AngryBuhda

Trading and Macro Economics
Options (Put-selling, Call hedging)
Find edge in $BTC treasuries
NY | Long Live Bitcoin.

[AngryBuhda @AngryBuhda]

People were still too scared when I released this.

The past 3 months I've been Building and Executing.

STRIVE - $ASST was the horse I built my Terminal around.

200k Credits later and the terminals selections are up 120%.

Leaps, CSPs, PMCCs, $SATA...
We have all the tools we need.

Direction is up and to the right over the long term.
My job is to allocate the capital I have each month to the most advantaged vehicle.

Stop sitting on your hands!
$BTC $MSTR

[AngryBuhda @AngryBuhda]

I'm building a Monster Flywheel -
With ASST over the next year.
I got bored of all the back and forth on X.

I want to talk about execution.
So I figure I'd share exactly what I'm seeing and doing without the usual spreadsheets.

Hope ya'll enjoy me having a bit of fun.
I'll post a technical write up if there is interest.
cc. @WOLF_Bitcoin_ @BitPaine @AdamBLiv
@TimKotzman @Strive
#Bitcoin $MSTR $ASST $STRC $SATA

EP1 – ASST Discount Terminal:
I’m buying amplified Bitcoin at a built‑in discount through ASST instead of chasing spot.

[₿itcoin ₿eliever @BTCBeliever21]

🟧 NEWS: Strategy CEO @PhongLe received 190,740 vested shares of $MSTR on June 3, worth $22,972,725!

93,738 shares worth $11,129,247 USD was sold yesterday to pay the withholding tax 💸

SEC Form 4: ''Such sale was made solely to pay Strategy the tax withholding obligation''.

[AngryBuhda @AngryBuhda]

This is really important for people to understand.

The common ATM and STRC ATM are variable cash flow.

MSTR has had access to this cash flow for 80%+ of the time since ATM inception.

People can argue semantics all they want but it doesn't change the function of that capital.

MSTR isn't just an equity.
The ATM adds in essence a Perpetual Supplement Equity Purchase Agreement.

These are usually for the Venture Capital space where investors agree to buy more shares at the company's discretion.

So the common is 2 parts.
1: The Bitcoin beta.
2: The value premium of MSTR's efficient use of investors capital.

This is genuinely a unique product that breaks from traditional sematic presuppositions of other equities.

[AngryBuhda @AngryBuhda]

@proofofprice Missed by a week 😋.
Was pretty happy with how price tracked from my prediction date.

[AngryBuhda @AngryBuhda]

@DefiMoon @ZynxBTC All the data points to the exact opposite interaction than you're presenting.

The float has increased massively yet drawbacks are smaller over time on the whole.

exponential float increase yet the drawdowns have softened and returned to par.

[AngryBuhda @AngryBuhda]

Yep sold SATA for a loss and grabbed these Leaps that made up the loss by EOD.

People don't realize how much opportunity there is.

The market is a game but we get to play that game with an asset that is amplified Bitcoin beta. That's your edge.

You all realize MSTR and ASST average 120-160 IV and lows around 60-80.

That means every day there is an incredible amount of premium available in the market.

This shit is traded hard at all price levels.

Even simple Cash Secured Puts can get you 1-3% per month in premium that lowers your cost basis on stock you want to own anyway.

Too many people think from their own frame of reference but that's not how active market participants are actually behaving.

Good luck gentlemen 👍🏻

[AngryBuhda @AngryBuhda]

@BTCoptioneer We had an intraday IV crush.
Got my first Leap signal in weeks.

Took profits on CCs and grabbed more leaps.

Jan '28 $22 @ $5.60 + $25 @ $5.35

[AngryBuhda @AngryBuhda]

@Anders_ Oh we're here 🫡.
Prepared to drawdown SATA/STRC into more amplified BTC. 🙌🏻

[AngryBuhda @AngryBuhda]

@SKIPPER_BTCMSTR @saylor @Strategy @AAStack @TerriTortuguero @zaidlikesmstr @williamwallets8 @MSTR_Today @AdamBLiv @monster_models @MSTRStrategy Feels like.

[AngryBuhda @AngryBuhda]

@MSTRStrategy @monster_models @SKIPPER_BTCMSTR @saylor @Strategy @AAStack @TerriTortuguero @zaidlikesmstr @williamwallets8 @MSTR_Today @AdamBLiv Sats Kata 1; Red Fountain Slash!

[Michael Saylor @saylor]

https://t.co/yeG4PgpjEq

[AngryBuhda @AngryBuhda]

Wait.... Are you suggesting the SEC needs to be notified because someone named @monster_models makes an analogy that Saylor reposted?

This is a big reach Peter. Even for you.

Peter:
"Hey SEC there's this son that made an analogy with his father regarding a security. Saylor reposted it!

HE MUST GO STRAIGHT TO JAIL!"

[Zaid 🟧 @zaidlikesmstr]

$MSTR

Once you discover the truth about Bitcoin, there is nothing anyone can say to make you walk away from it.

When you have found bedrock in an uncertain world, you stop looking for reasons to leave it.

The beautiful part about standing by Bitcoin and by innovators like Saylor is that you get to watch human psychology from a distance.

The voices that stayed quiet when Bitcoin performed are the loudest ones right now.

And the best part about having conviction in this space is that you get to watch those same voices slowly go quiet again, as they always do.

Markets have always tested conviction before rewarding it.

Anytime doubt creeps in, I go back to the beginning.

Why does this asset exist.

What purpose does it serve.

What does it do that nothing else can…

The knives are out on digital credit.

The knives are out on $STRC.

And those swinging them fail to understand that Bitcoin was never built to appease a certain class of investor.

Bitcoin has been around long enough now that it needed to find its way to the people who would never have found it on their own.

The people who will never read a white paper.

The people who will never sit through a monetary policy debate.

The people who need it most and understand it least.

That is the gap @Strategy is trying to close.

It is going after the institutions that cannot hold it.

The corporations mandated against it.

The banks that have spent years dismissing it.

$STRC is not a threat to Bitcoin.

It is Bitcoin finding its way to the people it was always meant to reach.

The resistance will continue as It always does.

This is a long fought battle.

I am glad I am on the right side of it.

$BTC $MSTR $STRC

[Adam Livingston @AdamBLiv]

🔥BITCOIN HAS WON AND BITCOINERS HATE IT - WE NEED TO TALK🔥

Bitcoiners spent 15+ years begging the world to adopt Bitcoin.

Then Michael Saylor showed up with a public company, a balance sheet, a securities lawyer, and the spiritual intensity of a vampire professor explaining thermodynamics to a dying empire.

Now everyone is FURIOUS.

Apparently Bitcoin was supposed to destroy fiat, but only through vibes, podcasts, and a tasteful cabin where a Marxist hippie named River teaches self-custody next to a cast iron stove before explaining why public companies buying Bitcoin is “problematic.”

Sorry. The speculative attack came wearing a suit.

The revolution has an investor relations department.

And the people who said Bitcoin was permissionless are now upset that nobody asked their permission.

Bitcoin won. Bitcoiners are mad.

BEAUTIFUL:

[AngryBuhda @AngryBuhda]

@benschmidtbtc @smarterwebuk I saw this then didn't see any discussion and thought it was a bit odd.

Ty for the update.

[AngryBuhda @AngryBuhda]

Lot's of people seem allergic to math.

Same kind that got mad when we figured out the earth rotated around the Sun 🌞.

Now people are up in arms that fiat has always been orbiting something.

Just look at fiat trading pairs and USD.
None USD Fiat are like moons to a USD planet.

And USD orbits Bitcoin.

The debasement was always occurring.
Bitcoin simply gives us a visual along that trajectory.

[Adam Livingston @AdamBLiv]

Everyone keeps acting like common equity issuance is automatically accretive above 1.0x mNAV, as if Strategy is some clean little all-common Bitcoin wrapper with no senior claims, no preferreds, no debt, and no diluted-share math.

Then Strategy gets on the earnings call and says that BPS accretion is the primary goal. They also say that mNAV is one input.

They also say breakeven for accretive MSTR issuance is around 1.22x.

Why?

Because their actual test is: ADSO Market Cap > BTC Reserves.

They are literally using assumed diluted shares outstanding, then asking whether the fully diluted common equity value exceeds the Bitcoin reserve value.

Once you have debt and preferred equity in the stack, 1.0x mNAV stops being the magic accretion line because common shareholders do not economically own the full BTC reserve free and clear.

The denominator changed, the capital structure changed, and that means the accretion threshold changed.

That is why the slide shows:

BTC Reserves: $64B
Basic Market Cap: $59B
Net Debt + Pref: $20B
Enterprise Value: $79B
ADSO Market Cap breakeven: $64B

So the BPS-accretive threshold happens when ADSO market cap reaches BTC reserves, while the enterprise value mNAV shows roughly 1.22x.

1.0x mNAV is caveman math, and 1.22x is the capital-structure-adjusted breakeven.

CEBE says common shareholders should care about their economic BTC exposure after senior claims.

Strategy’s slide says the mNAV breakeven changes when the capital structure changes.

Those are not the same exact metric.

But they are solving the same problem, that gross BTC per share is incomplete without understanding the claims stack.

With CEBE mNAV, the accretion threshold is still 1.0x, but the denominator is already adjusted for senior claims.

The 1.22x number exists because Strategy is no longer a simple all-common Bitcoin wrapper.

It is a structured capital markets machine wrapped around a Bitcoin reserve.

The people still yelling “1.0x mNAV” are doing balance sheet analysis with a Fisher-Price calculator.

[Michael Sullivan @SullyMichaelvan]

Bitcoin FUD feels convincing right now for one simple reason:

The market is angry.

Like, historically angry.

And angry crowds overweight risks and mistake emotional certainty for clear thinking... which makes all the certainty around the 4-year cycle especially interesting.

[Dana @Danainhawaii]

It’s almost time for me to unmute @PeterSchiff - He is hands down THE BEST inverse Bitcoin trader in the world. Better than Cramer even. The more he gloats the more you buy. Not sure how but it works. But thank me in 2029.

[AngryBuhda @AngryBuhda]

@Danainhawaii @AdamBLiv @diglloyd @CEBETracker 🙌

[AngryBuhda @AngryBuhda]

@Danainhawaii @AdamBLiv @diglloyd @CEBETracker That's been my low target since Bitcoin Bull structure broke from last cycle.