Mithrandir

Bitcoin • Alts • Memes Mog/Pepe

[Michael Saylor @saylor]

A little more orange.

[CoinDesk @CoinDesk]

BREAKING: The SEC grants a five-year "Innovation Exemption" for tokenized securities venues, allowing blockchain platforms to list and trade real tokenized stocks with full shareholder rights.

[Michael Saylor @saylor]

With CLARITY stalled, I expect the SEC, CFTC, and Treasury to advance rules under existing law, banks to expand Bitcoin custody and loans against it, and more capital to favor Bitcoin and digital credit. GENIUS supports stablecoin adoption. Progress need not wait for Congress.

[Matt Cole @ColeMacro]

Strive acquired an additional 1,375 BTC for $109M at an average cost of $79,281 per bitcoin, bringing total holdings to ₿24,531.

70% of the capital raised last week came from $SATA, which now has $999M notional outstanding.

Time to break the billion-dollar wall.

$ASST $SATA

[Piers Morgan @piersmorgan]

Huge moment: US ambassador to Israel brands Israeli settlers as terrorists.

[Mithrandir @Mithrandir_0x]

@Bobby_1111888 Til new ATHs or is that when you think the top will be in ?

[Matt Cole @ColeMacro]

Strive acquired an additional 1,800 BTC for $143M at an average cost of $79,431 per bitcoin, bringing total holdings to ₿23,156.

$ASST $SATA

[Strategy @Strategy]

Strategy has acquired 4,603 BTC for $370M, increased USD Cash by $29M, and repurchased $152M of $STRC. As of 8/30/26, we hold 845,050 bitcoin:native and $6.71B of USD Assets, bringing Net Leverage to 0.0%. $MSTR
https://t.co/yncvo2BVSH

[Michael Saylor @saylor]

Strategy has acquired 4,603 BTC for $370M, increased USD Cash by $29M, and repurchased $152M of $STRC. As of 8/30/26, we hold 845,050 bitcoin:native and $6.71B of USD Assets, bringing Net Leverage to 0.0%. $MSTR https://t.co/XAAEZV5Gil

[Pepe @pepecoineth]

gm

[Michael Saylor @saylor]

When I say “Never Sell Your Bitcoin,” I speak as one saver to another. I have never sold mine. Not one satoshi. Strategy is a public company, not my wallet. Since 2020, it has disclosed it may buy or sell $BTC to manage capital. Our shared conviction in Bitcoin remains unchanged.

[Michael Saylor @saylor]

Bitcoin Drive engaged.

[Michael Saylor @saylor]

I support advancing the CLARITY Act through bipartisan work to establish clear, durable rules, protect property rights, promote innovation, and strengthen American capital markets. Bitcoin will succeed with or without legislation, but America needs clarity for digital assets.

[Michael Saylor @saylor]

How does Strategy navigate a challenging Bitcoin market, return $STRC to par, and continue compounding Bitcoin per share?

In our Q2 earnings call, we laid out the strategy, reviewed our financial position and capital-management framework, and answered questions from equity analysts and industry experts.

Prepared Remarks
00:00:00 - Welcome
00:01:20 - 843,775 BTC, 203,683 sats per share, $17B raised year to date, and Strategy’s position as the largest institutional holder of Bitcoin
00:03:27 - Q2 balance sheet: $49.7B of digital assets, $3.75B current USD reserve, lower debt, higher preferred equity, and strong stress-case coverage
00:08:57 - Bitcoin KPIs: 4.5% BTC Yield, 29,997 BTC Gain, and ~3.6x growth in Bitcoin per share since 2020
00:12:47 - Q2 execution: higher Bitcoin holdings, lower debt, larger USD reserves, stronger Bitcoin per share, and active capital management
00:15:03 - Strategy as a net buyer of Bitcoin and net issuer of Digital Credit: 48x more BTC bought than sold and 300x more Digital Credit issued than repurchased
00:18:47 - Returning $STRC to $99–$100 through USD reserves, Bitcoin monetization, repurchases, dividend management, and disciplined issuance
00:24:50 - Bitcoin liquidity: why Strategy’s bitcoin purchases and sales are not material to overall Bitcoin trading volume
00:33:03 - Bitcoin as Digital Capital: website metrics, the 200-week moving average, current headwinds, Bitcoin Dominance, banking adoption, and security coordination
00:44:08 - $STRC as flagship Digital Credit: liquidity, lower volatility, market depth, yield, investor base, path to par, and updated credit metrics
01:05:04 - Equity framework: hurdle rate, breakeven rate, floor rate, market skepticism, $MSTR outperformance, franchise advantages, and Strategy’s long-term ambition

Q&A
01:19:31 - Why Bitcoin-backed borrowing is not currently the preferred path to build USD reserves
01:23:11 - Why Strategy is consolidating around $STRC instead of creating more instruments or selling volatility
01:40:37 - Equitizing, repaying, or refinancing convertible debt
01:43:18 - Covered calls, cash-secured puts, Digital Credit, Bitcoin as money, and marketing products to the 99% outside Bitcoin
01:59:22 - USD reserve minimums and the path to $STRC trading at par
02:00:55 - Amplification, USD/BTC reserve mix, and countercyclical capital management
02:12:04 - Why Strategy does not intend to issue $STRC below par
02:20:34 - Lessons from 2022 and 2026, tokenized securities, Digital Money, and the June 26 $STRC dislocation
02:34:54 - Closing remarks

[Mithrandir @Mithrandir_0x]

@Bobby_1111888 Q4 will vindicate the bulls

[Michael Saylor @saylor]

We’re gonna need another color.

[Mithrandir @Mithrandir_0x]

@thepowerfulHRV Your patience will be rewarded

[Mithrandir @Mithrandir_0x]

@OffshoreHODL Bitcoin per share has still been increased which is accretive to MSTR holders.. strategy trolls can never seem to understand this

[Mithrandir @Mithrandir_0x]

@Bobby_1111888 Thoughts on MSTR and bitcoin treasury companies ?