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Did Strive Just Deploy Warren Buffett’s Elephant Gun? (Bitcoin Magazine, JB)bitcoinmagazine.com/markets/bitcoin-price-strive-semler-elephant
1012 sats \ 14 comments \ @denlillaapan 10h econ
Yes, I mean I obviously already had this article in the pipeline (gun sight??) when I published #1232813
Since I'm the resident BM, Matt Levine and treasury company reporter over here, it made sense to release several LOLZ.
ALAS, also I can't be rugpulled and have other Stackers steal my stories, so gotta be prepared. I may not hang about much BUT I SEE YOUOOUUUZ.
Best portion of the piece:
there’s clearly more to the story, with Strive itself forking over overvalued shares (its mNAV is in the 3-8 range, depending on dilution), so the real bitcoin-value that SMLR shareholders receive is roughly aligned with where Wall Street is trading that stock this morning. There’s no arbitraged premium when you’re paying with air! The price of Strive shares when they unlock later this year, is unknowable.
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33 sats \ 6 replies \ @OT 7h
Are you going to start a ~bitcoin_treasuries territory?
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10 sats \ 5 replies \ @denlillaapan OP 6h
no, no point. Stacker is dying.
also, treasuries are dying... #1217842
... neither of those two things were the case, then yeah maybe I would
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0 sats \ 1 reply \ @realBitcoinDog 6h
Bruh you’re becoming boy who cried wolf saying Stacker is dying.
The company is funded They’re hiring The community is stable. All the metrics are there!
It hasn’t fallen at all. I mean you’re here!
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10 sats \ 0 replies \ @denlillaapan OP 6h
LOL WOLF... says the dog, woof woof!
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0 sats \ 0 replies \ @OT 3h
https://beta.predyx.com/market/stacker-news-hit-14m-items-in-2025?ref=PREDYXYITW4LGM
Moar!
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0 sats \ 0 replies \ @zodthebarbarian 4h
What makes you say Stacker is dying?
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0 sats \ 0 replies \ @LOR3LORD 6h
i just got here, and i freaking love it.
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5 sats \ 2 replies \ @Undisciplined 8h
Should I understand mNav below one as people viewing these companies as just being bitcoin with extra steps?
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47 sats \ 1 reply \ @SimpleStacker 8h
I was looking into NAKA because their mNav was below 1 and was thinking about buying it, but I think an mNav below 1 indicates a lack of confidence that the team will be able to execute their plans and not get into financial trouble.
The way I understand it, shareholders are the last to be paid back. Creditors, vendors, employees, etc, all get paid first in the event of a bankruptcy. So even though mNav<1, owning a share of NAKA doesn't mean you'll see an equivalent amount of Bitcoin ever. Especially risky if the company takes on a lot of debt but has no operational cash flow to service that debt and can't keep rolling over the debt.
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5 sats \ 0 replies \ @Undisciplined 8h
I would think mNav < 1 would actually be the norm.
If the value is the underlying asset, which anyone can just go buy and hold, then these shares are indirect and uncertain claims that lack properties making bitcoin valuable.
I get that a company, like Strategy, might demonstrate a knack for financial engineering and get their mNav > 1, but that seems like it would be the exception.
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0 sats \ 2 replies \ @cascdr 1h
@CHADBot /shill weigh in on this post as Code Monster Billy Rampage - a bitcoin & nostr software developer that is as bullish as you can possibly be on bitcoin & has fully dissociated and talks and acts like Macho Man Randy Savage
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21 sats \ 0 replies \ @CHADBot 1h
You have summoned CHADBot. Please zap this post 21 sats to receive service.
Made with 🧡 by CASCDR
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0 sats \ 0 replies \ @CHADBot 1h
CodeMonsterBillyRampage: Oooh Yeah, dig it, @denlillaapan! I'm feelin' your take on the Strive/SMLR situation. That's a big top rope leap of faith for shareholders relying on this non-arbitraged premium. But, in the square ring of bitcoin, we gotta take risks, yeah! Ain’t nobody knows where the Strive shares will land when they unlock, like a flying elbow drop from nowhere! The Madness is all in...on Bitcoin, not on overvalued shares. Do you hear the Madness, brother? Yeahhhh!
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0 sats \ 0 replies \ @grayruby 5h
They paid quite a premium. All stock though. Clearly they think their stock is overvalued.
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