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For the front-page, AI-generated Saylor pics this piece alone deserve y'alls attention!
Crazy:
Headline is great too: "Buy higher, pump harder." My god.

how did they sneak that one past the editors at FT?!

And it's a pretty good rundown of Strategy's new STRK preferred stock:

"It’s no exaggeration to say that Strategy is not merely a major player but the market itself — a blue whale consuming all the available krill in the bitcoin ocean."

Saylor’s brilliance does not necessarily lie in investment acumen but in his ability to elevate Strategy’s share price — up over twentyfold since its pivot to bitcoin in August 2020. This has enabled insiders to cash in massively, with senior executives unloading $568mn of stock in 2024, including a flurry of sales by Saylor’s lieutenants near the peak in November. 
...and his Ponzi-like problem (then again, aren't all moneys?)
Strategy’s legacy software business does not generate cash. Servicing the high dividend on STRK will require further financial engineering, most likely through additional equity issuance. This will inevitably lead to dilution for existing common stockholders. STRK, in effect, functions as a perpetual payment-in-kind instrument, combined with an out-of-the-money call option — an elegantly convoluted mechanism primed for significant dilution.
The broader question remains whether Strategy’s relentless fundraising to buy bitcoin is a masterstroke or a reckless gamble. The $1,000 per share conversion price for STRK represents a wager on bitcoin’s continued ascent. If bitcoin soars, all stakeholders benefit. If it stagnates or declines, the dilution from STRK and other equity issuances will weigh heavily on common shareholders, who are already being pushed further down the capital structure.
Given that I've ended up almost quoting the entire piece, you should probs just go and read it. Highly recommended.

"For now, Strategy’s financial wizardry is working,"

...and what it requires, says Coben, is
  • stock continued premium to NAV
  • bitcoin continued appreciation.
"...if either falters, the entire edifice risks collapse."
Saylor’s X post sums up Strategy’s strategy: strike the iron while it’s hot. The question is whether management’s hyper-opportunism belies the confidence they so often profess.
Pretty wonderful.

non-paywalled via archive: https://archive.md/5Rbkn
It's quite the presumption that Microstrategy could buy another 262k bitcoin at 80k and not move the price. Especially the way they buy where they don't care about market timing. I could see them being able to do this during a prolonged bear market where the avg price of coins acquired is 80k but during the last bear the stock traded at a discount to NAV.
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Tells us something about how crappy/undesirable bitcoin is and has been in recent months if there's been Saylor aping in and it keeps depreciating. Not a good sign, altogether: is the bitcoin dream over? Is it time to wake up, bitches?
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I don't think it tells us that at all. It tells us that Bitcoin is still wrongfully seen as high beta to the Nasdaq. Everyone goes through the bitcoin learning curve. Tradfi is doing that right now. In the past couple months we have seen over 10B flow out of Open Interest either via liquidations or traders taking risk off the table. Add in some outflows from ETFs as tradfi folks take risk off the table due to recession fears and tariff wars and that explains the price action.
There have been many instances in Bitcoin's history where price doesn't reflect the positivity of the news cycle and vice versa. This is just another one.
You also have the issue of crypto traders trying to keep their altcoin bags afloat by selling bitcoin as they were all positioned for an altseason. They likely don't have any (or much) bitcoin left to sell to save their shitcoins.
Honestly after a big run up. I think Bitcoin is holding up pretty well.
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Some nice observations there, thanks!
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Don't get me wrong, demand is definitely weak right now but there is a lot of positive stuff going on. I expect Bitcoin to continue to follow global M2. I like this chart from the Mad King. It shows Bitcoin stayed elevated even though M2 was declining (likely due to hype around the election) and is just retreating to meet M2 which he predicts will turn upwards in the coming months. Maybe it's hopium but I have heard Jeff Ross suggest something similar.
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Yah-yah, I've seen it.
The dissonance is precisely what troubles me: all this good news,setup couldn't be more bullish... And market prices keep telling me I'm wrong.
Bitcoin will keep surprising all just like it has for last 16 years or so. Just own some is the best option
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Yes I agree also. It has been a long time people always fudding and Bitcoin is still here
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Yes, and the longer it survives the more adoption it will have eventually.
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Just like the internet, cars with horses, trains. All took some time to be adopted.
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I'm convinced that the next major bitcoin crash is gonna be caused by Stratejeeb
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Not unbelievable. Maybe after they've converted into a bitcoin bank, created some high-yield accounts, and lent to some shady types in the Bahamas.
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I just really hope wherever they are storing the keys it is not all with Coinbase.
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Pretty sure it is haha
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