Fat Pitch

"And the wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't."

[Michael Saylor @saylor]

Strategy has increased its USD Reserve by $300 million to $1.4 billion and plans to continue replenishing it to support the credit quality of its Digital Credit securities. We also acquired 520 BTC for $35 million, increasing our $BTC Reserve to ₿847,363. $MSTR $STRC https://t.co/KeJ067fFWs

[Pio @piovincenzo_]

The CEO of Strategy bought $1 million of $STRC today

This is the exactly what you want to see

He will be getting paid $5,285 twice per month

and when $STRC goes back to $100

he will have made over $100k in capital gains

[Pascal Najadi @imPascalNajadi]

🚨 NOW: El Salvadorans are boasting that President Nayib Bukele has turned his once-violent country into the OPPOSITE of EUROPE — instead of rampant gangs and no go zones, the people are safe and THRIVING

-98% in homicides

Incredible what ruling with an iron fist over crime can do! 🇺🇸🇸🇻

Bravo, @NayibBukele! A model for Latin America. EUROPE should take notes!

📽️ @JorgeManzaSV

[Michael Saylor @saylor]

Looks better with more dots.

[Fat Pitch @CapitalPit65334]

@LawrenceLepard Based on?

[Zaid 🟧 @zaidlikesmstr]

$MSTR

Strategy will either create multi-millionaires or financially ruin some.

There is very little middle ground.

And I’ve never been more confident that I’m on the right side of that bet.

Volatility is a skill. It has to be trained over and over again until you detach yourself from the emotions that come with watching your portfolio, and often your sense of self-worth, fluctuate wildly.

Volatility teaches you to appreciate time.

It teaches you to appreciate fundamentals.

It forces you to stay grounded in a thesis that is so often mispriced and so frequently misunderstood by emotion.

Following @Strategy has been an educational journey in more ways than I could have imagined. More than anything, it’s taught me the value of curiosity and the willingness to challenge my own assumptions.

The beautiful part about understanding Bitcoin, and understanding a company with Bitcoin running through its veins, is that eventually opinion starts to matter less.

People don’t have to like the company.

People don’t have to like Saylor.

The math doesn’t care.

The company has already built something extraordinary: a mountain of capital, a growing set of tools, and an ability to continue operating through periods that many once thought impossible.

The advantage of being one of the most consistently bullish participants in this asset class is that you had the opportunity to accumulate the hardest form of money in the world while most people were too distracted to notice.

And in a world where Bitcoin succeeds, it’s difficult for me to envision a future where @Strategy doesn’t thrive alongside it.

Could management make mistakes? Of course.

But absent a series of self-inflicted decisions or a fundamental break in Bitcoin itself, this balance sheet has been built to weather storms.

We’re living through one of those moments now, where much of the space seems to have written Strategy off once again because of a temporary sell-off in $STRC

And yet, very few things can realistically force this company’s hand in the short term.

The longer your time horizon, the more valuable optionality becomes. And Strategy has built an extraordinary amount of it.

Someday, long-term shareholders may look back on periods like this and wonder why they didn’t have more conviction in the fundamentals, the math, and the thesis they already understood.

And if none of this works out the way I believe it will, I’ll sleep just fine knowing I had the courage to back my convictions when it mattered most.

Mission Strategy.

bitcoin:native $MSTR $STRC

[Michael Saylor @saylor]

When I gave this speech in October 2022, Bitcoin traded near $20,000, Strategy held 130,000 BTC worth about $2.6 billion, and $MSTR was ~$24 split-adjusted. Weeks later, after Bitcoin fell below $16,000, our debt exceeded the combined value of our BTC and cash reserves by ~$300 million, and $MSTR fell into the $13 range by year-end.

We stayed focused, strengthened the company, and executed our strategy. Since then, Strategy has raised over $60 billion of additional capital and invested it in Bitcoin, adding more than 716,000 BTC. Today, our BTC and USD reserves exceed debt by ~$48 billion. Thank you to everyone who believed, endured, and took the long view.

[Elon Musk @elonmusk]

Wow

[MAZE @mazemoore]

Fauci funded the research that almost certainly led to the pandemic. He then lied about it under oath and spent over two years trying to make people believe that Covid occured naturally. That is why he needed a pardon.

[bodila @51bodila]

Druckenmiller and Bessent wanted to bet $3 billion against the Bank of England - Soros said that's not enough and pushed it to $10 billion

they showed how exactly that day unfolded - two traders made $1 billion in one day

two men who trained the current US Treasury Secretary - in one video that nobody has seen

they shorted the British pound until the Bank of England ran out of money defending it - $6 billion gone in one day

then Druckenmiller left - and went 30 years without a single losing year

Bessent and Soros stayed together - 20 years later they crushed the Japanese economy

this documentary will change how you think about risk forever

bookmark & watch today ↓

[Oli @OlivierBib]

$CSU.TO Constellation Software closed more than 20 acquisitions in 2026 so far, about one a week. I built this tracker with Google Alerts and Claude. Let me know if I missed one!

[Fred Krueger #BIP-110 @dotkrueger]

I expect STRC to make its way back to par by June 30.
The defi loopers have been blown out, and the specs will nibble back, led by comforting words from Strategy.

[Nicolas Cole 🚢👻 @Nicolascole77]

All this $STRC & $MSTR FUD just shows what an asymmetric trade this company continues to be.

So many flawed opinions from uneducated people:

1. "@saylor said he'd never sell the bitcoin. He sold some bitcoin. That means the entire system is going to collapse."

No, he sold bitcoin because the credit agencies valued his $50B of bitcoin at $0 because they treated it as a 100% illiquid asset. He didn't sell because he had to. He sold to prove "nah, it's liquid." And he needs this step to happen, and to get approval from the credit agencies, in order to achieve the next leg of growth.

Credit approval = wave of new capital.

2. "STRC was supposed to be stable."

So, just to get this straight, what you want is:

- No volatility (0%)
- But double-digit passive revenue (11.5%+)
- Backed by billions and billions of dollars
- But if you sell even "a few" of those dollars to prove the dollars are a liquid instrument, then the other $49.9B should be considered worthless

This is actually what MSTR is trying to build. It's just not going to happen in the legacy finance industry overnight. And the only way it will happen is when STRC becomes investment-grade digital credit.

Which, going back to the first point, is why they had to sell 32 bitcoin. To prove, to the credit agencies, it is in fact a liquid asset.

3. "MSTR is a failure that is going to be forced to unwind because they're over-leveraged."

No, they're not.

You are more leveraged on your mortgage than they are on their dividend obligations relative to their balance sheet assets—by a wide margin.

Sure, some moves on the chessboard might be more-or-less accretive than others. But you have to see the forest from the trees.

This is a company that turned $500M of assets into $50B + of assets in 5 years.

Do you care, or do you remember, which of those transactions in the past were "more-or-less accretive?" Of course you don't. All you know is, they 100x'd their balance sheet, and 100x'd their stock price.

~

I have been interested in investing since I was 23 years old. I'm 36 now. And $MSTR is really the first time I've gotten to live the feeling of an asymmetric trade. I imagine this is how people felt buying Facebook or Amazon in the 2010s.

You know the game has already been won.

And you know the future is inevitable.

You just have to sit and wait a decade through the masses kicking and screaming and insisting you're wrong before you can celebrate being right.

[Michael Saylor @saylor]

Markets are closed today.
Volatility is never easy.
Bitcoin keeps working.
So do we.
Thank you for your support.

[BitcoinTreasuries.NET @BTCtreasuries]

JUST IN: @TNorth's @_Adrian Morris just called out the $STRC whiplash. "3 weeks ago everyone couldn't stop talking about Stretch. People need to relax."

@PunterJeff Walton quips "it's a death spiral w/ a 10% leverage ratio & $54 billion of capital."

The math hasn't changed.🔥

[Robin Seyr @RobinSeyr]

Am I missing something? Haven't heard a good argument against STRC....just panic FUD so far.

[BTC Optioneer @BTCoptioneer]

@RobinSeyr You are not missing anything. Leverage unwind + panic selling + probably some hedge funds shorting.

[Documenting Saylor @saylordocs]

MICHAEL SAYLOR SAYS $STRC PRODUCT WAS DONE WITH THE HELP OF AI

[Pio @piovincenzo_]

It’s going to be crazy when $STRC is back at $100 par value 90 days from now