During periods of elevated market volatility, the distribution of gamma extends across a broader spectrum of strike prices. This dispersion results in an incremental adjustment of delta, reflecting a gradual shift in the option's sensitivity to changes in the underlying.

Strf will be buried deeper and deeper under a pile of BTC collateral.

Nice bounce on MSTR realized vol vs BTC, up to 2.5x now from 0.5x just a few weeks ago.

What else is there to do besides listen to the rolling stones and research volatility? youtube.com/watch?v=761yzG…

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.

I like that these boys added volatility. Key for anyone messing around in the derivatives market.

Think of IBIT calls like mNAV. Want a lower MNAV, buy deeper in the money. Want higher growth potential (BTC yield), with more risk, Farther out of the money. I like it.

STRF perpetually trades at 1xMNAV.

Still love this ride.

BTC Treasury companies that don't have a significant operating business or issue preferred stocks is a publicly traded long only Bitcoin Hedge Fund.

I think the last two days were rife with MSTR market manipulation, HFs furiously shorting and buying back to make longs geek out and sell. Totally made up stories (Like Chanos doesn't know that forks exist? And suddenly is posting about how BITCOIN could be duplicated???)

About time to remove that MSTR collar and take a shot. S&P first shot?

Yes. $STRF might be underpriced by $110+/sh by my rough math of o/s shares and NAV. To compare $MSTR common to $STRF and other preferred, I would disregard the descriptors (common, preferred, growth, income, etc.). I don't think they're helpful in the current BTC treasury

“Hot PMI equals only 25bps cut” is the obvious take. This is mass blindness theory Asymmetric bet: 50bp surprise with extremely hawkish guidance as cover. If Jpow doesn’t do this he’ll need to go 100bps later as emergency when housing and credit pressures snap Either way 144k.

Ship it crew.

Spring board, or cliff jump?

My entire timeline talking about dips. How about. Go do 100 reps of squats. Deads. Bench. Curls. Dips. Rows. Then comeback and open up the phone and enter a massive levered long position.

Strf’s a buy. Strc is a buy. Strk is a buy if you want common exposure. Strd’s a buy if you want high yield.