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# ![@hillery_dan Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1593430331008376832.png) @hillery_dan Dan Hillery

Dan Hillery and others are discussing the potential of MicroStrategy's (MSTR) preferred stock, particularly STRK and STRF, as a stable source of income and a hedge against market volatility. The conversation highlights the benefits of MSTR's bitcoin-backed fixed income and the potential for capital appreciation in its preferred stock. Analysts are optimistic about the prospects of STRK and STRF, citing their perpetual nature and potential for sustainable, non-decaying income.

### Engagements: XXXXXX [#](/creator/twitter::1593430331008376832/interactions)
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- X Month XXXXXXXXX +70%
- X Months XXXXXXXXX +20%
- X Year XXXXXXXXXX +499%

### Mentions: XX [#](/creator/twitter::1593430331008376832/posts_active)
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- X Month XXX +31%
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### Followers: XXXXXX [#](/creator/twitter::1593430331008376832/followers)
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- X Week XXXXXX +0.19%
- X Month XXXXXX +1.50%
- X Months XXXXXX +33%
- X Year XXXXXX +306%

### CreatorRank: XXXXXXX [#](/creator/twitter::1593430331008376832/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1593430331008376832/c:line/m:influencer_rank.svg)

### Social Influence [#](/creator/twitter::1593430331008376832/influence)
---

**Social category influence**
[cryptocurrencies](/list/cryptocurrencies)  #1767 [finance](/list/finance)  XXXXX% [exchanges](/list/exchanges)  #4994 [stocks](/list/stocks)  XXXX%

**Social topic influence**
[bitcoin](/topic/bitcoin) #713, [inflation](/topic/inflation) #241, [debt](/topic/debt) #297, [long term](/topic/long-term) #93, [fed](/topic/fed) #228, [holders](/topic/holders) 2.3%, [volatility](/topic/volatility) 2.3%, [hedge](/topic/hedge) 2.3%, [has been](/topic/has-been) #3528, [imo](/topic/imo) #93

**Top accounts mentioned or mentioned by**
[@myfanforce](/creator/undefined) [@z06z07](/creator/undefined) [@timkotzman](/creator/undefined) [@gefjon_nasira](/creator/undefined) [@jonathancorsico](/creator/undefined) [@youngbtcato](/creator/undefined) [@penny_ether](/creator/undefined) [@danieldrunion](/creator/undefined) [@chris_21m](/creator/undefined) [@harmonic__shift](/creator/undefined) [@e055michel1842](/creator/undefined) [@upsilonresearch](/creator/undefined) [@thunderbumble69](/creator/undefined) [@nscepo](/creator/undefined) [@winstonmickey1](/creator/undefined) [@eddyluxe_](/creator/undefined) [@matthew89145332](/creator/undefined) [@haboussef](/creator/undefined) [@punterjeff](/creator/undefined) [@altols](/creator/undefined)

**Top assets mentioned**
[Bitcoin (BTC)](/topic/bitcoin) [Strategy (MSTR)](/topic/$mstr)
### Top Social Posts [#](/creator/twitter::1593430331008376832/posts)
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Top posts by engagements in the last XX hours

"The lesson learned during 2021 is that Fed Hikes + Hot Inflation + Overheated business cycle results in likely pull back in risk assets. The extension of that lesson is that rate cuts + cold PMI's + moderate inflation and weakening job market means no four year BTC cycle. Above is pretty much the playbook for the next X months"  
[X Link](https://x.com/hillery_dan/status/1980673743803281880) [@hillery_dan](/creator/x/hillery_dan) 2025-10-21T16:33Z 20.3K followers, 6438 engagements


"80/20 principle applied to BTC reminds you that its closer to XX% boring waiting and bleeding out then temporary moments of extreme excitement. Waiting for those moves"  
[X Link](https://x.com/hillery_dan/status/1980069162731864557) [@hillery_dan](/creator/x/hillery_dan) 2025-10-20T00:30Z 20.3K followers, 4217 engagements


"Why do we want leverage down The reason to buy a BTC treasury company is specifically for the non recourse debt ideally serviced by cash flows which can then create a leverage structure that isn't liquidated by drawdowns. Sorry I am not going to buy a de-levered BTC Treasury co and pay equity comp for execs out of ATM issuance with the knowledge that BTC/share is a decaying exponential if performed via equity issuance"  
[X Link](https://x.com/hillery_dan/status/1980674479115079949) [@hillery_dan](/creator/x/hillery_dan) 2025-10-21T16:36Z 20.3K followers, 31K engagements


"Strategy's pref ex dividend date occurs next week. Setting up some trades Tuesday Sep X 2025"  
[X Link](https://x.com/hillery_dan/status/1965270677256372314) [@hillery_dan](/creator/x/hillery_dan) 2025-09-09T04:26Z 20.3K followers, 11.8K engagements


"To get BTC leverage/ outperformance you do not need to issue equity. That's actually counterproductive. All you need to do is create a durable leverage package then enter at 1X MNAV and enjoy capital appreciation as your stake outperforms BTC. MNAV premium equity sales is a capital markets arb that is beneficial to holders who entered at lower premiums as they are accreting BTC/share. Sure early in the run up of a BTC acquisition strategy participants entering at high MNAVs can get yield above that of the MNAV at which they purchased but MNAV is effectively a risk premium and should be"  
[X Link](https://x.com/hillery_dan/status/1971658069307265052) [@hillery_dan](/creator/x/hillery_dan) 2025-09-26T19:28Z 20.3K followers, 6846 engagements


"Everyone underestimating melt up scenario with bullish policy into unprecedented AI CapEx spend. Commodities perform in line with PMI's. I'll take the digital commodity"  
[X Link](https://x.com/hillery_dan/status/1972706422107275468) [@hillery_dan](/creator/x/hillery_dan) 2025-09-29T16:53Z 20.3K followers, 6432 engagements


"Equities Stall Bitcoin Runs. Thanks for playing"  
[X Link](https://x.com/hillery_dan/status/1977459497116283028) [@hillery_dan](/creator/x/hillery_dan) 2025-10-12T19:40Z 20.3K followers, 4878 engagements


"That's the problem a BTC treasury's only value add IS LEVERAGE. In the old days of MSTR it was cheap leverage funded by free cash flow"  
[X Link](https://x.com/hillery_dan/status/1978283915094679811) [@hillery_dan](/creator/x/hillery_dan) 2025-10-15T02:16Z 20.3K followers, 26.2K engagements


"2023. BTC tripled"  
[X Link](https://x.com/hillery_dan/status/1978913490564960676) [@hillery_dan](/creator/x/hillery_dan) 2025-10-16T19:58Z 20.3K followers, 11.9K engagements


"STRC/STRF strength remarkable. STRF is the apex asset when it comes to MSTR's Bitcoin stack"  
[X Link](https://x.com/hillery_dan/status/1978935982889275700) [@hillery_dan](/creator/x/hillery_dan) 2025-10-16T21:27Z 20.3K followers, 10.6K engagements


"Bull market continues will BTC/gold and BTC/qqq stay depressed. Really isnt that complicated. TA doesnt matter right now thank you for your attention to this matter. Looking at leverage positioning and call skew / implied volatility everything else is noise"  
[X Link](https://x.com/hillery_dan/status/1974295363692409274) [@hillery_dan](/creator/x/hillery_dan) 2025-10-04T02:07Z 20.3K followers, 5546 engagements


"Starting to get expensive I think BTC volatility starts catching up to implied volatility"  
[X Link](https://x.com/hillery_dan/status/1975287935894434042) [@hillery_dan](/creator/x/hillery_dan) 2025-10-06T19:51Z 20.3K followers, 20.2K engagements


"Let's see if they ripped the common. I think it's unlikely but have been surprised recently. If the issuing corporation is a selling at XXXX I know I am not a buyer. If the issuing corporation stops selling below XXX MNAV I'd think about buying. STRF and the moving liquidation preference on the prefs being a reaction and not an intentional decision does not sit well with me"  
[X Link](https://x.com/hillery_dan/status/1977460919044305392) [@hillery_dan](/creator/x/hillery_dan) 2025-10-12T19:46Z 20.3K followers, 11.6K engagements


"Bitcoin vs. VIX Using Equity Volatility to hedge BTC Risk: This first chart tabulates the rolling correlation between the VIX (CBOE volatility index) and Bitcoin. Negative correlation means that if the price of BTC goes down then the price of the VIX goes up. The chart below shows that there is a small but statically significant anti-correlation between the two. Therefore while VIX calls could hedge against BTC downside it's not very effective as a strict hedge. Now below is the correlation between the SPX and the VIX. This value is closer to -XXX which is expected. This means that when the"  
[X Link](https://x.com/hillery_dan/status/1977523736480723267) [@hillery_dan](/creator/x/hillery_dan) 2025-10-12T23:56Z 20.3K followers, 3569 engagements


"There are certain winners which you want to hold through fear and uncertainty there are others where the upside no longer exists and the downside and risk outweighs the upside. In those scenarios sell"  
[X Link](https://x.com/hillery_dan/status/1978282419712090578) [@hillery_dan](/creator/x/hillery_dan) 2025-10-15T02:10Z 20.3K followers, 11.6K engagements


"@YoungBTCato I own calls but for different reasons than Pigeon. Lot's of Power Lot's of BTC market hates it. Still a shit co but an undervalued shitco"  
[X Link](https://x.com/hillery_dan/status/1980482249792581697) [@hillery_dan](/creator/x/hillery_dan) 2025-10-21T03:52Z 20.3K followers, XXX engagements


"O.9 mnav for a spac that holds BTC with no operating company and expensive payrolls and corporate risk and no leverage is not deep value"  
[X Link](https://x.com/hillery_dan/status/1978098736208183745) [@hillery_dan](/creator/x/hillery_dan) 2025-10-14T14:01Z 20.3K followers, 23.3K engagements


"Absolutely brutal day in markets imo. Nothing seems to be working besides spot BTC and short calls. BTC relative strength has been good. Need pmis to tick higher for anything crazy to happen imo"  
[X Link](https://x.com/hillery_dan/status/1981090201171603959) [@hillery_dan](/creator/x/hillery_dan) 2025-10-22T20:08Z 20.3K followers, 3762 engagements


"MSTR & BTC Volatility Hurdle Rate When running a securities issuance fund that swaps BTC vol for fixed income returns the issuing corporation must be hyper aware of the volatility of each of their securities. I've talked before about the volatility of STRF & STRK being too high (at least for the time being) for the large majority of professional fixed income investors. STRC is an attempt to flatten out this volatility; a stable principle fixed income instrument that sucks in cash from money market funds. Again it's really a question of volatility which people tend to conflate with risk. When"  
[X Link](https://x.com/hillery_dan/status/1954973624261136722) [@hillery_dan](/creator/x/hillery_dan) 2025-08-11T18:30Z 20.3K followers, 6225 engagements


"Seems like a good time to own lots of spot and long term leverage. Further out ibit leaps are hitting the market. Some interesting ways to use them imo are buying 84k BTC equivalent ibit options itm for January 2028 and using that leverage to sell ccs to increase payout expectation over the lifetime of the option"  
[X Link](https://x.com/hillery_dan/status/1980068831394488396) [@hillery_dan](/creator/x/hillery_dan) 2025-10-20T00:29Z 20.3K followers, 10K engagements


"This is the real use case for BTC treasury not spac piping but instead de-risking of companies taking on risk"  
[X Link](https://x.com/hillery_dan/status/1980316432748671303) [@hillery_dan](/creator/x/hillery_dan) 2025-10-20T16:53Z 20.3K followers, 8423 engagements


"September XX 2025 Dear Stravera Capital LP's and to whom this letter may be of interest. This months letter focuses on recession risk PMIs the new AI business cycle and the Bitcoin markets temperature. The recent underperformance of Bitcoin relative to the Nasdaq has been disconcerting. By analyzing Bitcoin cycles in the context of the business cycle the past nine months of underperformance become more understandable. With gold and equities breaking out Ill outline below why the trend remains positive. If I believed there were serious downside risks to the business cycle or particularly to"  
[X Link](https://x.com/hillery_dan/status/1972488971415416882) [@hillery_dan](/creator/x/hillery_dan) 2025-09-29T02:29Z 20.3K followers, 20.8K engagements


"Strategy Preferred Equity Vs. Traditional Corporate Debt"  
[X Link](https://x.com/hillery_dan/status/1976280582125765027) [@hillery_dan](/creator/x/hillery_dan) 2025-10-09T13:36Z 20.3K followers, 88.1K engagements


"This dip is for buying"  
[X Link](https://x.com/hillery_dan/status/1976702435402899713) [@hillery_dan](/creator/x/hillery_dan) 2025-10-10T17:32Z 20.3K followers, 10.4K engagements


"Chart on the left is price performance. Chart on the right is Implied Volatility (which is becoming increasingly important as things heat up). Right now I am sitting in calls for the two which are the lowest in both metrics. Favorite remains CLSK even at these prices. They do it right no dilution lots of power small market cap right on the cusp of AI transition colocated power. I'll take that bet over the ones which have already shown all their cards. Bet on uncertainty sell the news"  
[X Link](https://x.com/hillery_dan/status/1977500112453509122) [@hillery_dan](/creator/x/hillery_dan) 2025-10-12T22:22Z 20.3K followers, 5067 engagements


"Based on liquidity conditions I don't think we will get the much anticipated bonkers move through end of year but I also see a low probability of a deep correction. Grinding and chop and some moves higher"  
[X Link](https://x.com/hillery_dan/status/1979694465473540479) [@hillery_dan](/creator/x/hillery_dan) 2025-10-18T23:41Z 20.3K followers, 10.4K engagements


"People criminally underestimating BTC X years over estimating until year end When facts change we must change our view"  
[X Link](https://x.com/hillery_dan/status/1980069386028269802) [@hillery_dan](/creator/x/hillery_dan) 2025-10-20T00:31Z 20.3K followers, 5765 engagements


"Liquidity picture looking increasingly difficult for the near term. I think we keep moving higher but I dont think we double in a couple of months for BTC. But maybe you can adjust BTC/gold power curve price forecasts higher over longer period of time for some hopium"  
[X Link](https://x.com/hillery_dan/status/1980069856587190396) [@hillery_dan](/creator/x/hillery_dan) 2025-10-20T00:33Z 20.3K followers, 5540 engagements


"Ya agree with this. Either we go 84k then 300k in short order or we keep floating higher for longer if you believe in BTC adoption trend which I in fact do "  
[X Link](https://x.com/hillery_dan/status/1980070687693021341) [@hillery_dan](/creator/x/hillery_dan) 2025-10-20T00:36Z 20.3K followers, 13.6K engagements


"Power Law BTC cycles. with ISM still sitting around XX no reason to plan on XX% drawdown here. BTC is a story of adoption - addresses and hashrate still tell that story price will trend up"  
[X Link](https://x.com/hillery_dan/status/1980314355528004061) [@hillery_dan](/creator/x/hillery_dan) 2025-10-20T16:45Z 20.3K followers, 5878 engagements


"What mark's this chopsolidation/ moment in time for BTC is the fact that we are seeing long term holders sell without material increase in BTC price. Look's to be distribution of X year cycle profits. The future is unknown but hash rate and gold say keep holding here"  
[X Link](https://x.com/hillery_dan/status/1980429187292029354) [@hillery_dan](/creator/x/hillery_dan) 2025-10-21T00:21Z 20.3K followers, 10.2K engagements


"Holding BTC here. Spot BTC is the main bread and butter the rest energy BTC mining that havent already run"  
[X Link](https://x.com/hillery_dan/status/1980687516605804878) [@hillery_dan](/creator/x/hillery_dan) 2025-10-21T17:27Z 20.3K followers, 6269 engagements


"Wed Oct XX 2025 1) Hedge Fund Performance 2) Fed Funds Target & Mortgage Rates 3) Russel 2000 and PMI's 4) AI CapEx effect on PMI's and inflation 5) BTC long term trend supported by hash rate"  
[X Link](https://x.com/hillery_dan/status/1981100360321135072) [@hillery_dan](/creator/x/hillery_dan) 2025-10-22T20:48Z 20.3K followers, 4485 engagements


"Figuring out if it's going to be Global Liquidity or economic cycle (expansion) that leads to a BTC top of sustained run is going to be difficult. PMI where it is rate cuts inflation being managed 2026 = 2022"  
[X Link](https://x.com/hillery_dan/status/1981104927553552588) [@hillery_dan](/creator/x/hillery_dan) 2025-10-22T21:06Z 20.3K followers, 1982 engagements


"This is good this is the investment thesis this is BTC"  
[X Link](https://x.com/hillery_dan/status/1981105135779778922) [@hillery_dan](/creator/x/hillery_dan) 2025-10-22T21:07Z 20.3K followers, 6396 engagements


"What are you going to put the bulk of your assets in QQQ SPY Gold residential housing I just can't think of another winner over the next XX years. If I am thinking for myself it has to be the digital commodity"  
[X Link](https://x.com/hillery_dan/status/1981105405301338125) [@hillery_dan](/creator/x/hillery_dan) 2025-10-22T21:08Z 20.3K followers, 3956 engagements


"A slide from my recent video: Capex continues to grow and while hyper scalers may not get a return on their capital investment such spending should flow through to PMI's heat the economy and heat the BTC boiler. Watching the IWM"  
[X Link](https://x.com/hillery_dan/status/1981106272444567923) [@hillery_dan](/creator/x/hillery_dan) 2025-10-22T21:11Z 20.3K followers, 2445 engagements