[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.] #  @stonychambers Bitcoin Asset Research Bitcoin Asset Research posts on X about bitcoin, mstr, $mstr, strk the most. They currently have XXXXX followers and XXX posts still getting attention that total XXXXX engagements in the last XX hours. ### Engagements: XXXXX [#](/creator/twitter::1655664257843732496/interactions)  - X Week XXXXXX -XX% - X Month XXXXXXX +519% - X Months XXXXXXX +51% - X Year XXXXXXXXX +120,672,900% ### Mentions: XX [#](/creator/twitter::1655664257843732496/posts_active)  - X Week XX no change - X Month XX +17% - X Months XXX -XX% - X Year XXX +35,500% ### Followers: XXXXX [#](/creator/twitter::1655664257843732496/followers)  - X Week XXXXX +0.59% - X Month XXXXX +15% - X Months XXXXX +119% ### CreatorRank: XXXXXXX [#](/creator/twitter::1655664257843732496/influencer_rank)  ### Social Influence [#](/creator/twitter::1655664257843732496/influence) --- **Social category influence** [cryptocurrencies](/list/cryptocurrencies) #5474 [stocks](/list/stocks) [finance](/list/finance) [exchanges](/list/exchanges) [technology brands](/list/technology-brands) **Social topic influence** [bitcoin](/topic/bitcoin) #2103, [mstr](/topic/mstr) #33, [$mstr](/topic/$mstr) #44, [strk](/topic/strk), [$asst](/topic/$asst), [$smlr](/topic/$smlr), [$strd](/topic/$strd) #4, [$strk](/topic/$strk) #4, [why is](/topic/why-is) #701, [money](/topic/money) **Top assets mentioned** [Bitcoin (BTC)](/topic/bitcoin) [Strategy (MSTR)](/topic/$mstr) [Strive, Inc. (ASST)](/topic/$asst) [Semler Scientific, Inc. (SMLR)](/topic/$smlr) [Stride (STRD)](/topic/$strd) [Strike (STRK)](/topic/$strk) [DDC Enterprise Limited (DDC)](/topic/$ddc) [Coinbase Global, Inc. (COIN)](/topic/coinbase) [Zcash (ZEC)](/topic/$zec) [Monero (XMR)](/topic/$xmr) [Dash (DASH)](/topic/$dash) ### Top Social Posts [#](/creator/twitter::1655664257843732496/posts) --- Top posts by engagements in the last XX hours "Strive wrote a new chapter in the BTC playbook yesterday and most people are still confused about the XXX% 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 X. Whole cash treasury BTC only keep working capital in cash X. Issue equity to buy BTC this transmutes earnings per share into bitcoin per share X. Take out a loan against cash flows to buy BTC this levers up the equity and creates volatility X. Issue convertible notes" [X Link](https://x.com/stonychambers/status/1970417295001350480) [@stonychambers](/creator/x/stonychambers) 2025-09-23T09:17Z 3890 followers, 5069 engagements "Why is STRK best valued as XXX $MSTR + XXX $STRD It's simple. $STRK is the conversion right to 1/10 MSTR and an $8/year income stream. Both of these things are part of the security and can be valued using a sum of parts valuation. The best way to value a conversion right to 1/10 MSTR is to look at the price of MSTR and divide by XX. The best way to value an income stream sourced from Strategy is to look at another more junior income stream sourced from Strategy. STRD is $10/year so simply multiply STRD by XXX to get the $8/year of STRK. Add the two together and you get the formula: STRK = 0.1" [X Link](https://x.com/stonychambers/status/1979533419966075219) [@stonychambers](/creator/x/stonychambers) 2025-10-18T13:01Z 3898 followers, 1920 engagements "$DDC raises 1.5x its market cap in a $124M equity round. Shares are priced at a premium to the trading price. The founder and CEO Norma Chu also put $X million of her own money into this round. Every participant agreed to 180-day unlock. The market responds by bidding DDC up 10%. When there is no PIPE with unaligned investors at prices far below the spot price. the market likes it. And when the CEO and Founder is confident enough to put her own money behind her company. the market likes it. Maybe if PIPEs are just priced higher than spot the market will move the price up to the PIPE price" [X Link](https://x.com/stonychambers/status/1975928687263428881) [@stonychambers](/creator/x/stonychambers) 2025-10-08T14:18Z 3898 followers, XXX engagements "Underwriting credit risk in @Strategy prefs I disagree with using a normal distribution and GBM assumptions because distributions of log returns are leptokurtic and mature assets tend to exhibit a slight left skew. Assuming a constant exogenous variance across time is also wrong. A better way is to use the T-distribution which provides some fat-tailedness. Also create a stochastic variable for variance and put that into the monte carlo. But the best way is to simply look at the active marketplace for risk transference: options. $BTC and $IBIT options markets are quite large. Puts communicate" [X Link](https://x.com/stonychambers/status/1978886141857157580) [@stonychambers](/creator/x/stonychambers) 2025-10-16T18:09Z 3897 followers, 3179 engagements "The BTC/GOLD price is closing in on the April lows when the tariff scare was at its absolute worst: XXXX troy oz per bitcoin. In October alone bitcoin dropped XX% in gold. To return to cycle highs (Dec 2024) bitcoin will need to go from XXXX to XXXX troy oz: a XX% jump. If gold doesn't move over this time then that puts the bitcoin price at $174K. I continue to stack sats" [X Link](https://x.com/stonychambers/status/1978898399153000777) [@stonychambers](/creator/x/stonychambers) 2025-10-16T18:58Z 3899 followers, 7560 engagements "@PunterJeff @Strategy I think because the price risk is valued via the vanilla options the real uncertainty is in the capital stack. Certain paths might lead to adverse capital stacks and this needs to be considered. This has some characteristics like a knock out option" [X Link](https://x.com/stonychambers/status/1978950929429696926) [@stonychambers](/creator/x/stonychambers) 2025-10-16T22:27Z 3898 followers, XXX 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 $X of BTC for more than $X 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](https://x.com/stonychambers/status/1975996746896454084) [@stonychambers](/creator/x/stonychambers) 2025-10-08T18:48Z 3898 followers, 8275 engagements "Plot thickens on $SMLR and $ASST merger SMLR is doing a $20M bitcoin backed loan with Coinbase at pretty awful terms: XX% no early repayment margin callable etc. The cash helps fund the DOJ settlement of $30M. On top of that SMLR has projected a huge XX% drop in QoQ revenue. The X SMLR = XXXXX ASST exchange rate still stands but rather than meeting in the middle its almost like ASST is getting pulled down to SMLR while SMLR hasn't moved: ASST is down XX% since the merger announcement on Monday. ASST is buying SMLR with all of its baggage: plunging revenues and outstanding secured loans. At" [X Link](https://x.com/stonychambers/status/1971585617491374270) [@stonychambers](/creator/x/stonychambers) 2025-09-26T14:40Z 3898 followers, 18.3K engagements "$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](https://x.com/stonychambers/status/1973833104612544521) [@stonychambers](/creator/x/stonychambers) 2025-10-02T19:30Z 3898 followers, 146.3K engagements "Once again the market is mispricing $STRK this time by around X% under fair value $MSTR is $XXXXXX $STRD is $XXXXX STRK = XXX MSTR + XXX STRD = $XXXX But the price of STRK is $XXXXX. That's a X% discount to STRK's synthetic value. Remember that STRK is convertible into XXX MSTR and bears $X per year of cumulative dividends. Meanwhile STRD bears $XX per year of non cumulative dividends. Hence XXX shares of STRD approximates but understates the risk in STRK's income stream. This is a much larger value dislocation than normal. It's usually no more than 2-3%" [X Link](https://x.com/stonychambers/status/1979228507772219541) [@stonychambers](/creator/x/stonychambers) 2025-10-17T16:50Z 3898 followers, 3822 engagements "No 1000 is not the strike price. Its just what is implied by the original liquidation preference at issuance. How it happens: $XXX LP being convertible to XXX MSTR means the implied strike is 1000. In actuality the strike is always just 10x the price you bought the STRK shares at. If you buy it at XX your implied strike is XXX per share of MSTR since you would have spent XX for XXX MSTR shares. In actuality the strike price isnt relevant to valuation because the conversion right always just collapses down to being worth XXX MSTR" [X Link](https://x.com/stonychambers/status/1979625877890822333) [@stonychambers](/creator/x/stonychambers) 2025-10-18T19:09Z 3898 followers, XX engagements "Bitcoin is the best privacy coin. Here is a list of features that contribute to bitcoin privacy. Taken together the privacy on Bitcoin is easily superior to that of $ZEC $XMR $DASH etc. X. Lightning Moves payments off-chain and routes them with onion encryption (BOLT-4) so each hop only sees its neighbors not the sender/receiver. Payments and channel balances arent written to the public ledger reducing address/amount linkage. You can have an unlimited amount of payments go through a channel before ever settling on L1. X. CoinJoin via Wasabi Coordinators (see Wasabis WabiSabi uses anonymous" [X Link](https://x.com/stonychambers/status/1979687060647870496) [@stonychambers](/creator/x/stonychambers) 2025-10-18T23:12Z 3898 followers, 1109 engagements
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
@stonychambers Bitcoin Asset Research
Bitcoin Asset Research posts on X about bitcoin, mstr, $mstr, strk the most. They currently have XXXXX followers and XXX posts still getting attention that total XXXXX engagements in the last XX hours.
Engagements: XXXXX #
- X Week XXXXXX -XX%
- X Month XXXXXXX +519%
- X Months XXXXXXX +51%
- X Year XXXXXXXXX +120,672,900%
Mentions: XX #
- X Week XX no change
- X Month XX +17%
- X Months XXX -XX%
- X Year XXX +35,500%
Followers: XXXXX #
- X Week XXXXX +0.59%
- X Month XXXXX +15%
- X Months XXXXX +119%
CreatorRank: XXXXXXX #
Social Influence #
Social category influence cryptocurrencies #5474 stocks finance exchanges technology brands
Social topic influence bitcoin #2103, mstr #33, $mstr #44, strk, $asst, $smlr, $strd #4, $strk #4, why is #701, money
Top assets mentioned Bitcoin (BTC) Strategy (MSTR) Strive, Inc. (ASST) Semler Scientific, Inc. (SMLR) Stride (STRD) Strike (STRK) DDC Enterprise Limited (DDC) Coinbase Global, Inc. (COIN) Zcash (ZEC) Monero (XMR) Dash (DASH)
Top Social Posts #
Top posts by engagements in the last XX hours
"Strive wrote a new chapter in the BTC playbook yesterday and most people are still confused about the XXX% 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 X. Whole cash treasury BTC only keep working capital in cash X. Issue equity to buy BTC this transmutes earnings per share into bitcoin per share X. Take out a loan against cash flows to buy BTC this levers up the equity and creates volatility X. Issue convertible notes"
X Link @stonychambers 2025-09-23T09:17Z 3890 followers, 5069 engagements
"Why is STRK best valued as XXX $MSTR + XXX $STRD It's simple. $STRK is the conversion right to 1/10 MSTR and an $8/year income stream. Both of these things are part of the security and can be valued using a sum of parts valuation. The best way to value a conversion right to 1/10 MSTR is to look at the price of MSTR and divide by XX. The best way to value an income stream sourced from Strategy is to look at another more junior income stream sourced from Strategy. STRD is $10/year so simply multiply STRD by XXX to get the $8/year of STRK. Add the two together and you get the formula: STRK = 0.1"
X Link @stonychambers 2025-10-18T13:01Z 3898 followers, 1920 engagements
"$DDC raises 1.5x its market cap in a $124M equity round. Shares are priced at a premium to the trading price. The founder and CEO Norma Chu also put $X million of her own money into this round. Every participant agreed to 180-day unlock. The market responds by bidding DDC up 10%. When there is no PIPE with unaligned investors at prices far below the spot price. the market likes it. And when the CEO and Founder is confident enough to put her own money behind her company. the market likes it. Maybe if PIPEs are just priced higher than spot the market will move the price up to the PIPE price"
X Link @stonychambers 2025-10-08T14:18Z 3898 followers, XXX engagements
"Underwriting credit risk in @Strategy prefs I disagree with using a normal distribution and GBM assumptions because distributions of log returns are leptokurtic and mature assets tend to exhibit a slight left skew. Assuming a constant exogenous variance across time is also wrong. A better way is to use the T-distribution which provides some fat-tailedness. Also create a stochastic variable for variance and put that into the monte carlo. But the best way is to simply look at the active marketplace for risk transference: options. $BTC and $IBIT options markets are quite large. Puts communicate"
X Link @stonychambers 2025-10-16T18:09Z 3897 followers, 3179 engagements
"The BTC/GOLD price is closing in on the April lows when the tariff scare was at its absolute worst: XXXX troy oz per bitcoin. In October alone bitcoin dropped XX% in gold. To return to cycle highs (Dec 2024) bitcoin will need to go from XXXX to XXXX troy oz: a XX% jump. If gold doesn't move over this time then that puts the bitcoin price at $174K. I continue to stack sats"
X Link @stonychambers 2025-10-16T18:58Z 3899 followers, 7560 engagements
"@PunterJeff @Strategy I think because the price risk is valued via the vanilla options the real uncertainty is in the capital stack. Certain paths might lead to adverse capital stacks and this needs to be considered. This has some characteristics like a knock out option"
X Link @stonychambers 2025-10-16T22:27Z 3898 followers, XXX 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 $X of BTC for more than $X 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 @stonychambers 2025-10-08T18:48Z 3898 followers, 8275 engagements
"Plot thickens on $SMLR and $ASST merger SMLR is doing a $20M bitcoin backed loan with Coinbase at pretty awful terms: XX% no early repayment margin callable etc. The cash helps fund the DOJ settlement of $30M. On top of that SMLR has projected a huge XX% drop in QoQ revenue. The X SMLR = XXXXX ASST exchange rate still stands but rather than meeting in the middle its almost like ASST is getting pulled down to SMLR while SMLR hasn't moved: ASST is down XX% since the merger announcement on Monday. ASST is buying SMLR with all of its baggage: plunging revenues and outstanding secured loans. At"
X Link @stonychambers 2025-09-26T14:40Z 3898 followers, 18.3K engagements
"$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 @stonychambers 2025-10-02T19:30Z 3898 followers, 146.3K engagements
"Once again the market is mispricing $STRK this time by around X% under fair value $MSTR is $XXXXXX $STRD is $XXXXX STRK = XXX MSTR + XXX STRD = $XXXX But the price of STRK is $XXXXX. That's a X% discount to STRK's synthetic value. Remember that STRK is convertible into XXX MSTR and bears $X per year of cumulative dividends. Meanwhile STRD bears $XX per year of non cumulative dividends. Hence XXX shares of STRD approximates but understates the risk in STRK's income stream. This is a much larger value dislocation than normal. It's usually no more than 2-3%"
X Link @stonychambers 2025-10-17T16:50Z 3898 followers, 3822 engagements
"No 1000 is not the strike price. Its just what is implied by the original liquidation preference at issuance. How it happens: $XXX LP being convertible to XXX MSTR means the implied strike is 1000. In actuality the strike is always just 10x the price you bought the STRK shares at. If you buy it at XX your implied strike is XXX per share of MSTR since you would have spent XX for XXX MSTR shares. In actuality the strike price isnt relevant to valuation because the conversion right always just collapses down to being worth XXX MSTR"
X Link @stonychambers 2025-10-18T19:09Z 3898 followers, XX engagements
"Bitcoin is the best privacy coin. Here is a list of features that contribute to bitcoin privacy. Taken together the privacy on Bitcoin is easily superior to that of $ZEC $XMR $DASH etc. X. Lightning Moves payments off-chain and routes them with onion encryption (BOLT-4) so each hop only sees its neighbors not the sender/receiver. Payments and channel balances arent written to the public ledger reducing address/amount linkage. You can have an unlimited amount of payments go through a channel before ever settling on L1. X. CoinJoin via Wasabi Coordinators (see Wasabis WabiSabi uses anonymous"
X Link @stonychambers 2025-10-18T23:12Z 3898 followers, 1109 engagements