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[@SmithsonBrennan](/creator/twitter/SmithsonBrennan)
"Mainly resentment if its only one way. $MSTR $MTPLF $ASST $NAKA $SWC"  
[X Link](https://x.com/SmithsonBrennan/status/1975744804991475742) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-08T02:07Z 1856 followers, 1505 engagements


"So if $ASST goes under does that mean no one will have to listen to @MSTRTrueNorth ever again Asking for a friend"  
[X Link](https://x.com/SmithsonBrennan/status/1976751812699894070) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-10T20:48Z 1856 followers, 2464 engagements


"Life is better with no exposure to Bitcoin Treasury Companies $MSTR $MTPLF $SWC $NAKA $ASST $SQNS $SMLR $CEPO $BLSH $CCCM"  
[X Link](https://x.com/SmithsonBrennan/status/1978137647265501425) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-14T16:35Z 1856 followers, XXX engagements


"I think Saylor forgot to mention that all the gains were made PRIOR to issuing digital credit. $STRK was issued January XX 2025 which would represent the @Strategy entry into the Digital Credit market. Since then $MSTR is -11.5%. Makes it seem like the market is not interested in Digital Credit. Please do your own research when presented with data like this that uses Bitcoin Standard Era datapoints. The data is irrelevant at this point because Strategy is not MicroStrategy. View them as two separate entities and reassess so the data will not be skewed or biased"  
[X Link](https://x.com/SmithsonBrennan/status/1978848762429673774) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-16T15:41Z 1855 followers, 7458 engagements


"@comic @fundstrat But @fundstrat is running the same scheme with $BMNR so he has to say that"  
[X Link](https://x.com/SmithsonBrennan/status/1979975102318989664) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-19T18:17Z 1856 followers, XXX engagements


"This ATM-style facility is the base layer of our capital raising strategy & the lifeblood of a healthy BTCTC. In my personal opinion after a harsh sector-wide mNAV compression over the last XX weeks this is what a vibrant BTCTC looks like. It genuinely pains me to say this because I have been a fan of @Croesus_BTC for a long time. But this statement is a reflection of the sad and pathetic state of affairs that the BTCTC space has become to embody. 1.) This ATM-style facility is the base layer of our capital raising strategy. Meaning they have no real model to obtain capital to purchase"  
[X Link](https://x.com/SmithsonBrennan/status/1970579254682239378) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-09-23T20:01Z 1859 followers, 2263 engagements


"Buying Bitcoin Treasury Companies is NOT the same trade as buying Bitcoin. Just because Bitcoin succeeds and goes up forever does in no way guarantee these companies will succeed as well. This might be the dumbest take Ive heard from any Bitcoin Treasury Company to date. The desperation coming from these management teams is getting quite embarrassing because they are struggling to even tread water while Bitcoin is in a bull run and hitting ATHs. Further amplification = more risk. $ASST"  
[X Link](https://x.com/SmithsonBrennan/status/1976354766000206279) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-09T18:31Z 1856 followers, XXX engagements


"Quick reminder. Bitcoin will be fine without Bitcoin Treasury Companies. The opposite cannot be said. Act accordingly"  
[X Link](https://x.com/SmithsonBrennan/status/1976713887757258923) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-10T18:18Z 1856 followers, 1556 engagements


"@GVJ8870 @Strategy @saylor Appreciate it People have so much trouble separating the two and looking at them through different lenses. Saylor fell victim of human nature and greed. This upcoming earnings call will be interesting"  
[X Link](https://x.com/SmithsonBrennan/status/1978933859891712323) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-16T21:19Z 1859 followers, XX engagements


"@btc_richierich @Strategy 🎯🎯"  
[X Link](https://x.com/SmithsonBrennan/status/1979147034075504990) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-17T11:26Z 1854 followers, XX engagements


"@comic Probably why you dont start building a Bitcoin company in the middle innings of a bull market. Much more advantageous to build in a bear market to avoid this exact scenario"  
[X Link](https://x.com/SmithsonBrennan/status/1979175638926754060) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-17T13:20Z 1856 followers, XX engagements


"Quit conflating Bitcoin and Bitcoin Treasury Companies. These are not synonymous with one another. Bitcoins volatility has never been lower and is only -XX% off ATHs while these amplified Bitcoin companies are down 40-90%. These companies have been exposed for what they are grifts. Bitcoin was never going to allow this to happen when the incentives are in direct opposition with one another"  
[X Link](https://x.com/SmithsonBrennan/status/1979179004666978777) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-17T13:33Z 1857 followers, XXX engagements


"@erx_craft @Strategy One can understand Bitcoin and not believe in Bitcoin Treasury Companies"  
[X Link](https://x.com/SmithsonBrennan/status/1979268581717094623) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-17T19:29Z 1856 followers, XX engagements


"@MikeFor44857211 @BedlamPres Bitcoin Income Generation Strategy. $XX million dollars YTD so far"  
[X Link](https://x.com/SmithsonBrennan/status/1979496863716741371) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-18T10:36Z 1854 followers, XX engagements


"Its obvious there has been a drastic drop in IQ over the last XX months. $MSTR $MTPLF $CEP $NAKA $ASST $SQNS $CEPO $CCCM"  
[X Link](https://x.com/SmithsonBrennan/status/1968372730367197629) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-09-17T17:53Z 1855 followers, XXX engagements


"Its rather unfortunate that $MTPLF is down XX% while $BOOT is up XX% in the last X months. One diluted shareholders with a XXX% increase in outstanding shares during a XX month period and one clothes the hardworking blue collar American. Proof of Work Proof of Dilution"  
[X Link](https://x.com/SmithsonBrennan/status/1971365455127540189) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-09-26T00:05Z 1854 followers, 1616 engagements


"Since this post X weeks ago. $MTPLF: -XX% $NAKA: -XXXX% $SWC: -35%"  
[X Link](https://x.com/SmithsonBrennan/status/1978186178814779538) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-14T19:48Z 1855 followers, 2120 engagements


"Just because something is cheap does not mean it is of value. Moving out on the risk curve can yield exceptional rewards but risk without reward is a fools errand. Bitcoin Treasury Companies are a fools errand. There still has to be a value proposition to justify the risk. Luckily most market participants are realizing there is no gold at the end of the rainbow"  
[X Link](https://x.com/SmithsonBrennan/status/1978245075558694948) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-14T23:42Z 1855 followers, XXX engagements


"Everyone likes to ignore my Double Dilution Dilemma. What @gerovich says here is theoretically true and looks good on paper. However while shareholder dilution ceases from outstanding share growth dilution happens on a different front. This dilution occurs with BTC/Share being stripped away from the common shareholders because the preferred equity is senior to common shares. Thus a dilution in BPS occurs for the common shareholder. Its a double edged sword where the common shareholders of $MTPLF lose in both scenarios. ATM = share dilution Preferreds = BPS dilution. Stay vigilant out there"  
[X Link](https://x.com/SmithsonBrennan/status/1979177638179582413) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-17T13:28Z 1855 followers, 5642 engagements


"@erx_craft @Strategy Its NAV as strong as ever but Id argue operationally they are much weaker than theyve been since the bear market"  
[X Link](https://x.com/SmithsonBrennan/status/1979278763423862854) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-17T20:10Z 1855 followers, XX engagements


"@erx_craft @Strategy I do not foresee a future of X mNAV again"  
[X Link](https://x.com/SmithsonBrennan/status/1979497234900173186) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-18T10:38Z 1855 followers, XX engagements


"@comic @Metaplanet_JP @DylanLeClair_ Being comped would be fair retribution"  
[X Link](https://x.com/SmithsonBrennan/status/1979738413227266387) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-19T02:36Z 1854 followers, XX engagements


"In the height of BTCTC euphoria thousands of coins were being bought per week while price stayed pretty range bound because opposing selling pressure from OGs. Now one side of that equation is gone because all the BTCTC decided to drive their mNAV into the dirt. So with consistent large buy side volume disappearing I do not see the catalyst to prop up Bitcoin price at this point. It definitely has the potential to correct another 10-15% in my opinion"  
[X Link](https://x.com/SmithsonBrennan/status/1979775712484626834) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-19T05:04Z 1854 followers, XX engagements


"More importantly do NOT confuse MicroStrategy with Strategy. The market has spoken and the facts are the facts. Past performance does not guarantee future results. They are not the same company therefore must be analyzed differently"  
[X Link](https://x.com/SmithsonBrennan/status/1976655872609882215) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-10T14:27Z 1855 followers, 1276 engagements


"Now they captured @jameslavish 🤦🏻 Are there going to be any real ones left after the implosion of these Bitcoin Treasury Companies"  
[X Link](https://x.com/SmithsonBrennan/status/1979975558252437708) [@SmithsonBrennan](/creator/x/SmithsonBrennan) 2025-10-19T18:18Z 1855 followers, 3075 engagements