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# ![@JesseKobernick Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1745672542386622464.png) @JesseKobernick Jesse Kobernick

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 XXXXX engagements in the last XX hours.

### Engagements: XXXXX [#](/creator/twitter::1745672542386622464/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1745672542386622464/c:line/m:interactions.svg)

- X Week XXXXXXX -XXXX%
- X Month XXXXXXX +733%
- X Months XXXXXXXXX +39%
- X Year XXXXXXXXX +1,374%

### Mentions: XX [#](/creator/twitter::1745672542386622464/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1745672542386622464/c:line/m:posts_active.svg)

- X Week XXX +52%
- X Month XXX +230%
- X Months XXX +9.60%
- X Year XXX +763%

### Followers: XXXXX [#](/creator/twitter::1745672542386622464/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1745672542386622464/c:line/m:followers.svg)

- X Week XXXXX +0.55%
- X Month XXXXX +1.50%
- X Months XXXXX +27%
- X Year XXXXX +510%

### CreatorRank: XXXXXXX [#](/creator/twitter::1745672542386622464/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1745672542386622464/c:line/m:influencer_rank.svg)

### Social Influence [#](/creator/twitter::1745672542386622464/influence)
---

**Social category influence**
[cryptocurrencies](/list/cryptocurrencies)  #5712 [finance](/list/finance)  XXXX% [stocks](/list/stocks)  XXXX% [countries](/list/countries)  XXXX%

**Social topic influence**
[bitcoin](/topic/bitcoin) #2056, [debt](/topic/debt) #666, [$asst](/topic/$asst) #94, [$mstr](/topic/$mstr) #69, [$naka](/topic/$naka) 1.14%, [$49m](/topic/$49m) 1.14%, [stack](/topic/stack) 1.14%, [mstr](/topic/mstr) 1.14%, [$dave](/topic/$dave) 0.57%, [lack of](/topic/lack-of) XXXX%

**Top accounts mentioned or mentioned by**
[@hermeslux](/creator/undefined) [@actuallyclimber](/creator/undefined) [@adrianrmorris](/creator/undefined) [@btcbullrider](/creator/undefined) [@punterjeff](/creator/undefined) [@80iqmindset](/creator/undefined) [@dylanleclair](/creator/undefined) [@driskdave](/creator/undefined) [@drgil](/creator/undefined) [@strategy](/creator/undefined) [@richardahaas](/creator/undefined) [@metaplanetjp](/creator/undefined) [@zynxbtc](/creator/undefined) [@thetamaestro](/creator/undefined) [@joshmandell6](/creator/undefined) [@grok](/creator/undefined) [@robinhoodapp](/creator/undefined) [@lukedavisgrey](/creator/undefined) [@mdata21](/creator/undefined) [@btcoverflow](/creator/undefined)

**Top assets mentioned**
[Bitcoin (BTC)](/topic/bitcoin) [Strive, Inc. (ASST)](/topic/$asst) [Strategy (MSTR)](/topic/$mstr) [Nakamoto Games (NAKA)](/topic/$naka) [Dave Inc. Class A Common Stock (DAVE)](/topic/$dave) [Semler Scientific, Inc. (SMLR)](/topic/$smlr) [Metaplanet Inc. (MTPLF)](/topic/$mtplf) [Qtum (QTUM)](/topic/$qtum) [Strike (STRK)](/topic/$strk) [Strategy Incorporated (STRF)](/topic/$strf) [Stride (STRD)](/topic/$strd)
### Top Social Posts [#](/creator/twitter::1745672542386622464/posts)
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Top posts by engagements in the last XX hours

"@dRiskDave Dave does the lack of leverage concern you at all My concern is BTC takes off and theres really no reason for MP price to rise much above NAV (except due to buying based on an expectation of future leverage/preferreds)"  
[X Link](https://x.com/JesseKobernick/status/1980298246624043292) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T15:41Z 5878 followers, 7562 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](https://x.com/JesseKobernick/status/1976361579710120397) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-09T18:58Z 5879 followers, 1519 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](https://x.com/JesseKobernick/status/1977949262257500478) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-14T04:07Z 5877 followers, XXX engagements


"Would need to pay MP shareholders a premium to NAV. Otherwise they vote the deal down as it would be better to sell the stack at NAV and return the capital to shareholders. May see it happen with SMLR given the exchange ratio. Then again boards can can be captured and bought and have a great deal of pride. So who knows"  
[X Link](https://x.com/JesseKobernick/status/1979027234984988987) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-17T03:30Z 5879 followers, XXX engagements


"@hiyoko_peep Probably questioning whether increased BTC per Share translates into increased share price. And whether increasing the BTC base of capital at the price point of the IO improves the share price"  
[X Link](https://x.com/JesseKobernick/status/1979093303439093815) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-17T07:53Z 5879 followers, 1084 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](https://x.com/JesseKobernick/status/1979244710855414120) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-17T17:54Z 5879 followers, XXX engagements


"@benminer2 In hindsight a lot of the BTCTC moves as mNAVs collapsed looked like efforts to time the BTC cycle"  
[X Link](https://x.com/JesseKobernick/status/1979245081757692148) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-17T17:56Z 5879 followers, XXX engagements


"@ActuallyClimber @nicoffx @PunterJeff If I'm a plaintiffs' attorney I'm reviewing the dozens of instances where management has said that increasing BTC per Share is the goal"  
[X Link](https://x.com/JesseKobernick/status/1979255804244168750) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-17T18:38Z 5879 followers, XXX engagements


"I think the BTCTC space needs to have a more helpful Leverage Ratio metric to capture the impact of preferred stock. MSTR uses Debt / BTC NAV to show its Leverage Ratio. Thats fine but not very helpful in the preferred era. If the demand were there MSTR could issue preferred stock to the moon assume ever more dividend obligations and its Leverage Ratio would actually go DOWN because BTC NAV would rise. Curious how other people think about it. Maybe an adjusted debt/equity ratio"  
[X Link](https://x.com/JesseKobernick/status/1980384505329574059) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T21:23Z 5878 followers, 2642 engagements


"@MD_ata21 @JoshMandell6 might have a way. Dont think you need an expected BTC cagr but maybe Im wrong"  
[X Link](https://x.com/JesseKobernick/status/1980411313605210304) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T23:10Z 5878 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](https://x.com/JesseKobernick/status/1979234564125135343) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-17T17:14Z 5878 followers, 18.4K 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](https://x.com/JesseKobernick/status/1977941859759755683) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-14T03:37Z 5876 followers, 2641 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](https://x.com/JesseKobernick/status/1978559107104924124) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-15T20:30Z 5873 followers, 24.9K engagements


"@dampedspring @gcarl55 Even with the ASST merger exchange ratio and the likely $49M breakup fee"  
[X Link](https://x.com/JesseKobernick/status/1978939865288028574) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-16T21:43Z 5876 followers, XXX engagements


"Should I long Defiance Quantum ETF $QTUM as a hedge on my bitcoin"  
[X Link](https://x.com/JesseKobernick/status/1979037839628042343) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-17T04:12Z 5877 followers, 1415 engagements


"@ActuallyClimber @PunterJeff $ASST should do this. Sell prefs to buy back your common; then sell your common to pay the pref dividend. Chanos will lose his mind"  
[X Link](https://x.com/JesseKobernick/status/1979246956649288068) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-17T18:03Z 5877 followers, 1577 engagements


"@ryQuant Are you viewing the div obligations as debt"  
[X Link](https://x.com/JesseKobernick/status/1979258038554103965) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-17T18:47Z 5877 followers, XXX engagements


"The implication is that current leverage is undesirable. Signals either preferreds are imminent; the company expects BTC to go down which would put pressure on the balance sheet if it had debt; or both. An interesting problem arises if the market reads the delevering via common issuance across the space as a signal that they too should exit riskier positions (BTCTCs). Creates a downward cascade in price. MP may be the only company that can reasonably say it's all about preferreds; and the lack of leverage doesn't reflect an effort to time the BTC market. Hope the preferreds launch and do well"  
[X Link](https://x.com/JesseKobernick/status/1979283822438158840) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-17T20:30Z 5876 followers, 3420 engagements


"S&P committee: How will you grow MSTR: We will sell high yielding preferred stock. S&P: How will you pay for the dividends if you operate at a loss MSTR: Well sell common stock to new shareholders which we hope will be the S&P index investors. S&P: 🤔 MSTR: 😬"  
[X Link](https://x.com/JesseKobernick/status/1979727184240812124) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-19T01:51Z 5873 followers, 18K engagements


"@btcpleb2024 Go on"  
[X Link](https://x.com/JesseKobernick/status/1979729465120075936) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-19T02:01Z 5877 followers, XXX engagements


"@BuffaloDylBTC Possible. I I saw $30M loss for first X months of 2025 excluding BTC gain/loss"  
[X Link](https://x.com/JesseKobernick/status/1979747016453583090) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-19T03:10Z 5873 followers, XXX engagements


"Wow. This is awesome. I know it will be hard to track this real time but even just have the Q data is helpful. My only recommendation would be to consider a column showing cash vs expenses. Maybe annual. I like the cash/BTC NAV to see how much (or little) the company is holding back from buying BTC"  
[X Link](https://x.com/JesseKobernick/status/1980119436779823575) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T03:50Z 5876 followers, XXX engagements


"@Nastyyas88 @rohanhirani_ @Sal_Pineda1 Pretty sure ASST has a lot more cash too since they tapped their ATM mid-Sep. I didn't see that they bought more BTC witht that cash. But just having a rough sense of cash by scraping the 10-Qs is great"  
[X Link](https://x.com/JesseKobernick/status/1980260575524589994) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T13:11Z 5875 followers, XX 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](https://x.com/JesseKobernick/status/1977549589772439730) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-13T01:38Z 5877 followers, 2701 engagements


"Would be funny to learn of a BTCTC selling its common to buy another BTCTC's common. A couple US company's I looked at have defensive provisions in their org docs that are largely intended to ward off takeover attempts and activist shareholders: staggered boards poison pills etc. There are also some public reporting requirements that would tip folks off to the attempt to buy up shares"  
[X Link](https://x.com/JesseKobernick/status/1980260116583879117) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T13:09Z 5877 followers, XXX engagements


"@MD_ata21 @JoshMandell6 I recall Josh saying something about infinite payments"  
[X Link](https://x.com/JesseKobernick/status/1980415733600571569) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T23:27Z 5878 followers, XX engagements


"Im not trying to gauge potential failure or insolvency. Im trying to determine a good way to view leverage for purposes of comparing something like MSTR to BTC. And both at what point will they be limited and what rate they have to keep issuing preferred relative to BTC cagr to avoid declining performance relative to BTC"  
[X Link](https://x.com/JesseKobernick/status/1980418819966550202) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T23:40Z 5878 followers, XX 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](https://x.com/JesseKobernick/status/1974709604694306994) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-05T05:33Z 5877 followers, 34.4K engagements


"That's a reasonable thesis. I like that MP's market cap is still fairly small so they don't need to sell a ton of preferred to see a favorable impact. On Nova are you saying MP would be the lender or would they be the borrower My understanding on BTC-backed lending is that lender's like it is they get a premium (the interest) + a pseudo put option on the BTC should they default + additional fees if they default. It's a pretty sweet gig if you run the numbers on lending"  
[X Link](https://x.com/JesseKobernick/status/1980304877386653923) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T16:07Z 5877 followers, XXX engagements


"@ElliotGaray Man this would actually be the worst approach for them. Get none of the benefit of the market knowing that the company will largely stop the common ATM; and none of the BTC from running the ATM"  
[X Link](https://x.com/JesseKobernick/status/1980364058198147333) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T20:02Z 5877 followers, XX engagements


"@RichardAHaas From San Diego so a Padres fan. My wife is from Seattle and weve been up here for a while"  
[X Link](https://x.com/JesseKobernick/status/1980493998637871476) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-21T04:38Z 5877 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](https://x.com/JesseKobernick/status/1977495111891378397) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-12T22:02Z 5878 followers, 3635 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](https://x.com/JesseKobernick/status/1978563934304272618) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-15T20:49Z 5878 followers, 4021 engagements


"Agree with Szabo. HODL. Rather than "rotating" based on what the X algo pushes I think the vast majority of people including me would do better following Buffett's advice: "I could improve your ultimate financial welfare by giving you a ticket with only XX slots in it so that you had XX punchesrepresenting all the investments that you got to make in a lifetime. And once youd punched through the card you couldnt make any more investments at all.""  
[X Link](https://x.com/JesseKobernick/status/1979938973171712383) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-19T15:53Z 5879 followers, 4457 engagements


"Why no common sales ATM appreciatoors"  
[X Link](https://x.com/JesseKobernick/status/1980305155867427092) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T16:08Z 5878 followers, 5133 engagements


"@mc_khristina Why is there a post-offering quiet period Not super familiar with Reg S but I've heard people mention this quiet period a bunch"  
[X Link](https://x.com/JesseKobernick/status/1980307794848100444) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-20T16:19Z 5878 followers, XXX engagements


"Curtis Yarvin writing on bitcoin and its origins. Long. Kind of far out"  
[X Link](https://x.com/JesseKobernick/status/1980481559355617702) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-21T03:49Z 5878 followers, XXX engagements


"@getonbitcoin In a close parallel universe Rodriguez takes that last pitch and the walk and Cal Raleigh hits a 2-run homer. 😔"  
[X Link](https://x.com/JesseKobernick/status/1980682840506528214) [@JesseKobernick](/creator/x/JesseKobernick) 2025-10-21T17:09Z 5878 followers, XXX engagements