Grain of Salt

It’s easier to challenge an idea than to change a belief. GoS, 2026

[Grain of Salt @GrainofSaltSF]

Hey @Saylor and @phongle. Raise the rate on $STRC, use $MSTR ATM for cash dividends and reserve.
No MSTR ATM for Bitcoin purchases until mNAV is above 2.5.
FYI, I know this was updated 10 days later, I’m just saying let the premium build up by making MSTR shares scarce.
@Strategy @CJ_Bitcoin @rohanhirani_

[Strategy @Strategy]

Last week, Strategy shared $MSTR equity ATM guidance. Real-time mNAV can be tracked at https://t.co/yIv7IimRdf.

[Grain of Salt @GrainofSaltSF]

@Danainhawaii Awesome!

[Grain of Salt @GrainofSaltSF]

I made the change from Z06Z07 to @GrainofSaltSF
I was not hacked. 😀

[Grain of Salt @GrainofSaltSF]

It looks like @Strategy added Effective Yield to the $STRC page. 15.18%

[MEGA @MegalodahnIV]

Saylor pitched FASB to change Bitcoin accounting rules — they did.

Then the IRS tried to tax unrealized gains on GAAP earnings — so he pitched the IRS too, and won that one as well...

ZERO MBAs attempted this before him. Is this the most consequential regulatory arbitrage in corporate finance history? Is Saylor's a genius or a fool?

🎙️: @Z06Z07 & @piovincenzo_

[Grain of Salt @GrainofSaltSF]

I'm on!!!

[Pio @piovincenzo_]

Is MSTR spiraling OUT OF CONTROL?! https://t.co/eZeiIWDaEx

[Pio @piovincenzo_]

Is MSTR spiraling OUT OF CONTROL?! https://t.co/eZeiIWDaEx

[Grain of Salt @GrainofSaltSF]

In Silicon Valley, the seller typically pays for the home inspection and provides it to all prospective buyers. This speeds up the process significantly. While a buyer could pay for their own inspection, most homes are sold “as is” with no contingencies. So paying $1,500 to cut down processing time on $1.5M+ deal makes sense.

[Grain of Salt @GrainofSaltSF]

@JohanMBergman @ChrisMMillas I didn’t have a 4+ year choice, but simplistically 49% say 2-4 years. Restoring confidence with $3.4 to $5B in cash could be very effective quickly even with a drop of 4%+ in BPS.

[Grain of Salt @GrainofSaltSF]

How many years of cash reserve does @Strategy need for confidence to pay dividends on $STRC and all prefs?

[Grain of Salt @GrainofSaltSF]

How many years of cash reserve does @Strategy need for confidence to pay dividends on $STRC and all prefs?

[Grain of Salt @GrainofSaltSF]

I'm On.
https://t.co/4qbYU68xgQ

[Grain of Salt @GrainofSaltSF]

@Mitch_BTC21 @Strategy It would kill MSTR for a year+

[Grain of Salt @GrainofSaltSF]

@ZARkiwi @A5T3R0lD possible

[Grain of Salt @GrainofSaltSF]

@BTCoptioneer @Strategy Yep. It's my pinned tweet. https://t.co/TR72ODUzVC

[Grain of Salt @GrainofSaltSF]

Hey @Saylor and @phongle. Raise the rate on $STRC, use $MSTR ATM for cash dividends and reserve.
No MSTR ATM for Bitcoin purchases until mNAV is above 2.5.
FYI, I know this was updated 10 days later, I’m just saying let the premium build up by making MSTR shares scarce.
@Strategy @CJ_Bitcoin @rohanhirani_

[Grain of Salt @GrainofSaltSF]

How much cash does @Strategy raise this week by selling $MSTR ?

[Grain of Salt @GrainofSaltSF]

@ChrisMMillas Agreed. The experiment has already been done. @Strategy had about 32 months dividend coverage, which in retrospect looks like it enabled $STRC to be successful. @saylor @phongle

[Grain of Salt @GrainofSaltSF]

@LibertyBTC @Strategy Be decisive.

[Grain of Salt @GrainofSaltSF]

Berkshire Hathaway is a useful benchmark for balance-sheet businesses.

• Shareholders’ Equity (Q1 2026): ~$727B
• Class A Equivalent Shares: ~1.438M
• Book Value per A Share: ~$506k

Market Value:
1.438M shares × ~$700k/share = ~$1.01T market cap

Multiple:
$1.01T ÷ $727B = 1.38x NAV

The market values Berkshire at a ~38% premium to its net assets.

[Grain of Salt @GrainofSaltSF]

@hswinters13 @andysmith_asap @TimKotzman @smarterwebuk @asjwebley @Croesus_BTC @the_desert_ape Yep. Cover it in this video. https://t.co/JlaAqOB7JZ

[Grain of Salt @GrainofSaltSF]

@andysmith_asap @johnnyutah @TimKotzman @smarterwebuk @asjwebley @Croesus_BTC @the_desert_ape Tell me how this is incorrect? SWC has no debt which is good, however, the BPS efficiency is terrible compared to Strategy and Strive.