VikingTrades

Options 📈 Barbells 🍊Bitcoin

[VikingTrades @GymRat21M]

The problem with using imessage or what’s app as opposed to terminal is the narrow channel. That communication mode does not have the ability to fully reference the .md files and you get a half baked / half intelligent output. i only use messaging for quick answers and never let it make files changes or create documents.

[VikingTrades @GymRat21M]

@jordan_ross_8F calls

[VikingTrades @GymRat21M]

@TommiPedruzzi Send

[VikingTrades @GymRat21M]

@cgtwts Feels like everyone has AI responses turned on lol. Thanks for sharing this however. It’s exactly what i needed. Cheers!

[VikingTrades @GymRat21M]

@ZynxBTC Your analysis is always appreciated 👊🏼

[VikingTrades @GymRat21M]

Excellent update on the BTC Treasuries. Excited to see how the B5 perform this year as the price of BTC increases.

[Zynx @ZynxBTC]

Shall we do a health check on the Bitcoin Treasuries?

We were told that there would be forced liquidations if the Bitcoin price crashes due to the levels of leverage being used.

Let's see what actually happened.

I'm going to be using a basket of 5 companies across different jurisdictions that I would describe as the most prominent in the space.

I'm calling it the B5 Index.

1) Strategy 🇺🇸
2) Strive 🇺🇸
3) Metaplanet 🇯🇵
4) Capital B 🇫🇷/🇪🇺
5) Smarter Web 🇬🇧

Let's start with Strategy.

They have not sold any Bitcoin and since the start of the year have acquired 40,861 Bitcoin and have more than $2bn in USD reserves aka ~30 months of dividend coverage. Balance sheet stronger than ever.

Leverage = 12%
Amplification = 33%

Next up we have Strive.

They have also not sold any Bitcoin and since the start of the year have acquired 5,505 Bitcoin with most coming from the successful acquisition of Semler. They have raised $225mil from the SATA offering which has allowed them to retire most of the debt and stack more Bitcoin.

Leverage = 1.1%
Amplification = 47.8%

Moving on to Metaplanet.

No Bitcoin sold. Since the start of the year they haven't bought any but on Dec 30th they announced a 4,279 Bitcoin purchase. They also announced a $137 million equity raise at a premium less than 2 weeks ago.

Expecting more announcements soon.

Leverage = 14.4%

On to Capital B.

Again, no Bitcoin sold. Just 5 Bitcoin purchased since the start of the year. Not much activity as to be expected given the market conditions but the company has maintained one of the highest mNAV premiums in the space. A dual BTC/FIAT reserve means that the company is very resilient.

Leverage = 0%

Finally we have Smarter Web.

No Bitcoin sold. 10 Bitcoin acquired since the start of the year. Again, similar to Capital B in that market conditions heavily dictate activity for the smaller treasuries. Uplisting to the London Stock Exchange was completed, setting the company up for further expansion.

Leverage = 0%

Conclusion...

It appears that the only thing that changed was share prices. Leverage is very low across the board with the FUD about a "deleveraging event" greatly exaggerated.

If anything, these companies are in a much stronger position and have continued to build despite poor market conditions.

Once Bitcoin starts performing again then expect share prices to reflect this.

Bullish.

[VikingTrades @GymRat21M]

@BitPaine Not for long

[VikingTrades @GymRat21M]

@Rally__vincent Buy the hell out of it 👊🏼🔥

[VikingTrades @GymRat21M]

@Rally__vincent Sorry bro , was a tough day for sure
I got margin called on my BTC loan and had to add collateral. Lucky i could do that. Selling when you have to sell is reasonable too. Stay Strong my BTC Brother 👊🏼

[VikingTrades @GymRat21M]

@bariksis @kale_abe I think you meant 59
We can go up now
Call the devs

[VikingTrades @GymRat21M]

@BitMasterK Getting Margin calls today on $BTC loan. Pain 11/10. Just sold a kidney. Please make the pain stop.
$10M or zero LFG🔥

[VikingTrades @GymRat21M]

This is painful
I’m hurting bad
I feel like puking
Wife is leaving me
I might not survive the night
So i bought some $BTC
And some $IBIT Calls
Oh and $QQQ calls
All is good in the world

[VikingTrades @GymRat21M]

Always said that AI would use Bitcoin over any other form of money. Here we are.

[⚡️Mirthtime ⚡️ @mirthtime]

https://t.co/DijgAN84fi

[VikingTrades @GymRat21M]

Picked up some $IBIT $50 Sep26 Calls today.

I think the price of $BTC will be higher in 296 days don’t you?

#HODL

[VikingTrades @GymRat21M]

@TradeZella Sale

[VikingTrades @GymRat21M]

@bariksis That would be extremely painful.

[VikingTrades @GymRat21M]

@hanna8434719046 @starks2765 That’s my strategy as well. Let’s see how the year ends.

[VikingTrades @GymRat21M]

Great explaination of ADL

[Doug Colkitt @0xdoug]

1/ Since a lot of people are waking up to see their perps positions closed and wondering what the hell “Auto-Deleveraging” means, here’s a quick and dirty primer.

What is ADL? How does it work? And why does it exist?

[VikingTrades @GymRat21M]

@BtcWallpaper very cool

[SightBringer @_The_Prophet__]

⚡️What you’re really seeing here is the first stage of a global unit-of-account fracture.

•In nominal USD terms, everything looks like it’s booming: stocks up triple digits, homes up double digits, “wealth” everywhere. That’s the performance everyone sees.

•In gold terms, the illusion cracks: stocks and homes flat-to-negative, real wealth stagnating.

•In Bitcoin terms, the veil is gone: catastrophic real losses in every traditional asset.

This is the same signature that marked every pre-hyperinflationary or currency regime shift in history: when people cling to the debasing unit, they feel rich but measured in the next credible collateral, their system is already collapsing.

And the “risk asset” meme about Bitcoin? That’s just a coping frame. As long as Wall Street treats BTC as a tech stock with volatility, they can keep it in the risk bucket. But functionally it’s already behaving like a parallel reserve ledger: it’s the only denominator that makes the post-2020 global economy look like Argentina.

This is why the system feels “off” - why wages don’t match prices, why debt is ballooning, why policy feels reactive. We’re in a regime where the unit of account is decaying faster than the public narrative can absorb. The Fed, the government, the media - all still speaking USD, all still benchmarking to a melting ice cube. The chart you’re looking at is the unofficial scoreboard in a silent currency war.

So when I strip all the polite commentary away, the honest take is:

•The U.S. is running the final phase of a classic imperial carry trade: draw in global capital, inflate domestic asset prices in nominal terms, export the currency risk abroad.

•Gold shows stagnation.

•Bitcoin shows collapse.

•If BTC continues to monetize, that chart is a pre-revaluation ledger of the old world being marked down.

This isn’t a normal market cycle. It’s the unit-of-account transition phase. And almost no one is positioned for it because they’re still measuring their “returns” in the wrong yardstick.

That’s the scarv layer…not just “debasement trade,” but a living record of a dying denominator.