Are you confused about all the different MSTR preferred shares? You're not alone. They just announced a 4th preferred stock (STRC) that's different from all the others, and it’s the largest US IPO of 2025! I'll explain all 4 and what makes STRC unique 🧵👇

MSTR at all-time high vs MSTR after not getting included in the S&P500

The Metaplanet mNAV graph reminds me of a dying altcoin price graph. Here it is vs ALGO as an example of the similarities. Probably not unique to Metaplanet, I'd assume its a similar story for a lot of BTCos.

Nike is perfectly positioned to launch a bitcoin treasury strategy. Their slogan could be: Running bitcoin 🏃‍♂️ They could sponsor a Hal Finney foundation to fund some open-source bitcoin projects in his honor. P.S. Does anyone know what trainers Hal is wearing in this picture?

Called it weeks ago: Bitmain's hardware oversupply is forcing them into self-mining. Now they're launching hosted services too. When you can’t sell miners to your usual customers (pubcos), you have to find other ways to monetize excess inventory.

The rise of AI and High-Performance Computing is good for bitcoin mining. Few understand this.

I'm glad that regulators are increasing the regulatory friction for custodial bitcoin wallets across the world. This will hopefully push more people to download and try self-custodial wallets as an alternative.

Bitcoin miners need cheap power to survive. By definition this means that we are non-rival users of electricity, attracted to waste, stranded, and surplus sources of energy. The ultimate buyers of last resort for energy nobody else wants, like flared gas.

Saylor has billions of dollars left on the MSTR preferred share ATMs. Yet he keeps smashing the common ATM and barely touching the preferreds. Anyone know why he can't sell those?

How it started vs how it's going: Braiins Deck edition.

Pre-order your Braiins Deck now: store.braiins.com/products/braii… P.S. There's a special discounted price for the first 690 orders.

Running Knots without mining bitcoin does nothing to filter transactions in blocks. If you are mining, you can choose not to mine blocks with "spam" in them. But if you’re just running a node and not mining, you’re not “filtering” anything.

I've been wondering what financial engineering instrument BTCos would try next. The answer: selling BTC put options. Problem is that they'll miss gains from explosive upside moves. I doubt it will lead to better results than to buy BTC outright with available cash.

I agree, you should have at least N+1

What if bitcoin treasury companies being able to raise capital to buy bitcoin via financial engineering is only a temporary phenomenon? On a bitcoin standard, what is the fair mNAV for a company just holding cash?

Last week I asked why Saylor isn't tapping the MSTR preferred ATMs in size. This week they purchased $60m worth of BTC, only using the preferred ATMs. Peanuts. Demand for the preferreds is not there.

When dystopian fiction becomes EU policy. “Secrets are lies. Sharing is caring. Privacy is theft.” —Dave Eggers, “The Circle” “Yeah, sounds about right” —Peter Hummelgaard, “The Law”

The top 10 companies in the S&P500 hold a combined $846B dollars in cash. If they were able to all buy BTC at current prices, they would own over a third of all the BTC that will ever exist. And yet MSTR would still rank 5th largest holder of BTC amongst these companies 🤯

Bitcoin mining difficulty just increased by 4.63% to a new record high of 142T. This difficulty level equates to a network hashrate above 1,000 EH/s (or 1 ZH/s) for the first time. Historic.

Every cycle brings with it a new way to separate people from their bitcoin. This time it’s treasury strategy stocks.