Chezzy

Bitcoin triple maxi, MSTR decuple maxi:
MSTR will be the most valuable company on earth!

[Chezzy @ChezzyTreat]

@Metaplanet How were these BTC purchases funded? Couldn't be common stock ATM as they are trading way below 1X Mnav. Was this via debt? That's 100% OK, just want to know the terms...

[Chezzy @ChezzyTreat]

@saylor Make the dividends daily!

[Chezzy @ChezzyTreat]

@saylor @Strategy Hope you guys are working on daily divis. This si the single most important thing that you guys can do right now for @Strategy.

[Adam Livingston @AdamBLiv]

INT. CONNER LIVING ROOM - NIGHT

ROSEANNE:
Dan, your Bitcoin guy is in trouble.

DAN:
Michael Saylor?

ROSEANNE:
Yeah. Says here he’s running a Ponzi and going bankrupt.

DAN:
According to who?

ROSEANNE:
Peter Schiff.

Dan stops.

DAN:
Roseanne, Peter Schiff has predicted Bitcoin’s death so many times Bitcoin should be collecting life insurance fraud money.

ROSEANNE:
He says STRC is a scam.

DAN:
Peter Schiff sees yield backed by Bitcoin and starts hissing like somebody opened the blinds in Dracula’s accounting office.

ROSEANNE:
So it’s not a Ponzi?

DAN:
A Ponzi has no asset. Saylor has Bitcoin. A lot of Bitcoin. An amount of Bitcoin that makes central bankers sweat through their little crisis cardigans.

ROSEANNE:
But they might sell some Bitcoin now. I thought he said never sell.

DAN:
Yeah, and I said I’d never eat generic cheese again. Then we had kids.

ROSEANNE:
That cheese gave Darlene trust issues.

DAN:
Exactly. Life evolves.

ROSEANNE:
So “never sell” doesn’t mean never sell?

DAN:
For regular people, “never sell” means don’t panic-dump your future because the chart hurt your feelings. For a public company, treasury policy means managing reserves, dividends, debt, preferreds, cash flow, and ten thousand lawyers named Todd.

ROSEANNE:
Sounds fake.

DAN:
Everything in finance sounds fake. “Preferred equity.” “Convertible notes.” “Soft landing.” It’s all wizardry with parking validation.

Roseanne scrolls harder.

ROSEANNE:
This guy says it’s a black swan. Selling becomes a pressure valve, then holders panic, then forced selling, then death spiral.

DAN:
A pressure valve prevents the explosion, Roseanne. That’s why boilers have them. That’s why marriages have garages.

ROSEANNE:
You live in the garage after Bears losses.

DAN:
Because I am practicing responsible risk management.

ROSEANNE:
So selling a little Bitcoin isn’t panic?

DAN:
Not if it protects the structure. Bears are acting like Saylor installed brakes because he plans to drive into a lake.

JACKIE:
From the living room: I once did that.

DAN:
And that’s why you’re not allowed to run a Bitcoin treasury company.

ROSEANNE:
Okay, Professor Meatloaf, explain STRC.

DAN:
STRC is preferred stock. Yield goblins buy it because they want income. Strategy gets capital. The capital helps support reserves or buy Bitcoin. Common shareholders get upside after the senior claims.

ROSEANNE:
So it’s like selling Jackie a coupon for future meatloaf so we can buy a cow?

DAN:
Yes, except the cow is Bitcoin and Jackie is an institution.

JACKIE:
I could be institutional.

ROSEANNE:
You once financed a waterbed at 29%.

JACKIE:
It had lumbar support.

ROSEANNE:
What about dilution? The internet says dilution is theft.

DAN:
Dilution is bad if you sell cheap stock to fund executive nonsense. Dilution is good if you sell expensive paper and buy scarce Bitcoin. That’s not theft. That’s turning Wall Street into a change machine for sats.

ROSEANNE:
So Saylor prints financial instruments and ends up with more Bitcoin?

DAN:
Now you’re getting it.

ROSEANNE:
That sounds illegal.

DAN:
No, that’s capital markets. Illegal is what they call it when poor people figure it out.

Roseanne reads another post.

ROSEANNE:
This one says “Saylor is selling billions of BTC to keep the Ponzi alive.”

DAN:
These people use “Ponzi” like your mother uses paprika. Loudly, incorrectly, and on everything.

ROSEANNE:
You’re saying the FUD is dumb?

DAN:
Some of it asks real questions. Leverage matters. Dividend coverage matters. mNAV matters. Bitcoin price matters. That’s analysis. Screaming “death spiral” every time a company updates its treasury framework is not analysis. It’s a haunted hayride for people with Robinhood accounts.

ROSEANNE:
But what if Bitcoin crashes?

DAN:
Then it gets ugly.

ROSEANNE:
Aha!

DAN:
Everything gets ugly when Bitcoin crashes. Miners get ugly. Exchanges get ugly. Influencers start quoting Marcus Aurelius in sweatpants. That doesn’t mean Strategy is dead. It means volatility showed up drunk again.

ROSEANNE:
So what is Saylor actually doing?

DAN:
He’s turning Bitcoin into corporate collateral. He’s taking the thing Wall Street ignored, wrapping it in instruments Wall Street understands, and building a machine that converts fiat panic into more Bitcoin.

ROSEANNE:
That sounds evil.

DAN:
No. Evil is saving dollars for forty years and retiring into eggs that cost eight bucks.

ROSEANNE:
Fair.

DAN:
Common stock for upside freaks. Preferreds for income freaks. Convertibles for math freaks. Bitcoin underneath it all like a radioactive raccoon guarding Fort Knox.

ROSEANNE:
And Schiff hates it?

DAN:
Schiff hates it because gold is sitting in a vault doing historical reenactments while Bitcoin is getting securitized into a global capital market weapon.

JACKIE:
I want a global capital market weapon.

ROSEANNE:
You can’t even handle a Kohl’s card.

JACKIE:
That was seasonal aggression.

Roseanne puts the phone down.

ROSEANNE:
So he’s not going bankrupt.

DAN:
Not because CryptoYeezus posted siren emojis, no.

ROSEANNE:
And he’s not “selling because the Ponzi is dying.”

DAN:
He’s managing the machine. Big difference. Bears think every wrench is a murder weapon.

ROSEANNE:
So what’s the actual bear case?

DAN:
Bitcoin dies forever, capital markets close forever, everyone panics forever, and Saylor forgets how to do math.

ROSEANNE:
That’s possible?

DAN:
So is Jackie becoming a nun.

JACKIE:
I looked into it. Too many rules.

Dan picks up his sandwich.

DAN:
Saylor isn’t going out of business. He’s building the financial Death Star with Bitcoin at the core, and the critics are outside yelling that the moon is overleveraged.

Roseanne sighs.

ROSEANNE:
I hate that I understood that.

DAN:
That’s how you know the FUD is losing.

ROSEANNE:
Fine. To Saylor.

Dan raises his sandwich.

DAN:
Not bankrupt. Just taking over the world one capital raise at a time.

JACKIE:
Can I buy STRC?

DAN AND ROSEANNE:
NO.

DAN:
You’d somehow get liquidated buying preferred stock.

FADE OUT.

[The Hurdle Rate Podcast @HurdleRatePod]

Welcome Back to The Hurdle Rate.

Episode 63: The Digital Credit Capital Framework

In this week's Hurdle Rate, the crew opens with the latest on digital credit volatility and the broader market backdrop, before digging into $MSTR capital framework and how management is navigating stress in the system. The conversation turns to institutional behavior, the realities of managing a cash balance sheet, and the dynamics of leverage and short interest within digital credit. We unpack high yield investing perspectives, what resilience and company DNA actually look like in this market, and the specific investor protections built into $SATA. We close with reflections on what it takes to build durable structures in the digital credit era.

Here's the latest with @TimKotzman, @ColeMacro, @PunterJeff, and @Werkman.

[Strive @Strive]

Today, Strive paid a cash distribution of $0.0542 per $SATA share. The daily dividend represents an annualized rate of $13 per $SATA share and an effective yield of 14.2% as of the latest market close.

This payment marks the 17th consecutive dividend to shareholders.

[Michael Saylor @saylor]

Income. Twice a month. $STRC

[Chezzy @ChezzyTreat]

@Tom01760342 @AdamBLiv He might be OK but not all the leveraged Saturn investors who who followed blindly. I saw this dump coming it was just way too easy for the shorts.

[Chezzy @ChezzyTreat]

@AdamBLiv @AdamBLiv, I hate to say it, but I told you so.

Just bringing it up so that we can learn for the future. There is absolutely nothing stopping liquidations when investors start leveraging to the teeth again.

[Chezzy @ChezzyTreat]

@AdamBLiv I was literally creating my own spreadsheets figuring out $STRC leverage (as probably 1,000's of other people).

An $83 liquidation is very risky. What's to stop manipulators from bringing the price to $83 for a day? A $10B asset manager can do it single handedly.

Don't do it!

[Chezzy @ChezzyTreat]

@Strategy's version of FSD v14 at zero cost!

[Michael Saylor @saylor]

Strategy announces a Digital Credit Capital Framework designed to strengthen Digital Credit, enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation. $MSTR $STRC https://t.co/AUoUCtem53

[AA ⚡️ @AAStack]

@saylor Its not about how hard you hit, but "how hard you can get hit and keep moving forward" lets gooo Mike

[nvm @nevermind_bruh]

@saylor $MSTR holders knowing damn well they're gonna buy every dip until the next bull run

[Chezzy @ChezzyTreat]

@saylor Announce a cash flow generating derivatives program at times of BTC sales. The only reason not to sell calls/puts was in order not to realize profits and to ensure ROC dividends. At times of BTC sales at a loss we should also generate income by selling calls/puts. Ask @gerovich!

[Chezzy @ChezzyTreat]

@saylor This is the best announcement of all, just $1B is too little IMHO.

[True North @TNorth]

Security Alert:

@hilllery__dan account has been hacked.

Do NOT click links, respond to messages, or send funds related to his account.

We are securing it now, updates to follow.

Verify anything suspicious offline.

[Chezzy @ChezzyTreat]

@ThePoliteG @saylor @Strategy Doesn't NEED more cash - he wants more cash. He can literally sit on his behind for the next year doing nothing and be OK. Obviously, he'll try not to do that but he doesn't NEED to do anything.

@Strategy does not need to act out of desperation!

[Phong Le @phongle]

Global markets and sectors are experiencing unprecedented uncertainty. We accumulated 4% of the world’s apex digital asset for times like these. $BTC $MSTR

[Chezzy @ChezzyTreat]

@AdamBLiv $STRC and $SATA need a buy back plan. Price falls below $90-$95, they buy back the shares that they sold at $100.

Cash reserve should usually be @ 36 months which can also be used for this purpose.

Something to keep in mind for the future when we can ATM aggressively again.

[Simon Gerovich @gerovich]

アラン・グリーンスパン氏が100歳で逝去した。

FRB議長を約19年にわたり務め、「マエストロ」と称された、現代において最も影響力のある中央銀行家の一人だった。だが、若き経済学者だった頃の彼は、健全通貨（サウンドマネー）の擁護者だった。1966年の論考「金と経済的自由」より：

「財政赤字とは、富を没収するための仕組みにほかならない。金はこの陰湿な過程の前に立ちはだかる。金は財産権の守護者として存在する。」

「金本位制が存在しなければ、インフレによる没収から貯蓄を守る術はない。安全な価値の保存手段は存在しない。もし存在するなら、政府はその保有を違法とせざるを得ないだろう。かつて金がそうされたように。」

彼はその弊害を1966年に正確に診断していた。そしてその後19年にわたりFRBを率い、自らが警告したまさにその政策を体現することとなった。

皮肉なことに、若き日の彼が描いた「あまりに確実であるがゆえに、政府が違法化せざるを得ない価値の保存手段」は、いま現実に存在する。かつて金がそうされたように没収することは、もはやできない。今回、それはビットコインだ。

心よりご冥福をお祈りいたします。

[Chezzy @ChezzyTreat]

@phongle Got to implement a buyback for $STRC if it ever falls below $95-$97