher discount rate on the STRK perpetuity now that up to $21b worth of shares might be issued. In other words investors are more skeptical"
X Link 2025-03-10T17:25Z [----] followers, [----] engagements

"Use $STRK ATM - Buy Back $MSTR common (thanks @JoshMandell6 for the creative concept) Right now I think this is much better than buying bitcoin with the STRK ATM. Here are the benefits: - Positive BTC Yield generated because of the big conversion premium of STRK - mNAV rises because of the cash injection into MSTR common - IV rises because a new dimension of (upside) uncertainty is added to the stock - mNAV up + IV up = excellent for convertible bonds - Use some convertible bond proceeds to pay dividends on STRK now you don't have to tap the MSTR ATM to pay dividends - Also when MSTR rises"
X Link 2025-03-11T10:57Z [----] followers, 49.4K engagements

"@JoshMandell6 OK so what is the verdict These are the minutely candles around the close on Coinbase. As soon as I saw 20:00 EST on my clock I looked up and saw "$84000.00" flash for a split second"
X Link 2025-03-15T00:18Z [----] followers, 17.3K engagements

"Strategy is Bitcoin's only investment bank with the most formidable capital moat in the history of investment banking. I've been saying this for months and now the evidence is undeniable. An investment bank helps its client raise capital from the capital markets by creating securities that give investors exposure to the client. Every investor group has their own preferences and investment banks help structure offerings to match investor needs. Only by meeting the investment needs of various investors can the client maximize its capital raised allowing the bank to earn the most money."
X Link 2025-03-19T12:38Z [----] followers, 24.4K engagements

"This picture perfectly explains the value of @MicroStrategy as a business. Left-side $STRK or $STRF or bonds Middle cold storage sats Right-side $MSTR MSTR LEAPS calls $MSTX/U Strategy's entire capital structure caters to everyone who doesn't want to only buy BTC (ie. left and right sides). And let's be real: that's gonna be most people. Half of the world thinks bitcoin is too volatile. The other half wants to outperform bitcoin. Were in the middle. https://t.co/ApfBfLxjWC Half of the world thinks bitcoin is too volatile. The other half wants to outperform bitcoin. Were in the middle."
X Link 2025-03-20T01:18Z [----] followers, 15.1K engagements

"TLDR - $MSTR risk is growing but so is upside. @MicroStrategy 's Strife $STRF offering is a shift away from the volatility business and into the other areas of Bitcoin investment banking. When we look at @Strategy products pre-Strife they were exporting volatility: - Convertible bonds embeds an option contract so volatility arbitrageurs can earn a profit by delta hedging against the option - Strike $STRK is an everlasting call. The intrinsic value of the option portion of the product stays at 1/10 of $MSTR common ONLY if IV is high. Plug IVs into an option pricing formula and you can see for"
X Link 2025-03-20T10:33Z [----] followers, [----] engagements

"Riding the risk curve on @MicroStrategy securities. How Strategy is turning into a managed liquidity pool that trades against the markets to generate BTC Yield 🧵 Now we have: $MSTR $STRK $STRF Thats the order of most to least risky fungible @Strategy securities and most to least potential upside. This is the risk/return curve. (We can ignore convertible bonds for now because theyre not fungible and not accessible to retail. But technically we might be able to throw $BMAX into the mix. It should sit left or right of STRF depending on market conditions and our risk parameters) Eventually we"
X Link 2025-03-22T12:52Z [----] followers, [----] engagements

"$MSTR is not a pyramid scheme. Rather it exploits pyramid schemes. Let me explain🧵 Some people are pointing out that @Strategy cannot pay dividends on $STRK and $STRF with cash flows so it needs to issue more common stock. And that this is a pyramid scheme because new investors are required to make this work. The problem is that money is coming in no matter what. There is ZERO question of demand. MSTR was 16% of equity raised in [----]. New money is coming in via passive investment vehicles which are designed to track a stock index regardless of valuations. And when you peel back all the"
X Link 2025-03-25T11:14Z [----] followers, [----] engagements

"The only chance the Russell [----] has of beating the S&P [---] is for those small caps to get on the Bitcoin standard. Of the [--] best performing global stocks in [----] [--] ran Bitcoin treasuries. Otherwise $IWM will keep getting crushed by $SPY. Just as $SPY gets crushed by $XLG (top [--] of the SP500). And XLG gets crushed by the Mag [--]. Bitcoin is an economic force equalizer. https://twitter.com/i/web/status/1905689425993978042 https://twitter.com/i/web/status/1905689425993978042"
X Link 2025-03-28T18:32Z [----] followers, [---] engagements

""Bitcoin is everything people don't know about computers combined with everything they don't understand about money." $MSTR is everything people don't know about derivatives and financial markets combined with everything they don't understand about Bitcoin. That's the edge"
X Link 2025-03-30T15:12Z [----] followers, [----] engagements

"At some point it might make sense for $MSTR to buy $MARA keep the [-----] BTC and sell the mining operation to other miners for even more BTC. MARA is at 1X mNAV and they really should just divest the mining operation which is clearly being underappreciated by the market. If @Strategy pays a 10% premium for all MARA shares it would be bought at 1.1X mNAV. Which is essentially a more poorly timed weekly BTC purchase by Strategy anyway. I'm about 1/4 joking but the numbers really start to make more and more sense if the current bloodbath of MARA continues"
X Link 2025-03-31T22:43Z [----] followers, 12.1K engagements

"That was the longest earnings call I've ever heard. Main takeaway is the market still has some massive catching up to do on Bitcoin. Not really surprising but this call really narrowed the specific laggards (credit markets). Here's the most important slide"
X Link 2025-05-01T23:12Z [----] followers, [----] engagements

"Strategys $STRF preferred stock yield is shouting a wildly different story from what $IBIT put options are saying about Bitcoins downside risk. STRFs notional value is $850M backed by MSTRs $49.6B in Bitcoin (net of debt). Thats 58X coverage so BTC needs to crater 90% to threaten STRFs principal. The current 10.6% yield of STRF reflects the markets perception of a catastrophic and massive BTC drawdown. Now check IBIT puts. IBIT is at $59 and the $5 strike put expiring in [---] days (2.6 years) has a mid price of $0.20. Thats a 91.5% drawdown from spot. Selling it gives a 4% yield ($0.20 premium"
X Link 2025-05-09T15:43Z [----] followers, [----] engagements

"Slightly sobering post here. I think we've entered the euphoria phase of this market cycle. The warning signs are hard to miss if you're paying attention. The biggest red flag is the sudden rise of IPOs and M&A deals tied to Bitcoin treasury companies. You could argue this shows Bitcoin going mainstream as a corporate asset but these deals reek of late-cycle mania. Hype high multiples and rushed public offerings are classic euphoria markers. Consider which of these signals healthier Bitcoin corporate adoption: - Pre-revenue startups with influencer CEOs pushing splashy SPACs or M&As to go"
X Link 2025-05-16T16:23Z [----] followers, 10.5K engagements

"Jim Chanos is now doing the long $BTC short $MSTR pair trade. He says this is exactly what @Strategy does: sell MSTR buy BTC. Hence it is a good trade. Here's why he's wrong. When Strategy sells MSTR for BTC its a different beast: - They create MSTR shares out of thin air via ATM offerings with no true hard cap on issuance - BTC per share rises boosting NAV in all shares - BTC gets locked up likely forever creating a permanent supply shock that tightens the market When a trader like Jim does the pair trade its a weaker setup: - MSTR shares are borrowed limited by loanable availability and the"
X Link 2025-05-16T22:50Z [----] followers, 73.2K engagements

"To all the zealots who think this is somehow MSTY fud - please reread the post and work on your brains. MSTY is an example with concrete numbers to help communicate a nuanced point. And it isnt even a negative point. Not even gonna tag people you know who you are and we can see you clowns in the comments"
X Link 2025-05-30T01:34Z [----] followers, [----] engagements

""Bitcoin Bank" makes zero sense because $MSTR isn't a custodian. Even if it loaned out bitcoin for interest it STILL isn't a bank because banking is lending out money from depositors. @Strategy is instead functioning as an INVESTMENT BANK for Bitcoin. Investment banks create securities that perfectly match counterparties in capital markets. If you need money and someone else wants money the two of you need to (1) find each other and (2) establish an investment contract codifying the exchange of capital across time. Both functions are carried out by investment banks and Strategy is clearly"
X Link 2025-05-30T09:16Z [----] followers, [----] engagements

"My "Bitcoin Liquidity Pool" thesis is being validated: Last week $MSTR was down while the prefs were up. - This is risk off - Pref demand relatively high - We sell into high demand - Action: Use prefs ATMs (exactly as seen in 8-K) Next week MSTR may be up and prefs may be down/flat. - This is risk on - MSTR demand relatively high - We still sell into high demand - Action: Use common ATM Strategy can "ride the risk curve" of its own securities always generating BTC Yield using the most optimal offering at any moment in time. When IV pops convertible bonds monetize the second moment of the"
X Link 2025-06-02T21:49Z [----] followers, [----] engagements

"Long $BTC short $MSTR right now is like long $USD short $DJIA in [----] 🧵 Bitcoin is the money of the new economy. $MSTR dominates this new economy with a virtually impregnable moat. The key differences between @Strategy today and the Dow Jones of [----] are as follows: - No digital trend in [----] which catalyzes "winner take most" competitive landscapes - No rampant financialization in [----] which catalyzes a "big gets bigger" trend - No late-stage fiat nihilism in [----] which catalyzes arbitrary explosive speculation-driven moves to the upside - No Jimmy in [----]. Jimmy who has too much money yet"
X Link 2025-06-10T21:43Z [----] followers, [----] engagements

"As the market for Bitcoin treasury companies evolve people tend to forget the core force underpinning it all: Buyers are manufacturing the $BTC price increase by cornering supply. This is Hunt Brothers stuff except its not done with futures on an elastic supply underlying. BTC is absolutely scarce. One day a bitcoin will not be buyable at any fiat price. But this day can only come AFTER entities who will not sell for any fiat price buy up the entire supply first. That is the real game behind all the IPOs announcements security offerings capital raises mNAV or torque talks etc. When every"
X Link 2025-06-18T18:21Z [----] followers, [----] engagements

"$BTC and $MSTR volatility is really messed up right now. Some trade thoughts🧵 I'll try to keep this short but this really ought to be a very long essay or video. Maybe one coming soon. TLDR - upside vol is getting very cheap because of systemic call selling on Bitcoin ( $IBIT ) and MSTR. This trend can continue for some time. Such activity has the effect of compressing realized and implied volatility. A quick catalyst causing an initial gap to the upside will then be met with immense realized kurtosis (tail behavior). The proper trades are likely: long calls risk reversals and patience."
X Link 2025-06-20T00:24Z [----] followers, 24.9K engagements

"The answer to this riddle is "both". NAV premium allows a company to arbitrage earnings per share into bitcoin per share via a common stock ATM Yet earnings per share creates a NAV premium because there is value in the business outside of the bitcoin NAV Finally the expansion of bitcoin per share is an expansion of earnings per share if bitcoin goes up What people miss is the fact that this is just the mechanism by which bitcoin drains monetary premium out of capital markets. What some see as a chicken and egg paradox is actually a very linear cause and effect. The cause is that bitcoin is"
X Link 2025-06-20T00:36Z [----] followers, [----] engagements

"$MSTR options are the real Bitcoin options. And this is potentially a problem for both. Market dynamic and trade thoughts below. Here are some numbers - $MSTR open interest is $84 billion - $IBIT open interest is $22 billion (Source: ) - BTC options OI on Deribit is $40B - BTC options OI on Binance is $1.5B - BTC options OI on OKX is $4B (Source: ) Note: Options on other Bitcoin Spot ETFs and the /BTC or /MBT futures are negligible. Total BTC options OI + IBIT OI is $68B which is only 80% of MSTR options OI. And MSTR is one unified options chain rather than segmented across four different"
X Link 2025-06-26T08:49Z [----] followers, [----] engagements

"As we approach the date for $MSTR's potential SP500 inclusion I wanna highlight how great it is that $18.6 billion of the common ATM has been reserved for the frontrunning which will ensue if index inclusion happens. In Vegas Saylor said that a WKSI can sell $1 billion of securities in [--] hours. We could see $18 billion sold in [--] days with a new $42 billion common ATM opened by the next earnings call. $STRK will probably surge with $MSTR in this event and we might see the first $1 billion week for the STRK ATM. The amount of accretion coming will be astounding. On top of that MSTR has been"
X Link 2025-06-26T22:54Z [----] followers, 33.8K engagements

""Bitcoiners" who relentlessly hate bitcoin treasury companies are the real fiat maxis. They say "only cold storage bitcoin is enough" because apparently they don't understand that this is a 0% return when measured in real money. BTCs are investments (variable returns). Bitcoin is savings (0% returns). Why would they not understand that cold storage bitcoin returns 0% Is it possible they are only looking at the fiat appreciation of bitcoin and they think it constitutes "gains" of any substance Doesn't that make them a fiat maxi since they clearly care deeply about the fiat price and base their"
X Link 2025-07-05T10:30Z [----] followers, [----] engagements

"Here's a major unrecognized component of the @Strategy flywheel. Quick post on $STRF $STRK $STRD vs $PFF $JNK $BND 🧵 Overcollateralized fixed income Earnings-based fixed income Why Derivatives. With something like $STRF you can calculate the exact risk at any moment. You know the senior obligations the bitcoin price the treasury size and the capital stack. That means you can compute the exact price of bitcoin when your income gets threatened. You can get insurance at those exact points and therefore very precisely hedge out the risk via derivatives. You obviously cannot do this with"
X Link 2025-07-07T21:00Z [----] followers, [----] engagements

"I got this friend whom I was talking to about bitcoin since mid [----]. Multiple 90+ minutes conversations. We talked at $33k at $45k at $60k at $96k. I sent him books and videos and articles. He still has no bitcoin to this day. But he bought some Alex Hormozi VIP sales courses. Outside of his day job my friend has made $400 so far coaching one client. The client said the service is worth $10k but didnt have that kind of money so only paid $400. Bitcoin is now $113k. My friend has no bitcoin and only $10k to invest after all this time. He spent time to earn money. He spent his earned money on"
X Link 2025-07-10T21:06Z [----] followers, [----] engagements

"With all this rallying happening after hours (while $MSTR and $IBIT options markets are closed) tomorrow's US session could get crazy. Call sellers of $MSTR and $IBIT could be in for a surprise. Their subsequent call buying may set off a gamma squeeze. And IV might finally go back to normal after this. The highly compressed variance will unleash some immense realized kurtosis as the short vol trade violently unwinds. I said this would happen at some point. Originally I was thinking end of summer. But tomorrow isn't a bad candidate. https://x.com/stonychambers/status/1935856168464753051"
X Link 2025-07-10T22:28Z [----] followers, [----] engagements

"Let's get something straight: there is no @Strategy yield curve. Yield curves have instrument duration on the x-axis and yield on the y-axis. $MSTR $STRD $STRK $STRF are a risk curve (aka efficient frontier or Markowitz bullet). Risk curves have riskiness on the x-axis and expected returns on the y-axis. Each of these instruments are perpetual duration so they cannot make a yield curve. But @Strategy will one day have a yield curve. One day its creditworthiness will become so high that it will issue straight bonds at varying durations from [--] to [--] years. The yields on those bonds will be the"
X Link 2025-07-13T21:40Z [----] followers, [----] engagements

"Stretch is the most interesting security ever offered by any entity ever. Let's cut to the chase about its true identity: $STRC is TradFi's first algorithmic yield-bearing stablecoin. - Stretch is Bitcoin's own fiat money - Stretch sets @Strategy on the path from investment bank to central bank - Stretch can be a sovereign reserve asset You could think of $STRC as a bitcoin backed money market fund but algorithmic stablecoin is far more relevant for the reasons you'll see below. First of all what is an algorithmic stablecoin It is an asset that can remain pegged to a stable fiat value via"
X Link 2025-07-21T22:40Z [----] followers, 106.3K engagements

"Another great @Strategy earnings call. Some observations and thoughts: $STRC is the iPhone moment and could have functionally unlimited capital raising capacity I could not agree more. $STRC is Strategy going from investment bank to central bank. It was issuing yield bearing capital assets of various risk and return profiles. This is investment banking. Now it is issuing a fiat alternative. This is central banking. $STRC is effectively an algorithmic stablecoin maintained by the most advanced securities issuance algorithms (Note: All ATMs are hooked up to algorithms so this is absolutely an"
X Link 2025-08-01T00:17Z [----] followers, 12.9K engagements

"You can see $STRC's immediate impact in the price data and it's really fascinating. The pic below has closing prices for $STRD $STRK $STRF and $MSTR from Jul [--] to Aug [--]. Close prices are on the four columns on the left. We can synthetically replicate STRK's $8 per year dividend plus MSTR convertibility via a combo of common and the other two $10 per year prefs. Synthetic STRK via STRF is: [---] * STRF + [---] * MSTR Synthetic STRK via STRD is: [---] * STRD + [---] * MSTR (all instances of tickers just represent their price at the same moment in time) Then we can take the ratio of our synthetic STRK"
X Link 2025-08-11T12:43Z [----] followers, [----] engagements

"Corporate treasury strategy is the 1% of decisions that drive 35% of results. This is why choosing a Bitcoin treasury is of supreme importance and it is why @Strategy and @metaplanet outperformed everything without generating substantial operating income. Treasury strategy is far more important than operating income. The primacy of corporate treasury strategy is a mathematical fact we can observe across time. First you have to understand what forms treasury strategies can take. Dividends for example is actually the most common treasury strategy. The strategy is just to have no treasury. It is"
X Link 2025-08-13T21:27Z [----] followers, [----] engagements

"Capital raised is revenues for Strategy. The costs of capital are the costs of revenue. Gross income is the spread between BTC ARR and weighted average cost of capital. BTC __ KPIs add the nuance. Until you understand all four sentences you cannot understand $MSTR Strategy ( $MSTR) is effectively a Fiat Debasement Insurer Raising premiums (capital) in fiat Deploying that float into Bitcoin Paying claims (dividends) on preferred instruments The no revenue critique misses that its business model doesnt rely on product revenue but on Strategy ( $MSTR) is effectively a Fiat Debasement Insurer"
X Link 2025-08-18T18:20Z [----] followers, [----] engagements

"Bitcoin will demonetize real estate but its not in the way you think. It will NOT be landlords with [--] doors exiting their properties to buy BTC and move to cold storage. Instead--for better or for worse--it looks like REIT investors moving to $STRK and MBS investors moving to $STRF. This move has already started and it will accelerate. The marginal exit from REITs increase the cost of equity capital for real estate. The marginal exit from MBS increase the cost of debt capital for real estate. Both forces pull real estate prices a little lower in real terms thereby sucking monetary premia out"
X Link 2025-08-20T23:00Z [----] followers, [----] engagements

"STRK is incredibly undervalued right now. $MSTR is [---] $STRD is [--] and yet $STRK is [--]. [---] * [---] + [---] * [--] = [----] And $STRD is junior to $STRK The market is clearly wrong. This isnt up for debate"
X Link 2025-08-21T14:37Z [----] followers, 15.5K engagements

"Someone has to say it: Volatility is no longer vitality. Volatility is now toxicity. The old playbook: engineer volatility by levering up bitcoin and shrinking the operating business in relation to the whole enterprise value. Once your equity is over 100% BTC the market assigns a [--] beta which means higher volatility than BTC. At that point selling options on your equity (convertible notes warrants) is how you turn that volatility into cash which you can use to buy more BTC. In this way volatility was vitality. The new playbook: now that you already have a bunch of unencumbered BTC and most"
X Link 2025-08-25T15:00Z [----] followers, 12.2K engagements

"Making sense of the $ASST $SMLR merger. What's with this 210% premium Important to understand this is an all stock deal. The share prices should joined at the hip with a fixed exchange rate: [-----] ASST = [--] SMLR This exchange rate was used along with the closing prices on Friday to compute the 210% premium you are seeing in headlines. It isn't a real premium because the deal is denominated in shares not dollars. Deviations from this 21:1 exchange rate reflects the following: - implied futures pricing discrepancies (see the options chains for each) - uncertainty on whether the deal closes -"
X Link 2025-09-22T16:55Z [----] followers, 43K engagements

"Strive wrote a new chapter in the BTC playbook yesterday and most people are still confused about the 210% premium in the $ASST $SMLR deal. The Chapter: "Engage M&A to increase credit worthiness of a post-merger entity" To start let's review the playbook so far largely written by $MSTR with contributions from Metaplanet [--]. Whole cash treasury BTC only keep working capital in cash [--]. Issue equity to buy BTC this transmutes earnings per share into bitcoin per share [--]. Take out a loan against cash flows to buy BTC this levers up the equity and creates volatility [--]. Issue convertible notes"
X Link 2025-09-23T09:17Z [----] followers, [----] engagements

"Plot thickens on $SMLR and $ASST merger SMLR is doing a $20M bitcoin backed loan with Coinbase at pretty awful terms: 10% no early repayment margin callable etc. The cash helps fund the DOJ settlement of $30M. On top of that SMLR has projected a huge 50% drop in QoQ revenue. The [--] SMLR = [-----] ASST exchange rate still stands but rather than meeting in the middle its almost like ASST is getting pulled down to SMLR while SMLR hasn't moved: ASST is down 40% since the merger announcement on Monday. ASST is buying SMLR with all of its baggage: plunging revenues and outstanding secured loans. At"
X Link 2025-09-26T14:40Z [----] followers, 18.4K engagements

"Even though volatility is no longer vitality and even though the core of @Strategy 's preferred offerings is inherently short volatility it retains an interesting long volatility component. If we think about Bitcoin's price trajectory as a series of consolidations between big jumps then a company that steadily accumulates Bitcoin by issuing fixed income is creating a long volatility position for common stock investors. The pref dividends are like the theta that is paid on having convex exposure to bitcoin. It absolutely sucks during the months of consolidation and price chop. If you're long"
X Link 2025-09-29T15:19Z [----] followers, [----] engagements

"$STRC is the iPhone moment not just for @Strategy but for the entire industry. No other crypto product not even $USDT or $BTC has as much product market fit. Consider that Robinhood's very first preferred stock listing is $STRC. Even today their website says they do not "currently support" preferred stocks. This is a resounding signal of PMF. But there are actually many more stages of market penetration in store. Robinhood is only the start. The small ice cube on the very top of the tip of the iceberg. Right now many brokers are giving all the prefs big margin haircuts because they are linked"
X Link 2025-10-02T16:37Z [----] followers, 72.4K engagements

"$MSTR is equity in Bitcoin's central bank: @Strategy Why is that It's something many are struggling to understand 🧵 Central banking is the practice of managing the monetary policy and economic stability of a particular economic bloc. Central banks issue base money set interest rates control money supply and backstop systemic liquidity. Central banks hold asset reserves which back the base money it issues. Strategy does all of these things through $STRC and $BTC. Strategy is therefore a central bank. Here's the lineup: Bitcoin is the central bank reserve asset that backs the issued base money"
X Link 2025-10-02T19:30Z [----] followers, 149.9K engagements

"Every new crypto product over the next year will implicitly be an ad for $STRC Galaxy just launched GalaxyOne an all-in-one trading platform for crypto and US equities. 4% yield on cash and 8% for accredited investors (comes with some lockup) STRC is 10%. Sell anytime. Why lend your fiat at lower rates to random counterparties with Galaxy taking a cut (while having to go through all the nonsense to verify that you're an accredited investor) when you can lend directly to the counterparty with the largest bitcoin stack on Earth Same question for Coinbase $USDC loans. Same question for every"
X Link 2025-10-06T14:23Z [----] followers, 11K engagements

"The BTC/GOLD price is closing in on the April lows when the tariff scare was at its absolute worst: [----] troy oz per bitcoin. In October alone bitcoin dropped 14% in gold. To return to cycle highs (Dec 2024) bitcoin will need to go from [----] to [----] troy oz: a 61% jump. If gold doesn't move over this time then that puts the bitcoin price at $174K. I continue to stack sats"
X Link 2025-10-16T18:58Z [----] followers, [----] engagements

"The key Bitcoin valuation driver most models miss is the option value that appears when bitcoin is more widely used as a medium of exchange. Typical valuation approaches start with $900T in global assets and ask what share of the store of value bucket Bitcoin could take. If you assume $450T is SoV and Bitcoin captures 10% you get a $45T market cap in todays dollars. That framework dramatically understates bitcoin's value. Today SoV assets arent the same ones people spend. People transact in currency and park wealth in stocks real estate and commodities. Bitcoin breaks that separation. Its"
X Link 2025-10-21T15:32Z [----] followers, [----] engagements

"The recent Saylor Moss chat is probably the best video to get quickly caught up on the Bitcoin treasuries space meta and discourse. I really recommend watching the whole thing. Here are important clips and takeaways 🧵 https://x.com/saylor/status/1979557169037992072 The Blueprint for a New Financial System Michael Saylor founder and Executive Chairman of MicroStrategy returns to explain how Bitcoin is transforming global capital markets and redefining the future of wealth creation. Drawing from his background in science and engineering https://t.co/blxReUTrp9"
X Link 2025-10-22T02:01Z [----] followers, 30.7K engagements

"Quite confident @metaplanet is going to explode from here. It's the only 1x mNAV name with a solid prefs plan. The financial repression of Japan makes for a most favorable setup. The risk-reward is so skewed now and people have been too bearish. It's go time. $MTPLF"
X Link 2025-10-26T19:50Z [----] followers, 18.7K engagements

"We say $STRC is the iPhone moment because of its indisputable results. - Largest IPO in [----] - Largest IPO in the crypto industry ever - First time Robinhood ever lists a preferred stock is STRC - Also available on Robinhood after just [--] months (Note: it took [--] years for $GBTC to be listed and [--] years for withdraw to self custody to be available on Robinhood meaning STRC was the most hotly demanded crypto product ever even more than bitcoin exposure and even more than self custody) - One of the largest preferred stock IPOs in history - STRC is #2 out of all ICOs (#1 was EOS which is one of"
X Link 2025-10-27T14:45Z [----] followers, 11.6K engagements

"Historic day. Bitcoin backed credit is now officially on the map. S&P has rated @Strategy. Not the best initial rating but this is the [--] to [--] moment we were waiting for. Pristine collateral and $MSTR will become unstoppable. https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3466223 https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3466223"
X Link 2025-10-27T17:27Z [----] followers, [----] engagements

"I enjoyed this @Strategy earnings call. Takeaways: New international offerings are coming denominated in other fiat currencies. This is huge. Saylor has alluded to this before: But they are moving on it. The company guided 30% BTC Yield for [----]. This implies increasing the stash by 4% which is [-----] BTC or about $2.8 billion. I don't think they can do $2.8 billion in pref ATM in two months so it must be another offering. Hence it really sounds like a EUR or CAD denominated Stretch offering is on the table before end of year. Will [----] be the year of multiple international offerings"
X Link 2025-10-31T00:21Z [----] followers, 16.7K engagements

"Preston's take on the quantum threat to Bitcoin is exactly what I've been saying: - AI can accelerate QC development - Bitcoin is more vulnerable than anything else because there is no centralized fallback plan in Bitcoin - Preparing early is key - Bonus: Filters/Spam debate is noise https://www.youtube.com/watchv=oRSmN_IUY34 https://x.com/stonychambers/status/1893261775149350982 https://x.com/stonychambers/status/1907741531861299243 https://www.youtube.com/watchv=oRSmN_IUY34 https://x.com/stonychambers/status/1893261775149350982 https://x.com/stonychambers/status/1907741531861299243"
X Link 2025-11-02T14:00Z [----] followers, [----] engagements

"That was so fast @Strategy is doing a [---] million ($400 million) IPO on $STRE. Fixed 10% dividend paid quarterly on [---] notional value with certain protections for investors. Like $STRF but in euros. I see a few things happening: 1- Testing the European waters. $400 million is actually the smallest among all the preferred stock initial offerings. If the appetite is there I can see this upsized significantly followed by a euro version of Stretch launched in December or January. 2- The first piece of the EUR BBYC is being constructed. The lines are being drawn as I predicted here: . One day"
X Link 2025-11-04T00:05Z [----] followers, 11.5K engagements

"Fun $STRE fact- The last time true perpetual credit with no issuer call was issued in Europe was in the 15th and 16th century by a Dutch water authority. They paid 2.5% interest. Since then credit issuance has gone downhill. The British issued the last perpetual bond (the 'undated gilt') in [----] but it was called decades later in [----]. These paid 3%. Strategy is reviving the ancient European tradition from the days of the global gold standard while paying 10% on top. It is only possible because of Bitcoin. This is how the world returns to hard money. 3/ In the modern era we've ironically gone"
X Link 2025-11-04T13:06Z [----] followers, 21.3K engagements

"Finally $STRC"
X Link 2025-11-04T18:17Z [----] followers, [----] engagements

"$XXI should do well after all the PIPE merger and initial listing volatility shake out. Ultimately the public treasury company space is lacking cash flowing businesses that accumulate bitcoin using retained earnings. This can be a major investment theme that XXI dominates"
X Link 2025-12-09T23:41Z [----] followers, [---] engagements

"$BPRO is a bad idea. Youre paying [--] bps at the wrapper level. But it's a fund of funds so inside the wrapper the underlying ETFs add another [--] bps (weighted average). So your gross all-in fee is basically [---] bps (1.24%) for a portfolio you can rebuild with five securities. Despite the long list of holdings its not really a basket of many things. Its basically five assets: - Short-term U.S. Treasuries - Gold (spot) - Silver (spot) - Bitcoin (spot) - Gold miners Thats it. Worse over a third of the portfolio is short-term Treasuries (34.6%) which is obviously not a debasement hedge and its"
X Link 2026-01-23T15:30Z [----] followers, [---] engagements

"Loved this report and the one from last year The media sentiment section was very insightful. My feedback there is I would like to see you guys use more prediction market data for sentiment analysis. Right now there is an enormous amount of data on Polymarket with varying signals that can be teased out of the price action. MSM word aggregation is backwards looking but markets (especially event contracts) are forward looking. Another feedback is looking at media talking points for Bitcoin-holding public companies. There was a lot of stuff going on with MSCI and DAT exclusion. This was a"
X Link 2026-01-27T16:31Z [----] followers, [---] engagements

"We could see treasury companies for metals. The same logic for Bitcoin treasury companies applies to metals. Metals are commodities not securities (Investment Company Act) and have also dramatically outperformed the fiat cost of capital. Every critique of choosing Bitcoin over Gold as a corporate treasury asset is a lot weaker after these last [--] months. They often sounded like this: "BTC has outperformed gold and gold hasn't even outperformed the S&P 500" Both claims are no longer true when you look at the numbers from the most recent few years. Treasury companies as a phenomenon only exist"
X Link 2026-01-29T15:26Z [----] followers, [---] engagements

"In the near term bitcoin seems to have bottomed. The term structure of IV is now in backwardation. This has been a consistent sign of local bottoms. The [--] delta put-call skews are both near [--] week highs signaling high demand for downside insurance (lots of fear)"
X Link 2026-02-04T15:48Z [----] followers, [---] engagements

"If you really read between the lines of Vitalik's very public and valid crashout on Ethereum L2s you will see that he is advocating for the development path taken in Bitcoin over the last [--] years. Bitcoin L2s all do one or two things really well and aren't that good at anything else. They all scale L1 as a baseline but to varying degrees and with varying tradeoffs. Specialization has always been the key. There is naturally more breadth in Bitcoin because everything is singularly focused on moving the asset more quickly more securely more privately. In crypto the focus often becomes an"
X Link 2026-02-05T14:06Z [----] followers, [---] engagements

"EXTREME FEAR: ATM implied vol for 1w and 1m at 52w highs. The difference between the 1m IV and the 6m IV is 9%. The term structure is in very steep backwardation. This was where things were at during FTX (Nov 2022) Some indicators haven't gone there yet but term structure has. https://twitter.com/i/web/status/2019433761390141896 https://twitter.com/i/web/status/2019433761390141896"
X Link 2026-02-05T15:31Z [----] followers, [---] engagements

"Bitcoin is pristine collateral. What does this mean Let's start with the purpose of collateral. Collateral secures a loan. If I want to borrow I post an asset the lender can claim if I dont repay. If I repay I get it back. If I default the lender sells the asset and recovers some value. This asset is collateral. The lender takes a risk by lending me money but the presence of collateral removes some of his risk. The best collateral is least exposed to outside risks. Most assets carry baggage that can surface at the worst time. Heres a non-exhaustive list of risks that can degrade collateral"
X Link 2025-10-28T19:50Z [----] followers, [----] engagements

Limited data mode. Full metrics available with subscription: lunarcrush.com/pricing