Ya I think we trade up to par quite soon. Maybe even we rotate some of the gains into MSTR calls. Because once STRC trades at par, the only way to express my bullishness on STRC is to be long the common below 2.5MNAV.

All the alpha when it comes to the preferred equities is in the prospectus.

actually no MSTR calls

For anyone frustrated that Strategy doesn't sell products. I'm bullish on Strategy for the business intelligence and the hype beast brand.

Financial engineering is here to stay, and if you are willing to issue securities at opportune times, you should be willing to buy back shares at opportune times.

I’m cool with MSTR ATMing sneakers

Feeling very bored of BTC price action. This is a similar feeling I had in the fall of 2024 when BTC seemed like it wouldn’t do anything for years. Sometimes when attention has been drawn elsewhere serves as a great entry point.

One thing with the whole BTC yield equity issuance flywheel, which I have been verbally against for a while now, (BTC yield generated by common equity issuance in particular), Is that while it offers reflexive positive flywheels, it also has a negative flywheel > pin. Mnav

Notes on convertible bond issuance. When a convert is issued, say at a 50% premium over the share price, it’s effectively like issuing atm at an mnav that is represented by the share price 50% above where it currently is. You may then say, but the shares don’t get sold until

Option adjusted yield of strk is 12.7%. Strd yields less than that and its dividend is non cumulative. Borrow on MSTR is pretty much free, so there is definitely an arb here.

If things are quiet with Bitcoin, it tends to be good. Things seem quiet

Btc price up, more collateral for prefs. Rates down, upward pressure on pref principle. S&P inclusion, credit quality signaling and pathway for better possible ratings, prefs up.

The thing that is so different about strategy’s capital stack and that of a traditional equity is the lack of future cash flows and the value of the common equity being derived off of current assets/ future expectation of the value of those assets. Therefore in the future all of

If that means we get 20b of inflows, We know that we will be getting a 20b dollar btc buy in the near term.

Actual like this. Makes things feel less toppy

Probably a more profitable way to bet on MSTR inclusion than in the options market.

If a bitcoin treasury is trading at NAV, then issuing a convert is like issuing atm at the premium above share price. 30% conversion premium at 1xmav is like issuing common at 1.3xmnav. Underrated way to get premium back into the stock, especially Since it adds leverage.

For volatility to be valuable, specifically to options traders, it’s better if the underlying is durable. That’s why btc vol is very valuable, especially when packaged into a higher volatility structure.

iPads are underrated devices

Saylor has made some interesting comments on btc returns diminishing over time and the s&p’s increasing to approach that of btc. This might be the natural result of corporate btc treasury adoption. Just that little Trojan horse of balance sheet btc may be the boost across the