Bill Ulivieri

We help pre-retirees convert 401(k)s to a tax-free Roth — tax withholding is funded by an income strategy, not savings · Heirs inherit millions, not a tax bill

[Bill Ulivieri @cenaclecapital]

Ruh roh. This showed up in my FB feed

[Dr Jordan B Peterson @jordanbpeterson]

To the Americans:

I've travelled all over the world. I've familiarized myself with many places, and met many people. And I'm a Canadian, although I’m privileged to reside once again in the States.

And here's something I've noticed, and it’s a key element of America's continuing greatness:

You bloody Americans value success, and you believe in its existence.

This is something that doesn't really happen anywhere else in the world. Even in other free democracies—the United Kingdom; Finland, Sweden, and Norway; Australia, New Zealand and Canada; Germany, France, and the Netherlands (great countries all)—a counterproductive cynicism too often reigns.

Success is equated with exploitation.
Ambition is looked upon with contempt.

This happens sometimes in the United States too—particularly among the miserable progressives, who confuse their resentment, ingratitude and unearned skepticism with wisdom.

But in your great country, by and large, striving is admired and success celebrated.

This means that more people strive and succeed in the US than anywhere else. And it's increasingly obvious. You remain stunningly more innovative and productive than any people anywhere else on the planet.

And so I say, as all should who are fortunate enough to live in the western world, let alone America:

Thank God for the United States.

Thank God for the wisdom of its founders.
Thank God for its faith in the free market and in the natural rights of man.
Happy birthday, you damn Yankees and Southerners.

Long may your admirable country dominate the world.

Long may your freedom and hope provide an example to those suffering everywhere at the hands of their malevolent states.

May your two and a half centuries of unparallelled success be just the beginning.

Your country is the light of the world, and the city on the hill.

Thank God for the USA.

Happy 250th.

Dr. Jordan B. Peterson

[Bill Ulivieri @cenaclecapital]

@sjkokinda Susan, this may have been the absolute best of 2026. You're amazing!!

[Bill Ulivieri @cenaclecapital]

@AdamBLiv Total Open Interest in $MSTR call & put options is 464,709. Since @saylor loves selling premium and buying "intrinsic" he could possibly start selling options to raise some funds. Sell some of that 100%+ implied vol!!!

[Bill Ulivieri @cenaclecapital]

@shanaka86 Our "back of the envelope" calculator has $MSTR shares trading -33.4% to NAV.

Actual Backing: Each 1,000 shares = ~2.33 BTC in holdings, but priced as if they equal 1.55 BTC.

Historical Context: Current ratio is -84% below the historical average.

[Bill Ulivieri @cenaclecapital]

@Options That Reckless Abandon quote is going to come back and haunt me someday!

[Bill Ulivieri @cenaclecapital]

Thanks for having me on another episode Mark!

[The Options Insider @Options]

Crypto markets are looking dicey, but the options market is wide open. @cenaclecapital joins us to break down why traders are eyeing MicroStrategy $MSTR with reckless abandon. Plus, what exactly is the new Illinois crypto "Privilege Tax"?

Listen to this episode on your favorite podcast platform including Youtube:
▶️https://t.co/sFHMIYlS1I

And subscribe to the full Options Insider Radio Network on your favorite podcast platform:
🍎Apple: https://t.co/PxeG60OBru
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[Zaid 🟧 @zaidlikesmstr]

$MSTR

Perspective is everything.

We’re nearing nine months since Bitcoin’s all-time high.

During that same period, $MSTR has closed 6 of the past 8 months in red, with June very likely becoming month number seven.

To the shareholders who stayed focused and continued accumulating through it all, you have my respect.

You are the definition of embracing volatility. If you used this period to steadily lower your cost basis, I’d say opportunity well taken.

For many investors, the past 9 months have been disappointing. People expected Bitcoin to do much more. Many expected this cycle to carry straight through 2026.

So far, that hasn’t happened. It’s a reminder that Bitcoin remains unpredictable and it remains volatile.

Now imagine going back to October and telling @Strategy shareholders that the next 9 months would look like this. How well would the company continue to operate?

We have our answer.

Since Bitcoin’s high, @Strategy has acquired a net total of roughly 207,862 BTC, averaging approximately 23,096 BTC per month.

Around 174,862 BTC of that has been accumulated year-to-date alone.

$STRC emerged and rapidly scaled into a $10 billion instrument capable of raising record amounts of capital.

The $STRC amendment passed, increasing payout frequency and improving the product’s utility, with those changes beginning to take effect next month.

The company built a USD reserve of $2.25 billion, drew it down to retire the 2029 converts at a discount, and has already begun rebuilding it back toward prior levels, now sitting at $1.4 billion.

All of this happened during a period of weakness in the markets.

Regardless of all of the above, the company continued operating. It adapted and found ways to raise capital throughout.

If anything, this period has been an education in understanding where Strategy’s real strength lies.

The mission was always to build something capable of enduring difficult conditions. The past nine months have simply shown what that looks like in practice.

That’s how far we’ve come.

Perspective is everything.

Mission Strategy.

$BTC $MSTR $STRC

[Bill Ulivieri @cenaclecapital]

@mc_khristina Maybe @saylor should sell the OTM $STRC put/ $MSTR call "strangle" as a trade. Collect premium. Synthetically selling upside MSTR and putting a temporary floor in on $STRC

[Bill Ulivieri @cenaclecapital]

@d_1awrence I've spent much of my career trying to catch the proverbial falling knife, instead of buying ridiculously overvalued companies that keep rallying.

[Bill Ulivieri @cenaclecapital]

@AAStack @saylor Excellent post. So true!

[AA ⚡️#VIP-110 @AAStack]

Every generational company looks insane before it looks obvious.

Amazon was mocked for burning cash.

Tesla was called a bankruptcy waiting to happen.

Netflix was ridiculed after Qwikster and a 75% stock collapse.

Apple was written off before the iPhone era.

The critics always sound intelligent in real time.

They talk about margins, dilution, debt, valuation, risk, competition, and “unsustainable models.”

Sometimes they’re right.

But when they’re wrong, they miss the entire point:

The best founders are not optimizing for Wall Street’s next quarter.

They are building around a future most people cannot yet price.

Jeff Bezos saw the internet before retail understood it.

Elon Musk saw EVs before automakers respected them.

Reed Hastings saw streaming before media companies accepted it.

Steve Jobs saw mobile computing before phones became platforms.

Michael Saylor sees Bitcoin as digital capital before the market fully understands what a Bitcoin treasury company can become.

That’s why Strategy gets hated.

Not because everyone knows it will fail.

But because if Saylor is right, the critics are not just wrong about a stock.

They are wrong about the future architecture of capital itself.

The market always hates the bridge before it crosses it.

[Bit Paine ⚡️ @BitPaine]

If $STRC were really in trouble $SATA would not be trading at par. If the market doesn’t think 846,842 $BTC is capable of backing $10.5B of prefs at 11.5%, then 19,105 $BTC cannot back $750M of prefs at 13%.

If the market thinks $MSTR and its prefs are a systemic risk to $BTC, then $ASST and its prefs are getting dragged down with it.

There’s just no world in which $MSTR is “fucked” in which $ASST isn’t also “fucked.” Either both are fucked or neither is fucked (neither is in fact, fucked).

They can temporarily diverge due to (real or perceived) inadequacies in management on the part of one issuer, but if there were some kind of death spiral or doom loop there is no logical reason for $SATA / $ASST to be immune to this contagion.

[Bill Ulivieri @cenaclecapital]

@dotkrueger It saddens me deeply since Chicago Navy Pier hosted the Voice of Blockchain in 2017 & 2018. Our city was cutting edge...but now...

[Bill Ulivieri @cenaclecapital]

@saylor @julian_liniger @BTCPrague I'm guessing this is an excellent time to buy $STRC as it's -148% oversold on its weekly trading band.

[Fred Krueger #BIP-110 @dotkrueger]

Space X is trading at 105x trailing revenues.

For context, NVDA is at 25x, TSLA is at 17x and the SP500 is at 3.5x

The "normalized earnings" ratio would put it at 250x earnings.

Tradfi is telling you to buy that, and sell BTC at 0.45x power law.

[Bill Ackman @BillAckman]

Never give up

[Bill Ulivieri @cenaclecapital]

CME GROUP THROWS CITY OF LONDON UNDER THE BUS WITH WTI AND COMEX GOLD CONTRACTS

[Bill Ulivieri @cenaclecapital]

@Options MSTR is one of my favorite "coins" but my P&L hates it!