CS

Running #bitcoin
$MARA #Texas

[CS @Charles71197654]

@StrategyMaxi If anyone deserves it, he does

[Michael Saylor @saylor]

Strategy reports a $21 billion gain on digital assets in Q3 2026. Last week, we acquired 334 $BTC and repurchased $176M of $STRC. As of 10/4/26, we hold 848,000 BTC and $5.7B of USD Assets. $MSTR https://t.co/jvwiJahdMm

[Michael Saylor @saylor]

More orange than ever.

[Michael Saylor @saylor]

https://t.co/6Z1LKA54cO

[MDB @MDBitcoin]

Saylor’s path is almost absurdly simple

Either the whole strategy collapses or it becomes one of the biggest wealth machines the world has ever watched.

And for the strategy to truly break, Bitcoin basically has to break first.

For Bitcoin to break, governments would need to suddenly stop wasting money, fix broken currencies, remove endless money printing, and clean up financial corruption everywhere.

That’s the setup.

Most people still don’t understand how insanely one-sided this looks.

[Michael Saylor @saylor]

Stretch your income. $STRC

[Strategy @Strategy]

Stretch your income with $STRC.

[Strategy @Strategy]

Strategy has acquired 950 $BTC and repurchased $174M of $STRC. As of 9/20/26, we hold 846,000 BTC and $6.09B of USD Assets. $MSTR
https://t.co/FhbTcblJOi

[Michael Saylor @saylor]

A little more orange.

[Mason @MasonFoard]

At 1.15x mNAV, 1.28x amplification, and 0% net leverage, I think $MSTR is becoming a very interesting relative value setup.

The market lost confidence when Strategy depleted its cash reserve to retire the converts just as $BTC retraced toward the spring lows. $STRC subsequently traded into the low $70s.

Over the following months, Strategy issued a significant amount of common and sold some BTC to rebuild the USD reserve/pay dividends. That process now looks largely complete. The reserve has been rebuilt, net leverage is at 0%, and the STRC buybacks showed preferred holders that management is willing to step up and support the credit.

My view is that the balance sheet has improved faster than the valuation. With the USD reserve rebuilt (bigger than ever) and net leverage at zero, the need to use the common ATM as aggressively has receded. That removes a meaningful source of downward pressure on mNAV.

The next piece is STRC. If BTC moves higher here, asset coverage improves further, and I think STRC goes to $100 as the market recognizes the real strength of the balance sheet (credit quality) and has renewed faith in management to keep cash reserves as a vol buffer. At par, preferred issuance becomes viable again. Strategy can then use preferred capital to meet dollar obligations and buy additional BTC, allowing amplification to increase again, which then justifies a higher mNAV.

So the setup is potentially less common issuance at the same time that the preferred funding channel reopens and amplification begins moving higher.

I think the recent expansion in MSTR/IBIT may be the market beginning to look around that corner.

Just my view. NFA.

[Daisy @Daisy_xxoo]

🚨 $MSTR IS ABOUT TO DO THE UNTHINKABLE RIGHT NOW...

Every retail investor is hyper focused on Bitcoin.

Meanwhile, smart investors are diversifying their portfolio with crypto stocks.

With stocks like Strategy, you can get equity exposure directly tied to bitcoin:native.

And right now, it's at a multi month trendline.

If it breaks, $MSTR may explode.

[The ₿itcoin Therapist @TheBTCTherapist]

Fidelity is basically saying the bear market is over. It doesn’t get more bullish than this.

[James @JamesEastonUK]

Hello M2,

My old friend.

We shall meet again soon.

[The ₿itcoin Therapist @TheBTCTherapist]

This will be the most hated bitcoin rally of all time. Hold on to your butts.

[Strategy Simulator @MSTR_simulator]

Strategy's mNAV will expand again. Aggressively.

I believe it will reach 2.00x again, once we reclaim BTC's all-time high.

Many on this app seem to think that it won't. Specifically, they're blaming management for keeping it down by smashing the $MSTR ATM whenever it drifts slightly above 1.00x.

Firstly, this is largely overstated. Most of the mNAV compression has been driven by the bear market, negative sentiment, and STRC losing par.

But more crucially: management was only aggressive with the ATM for a narrow time and purpose.

They had three objectives:

- Build up a 2 to 3 year USD reserve.
- Show the rating agencies they had ample capital markets access during a "Bitcoin stress."
- Get STRC back to par.

That time is OVER now. Those objectives are COMPLETE.

The USD reserve is now at 3 years' duration. STRC is back over $98, nearly at the target range.

And they passed the S&P's "capital markets access" test with flying colors through every week of the now-concluding bear market.

My prediction: once STRC is back at par, MSTR issuance will fall by the wayside in favor of STRC issuance.

MSTR will only be issued at seriously high mNAV multiples (at least around 1.6) and when BTC trades significantly higher than the 200WMA.

But there will be a period during BTC's climb back up when management takes their gloves off MSTR.

And with it, mNAV will climb too.

[Michael Saylor @saylor]

Yield on the Bitcoin Standard.

[dave the wave🌊🌓 @davthewave]

Based on the #btc LGC curve [logarithmic growth curve], with price in the 'buy zone' for the past 6 months, investors have had some confidence in building a position if still unexposed.

[Adam Livingston @AdamBLiv]

Bitcoin is going to rally so violently that people who sold at $78K will start telling their grandchildren they “basically broke even.”

$100K will feel expensive for 11 minutes.

$150K will be called “unsustainable.”

$200K will have economists on television explaining that nobody could have possibly predicted the asset with a fixed supply would go up while governments printed industrial quantities of money.

Then at $250K your cousin who called Bitcoin a Ponzi scheme for eight years will text you:

“Hey bro. Quick question. What wallet do you use?”

The next Bitcoin bull market is going to be less of a rally and more of a financial crime scene.

[Samson Mow @Excellion]

Strategy selling Bitcoin isn't a bad thing.

There are differing schools of thought on this topic, but I actually think Bitcoin Treasury Companies should sell Bitcoin when it is warranted. The goal shouldn't be to never sell Bitcoin, but to benefit and protect shareholders.

1⃣ Never selling limits optionality. Public markets are war. In war, you need all available tools at your disposal.

"Hence that general is skillful in attack whose opponent does not know what to defend; and he is skillful in defense whose opponent does not know what to attack."

The more tools @Strategy holds, the fewer angles its adversaries have. A company with real optionality is hard to game: it might sell, might hedge, might issue, might buy. A company that has publicly vowed to only ever do one thing has handed a map to short sellers and arbitrageurs.

Every limit Saylor takes off the table, the other side loses a weapon. If you look at @adam3us's BSTR, they explicitly told investors that if shares trade below mNAV, selling Bitcoin to buy back stock is on the table.

2⃣ Even the #BitcoinBonds I designed had scheduled BTC sales baked into the design. After a five-year lockup, the issuer begins selling Bitcoin to return capital and share appreciation with bondholders. Without that mechanism, the instrument could not function.

Strategy's $STRC is the same idea as Bitcoin Bonds in a different wrapper. Both instruments strip out Bitcoin's volatility and share the upside with investors who want the asymmetry without the drawdowns.

Even with scheduled Bitcoin sales in the Bitcoin Bond structure, the issuing nation-state still ends up a net accumulator of BTC. It's the same case for Strategy.

3⃣ If you were paying attention to what Saylor has been posting, you'd see this coming. In April he said:

"Our BTC Breakeven ARR is ~2.05%. If Bitcoin grows faster than that over time, we can cover our dividends indefinitely without issuing new $MSTR shares."

This implies that Bitcoin can cover dividends, which means selling Bitcoin to cover dividends.

4⃣ What about "you do not sell your Bitcoin?"

As an individual HODLer you shouldn't sell your Bitcoin for no reason. Avoid selling if you can. That is the message. It is not literally 'never sell and take it to the grave.' You should of course sell it (use it) for important things in your life. Never sell is a rule of thumb, not a blood oath.

BTCTCs need the option to sell Bitcoin when needed.

Selling Bitcoin doesn't impact the incredible success that Strategy and STRC are seeing.

[Adam Livingston @AdamBLiv]

The people on this app criticizing the idea of Strategy selling Bitcoin to cover STRC dividends are just so unbelievably stupid and misinformed, because they literally don't want to take the time to run the math.

Selling a little bit of Bitcoin while remaining a net buyer is an incredible idea, because it takes away the already idiotic ponzi attack vector. STRC investors will continue buying STRC because they love the risk profile of a $66.4 billion BTC hoard appreciating at 20-30% per year, making their 11.5% yields more than economically feasible.

Just do the basic math. They have $66.4 billion in BTC. $1.5 billion in annual dividend obligations.

$1.5 billion divided by 12 months is $125 million per month in dividends.

$66.4 billion divided by $125 million is 531.2.

YES. They have 531.2 MONTHS of dividend coverage in Bitcoin.

Would you sell 0.18% of your Bitcoin hoard to issue STRC shares at a rate that is currently buying you over 50,000 Bitcoin per month?

Gee, selling 0.18% of my Bitcoin to increase my Bitcoin stack size by 6.5% per month!

How is this even hard for some of you people?

Long Bitcoin / long Saylor / long Strategy.

Short the idiotic crypto bros on X whining about this.