Bitcoin King

#Bitcoin-Only Strategy | MSTR & STRC Hodler | Stack every Week | Tiefere Einstige auf meinem Kanal 👇

[Michael Saylor @saylor]

Volatility tests every capital structure. Strategy remains focused on Bitcoin, disciplined capital allocation, credit quality, and long-term value creation. We appreciate our investors and will continue to execute with transparency and resolve. $MSTR

[Strategy @Strategy]

Strategy has increased its USD Reserve by $300 million to $1.4 billion and plans to continue replenishing it to support the credit quality of its Digital Credit securities. We also acquired 520 BTC for $35 million, increasing our $BTC Reserve to ₿847,363. $MSTR $STRC.
https://t.co/ifhXtSEuZb

[Adam Livingston @AdamBLiv]

Strategy continues to remain in an incredible position to raise capital, replenish the USD reserve, and buy Bitcoin in a way that is still net accretive to common shareholders.

Current dashboard:

MSTR price: $125.06
BTC price: $65,874
Market cap: $44.562B
Enterprise value: $65.691B
BTC holdings: 846,842 BTC
USD reserve: $1.100B
Debt: $6.754B
Preferred: $15.475B
Debt + preferred = $22.229B

Net senior claims:
$22.229B - $1.100B = $21.129B

Net senior claims in BTC:
$21.129B / $65,874 = 320,749 BTC

So common equity BTC, or CEBE, is:
846,842 BTC - 320,749 BTC = 526,093 BTC

Basic shares:

$44.562B / $125.06 = 356.32M shares

CEBE per basic share:

526,093 BTC / 356.32M shares = 0.00147644 BTC

That is:

147,644 sats per basic share

CEBE NAV per share:

0.00147644 BTC × $65,874 = $97.26

Current stock price:

$125.06

Therefore CEBE mNAV is:

$125.06 / $97.26 = 1.286x

Now let’s say Strategy sells $200M of MSTR at the current price.

New shares issued:

$200M / $125.06 = 1.599M shares

Now split proceeds:

$100M to the USD reserve
$100M to Bitcoin

Bitcoin bought:

$100M / $65,874 = 1,518 BTC

Cash reserve added:

$100M cash = 1,518 BTC-equivalent reduction in net senior claims

So CEBE increases by:

1,518 BTC from actual Bitcoin bought

plus
1,518 BTC-equivalent from added cash

equals

+3,036 BTC of CEBE

New CEBE:

526,093 + 3,036 = 529,129 BTC

New share count:

356.32M + 1.599M = 357.92M shares

New CEBE per share:

529,129 BTC / 357.92M shares = 0.00147833 BTC

That is 147,833 sats per share

So in this example, Strategy adds:

+$100M to the USD reserve
+1,518 BTC
+189 sats per share of CEBE
~0.13% accretion to CEBE per share

And they can continue doing this with a small trickle of MSTR sales via the ATM.

The machine continues to work at scale.

[Adam Livingston @AdamBLiv]

$500 ASST in 3 Years at Bitcoin Power Law Fair Value

Horizon: 3 years (36 months)

ASSUMPTIONS

Stock price (today): $14.43
Shares outstanding: 79,002,079
Total BTC: 19,032.30 ₿
BTC spot $61,716 → ending $420,000
Debt / rate: $0 @ 0.0%
Preferred / rate: $751.39M @ 13.0%
Other senior claims: $0
Monthly pref issuance: $250.00M/mo @ 13.0%
Monthly common issuance $0/mo
% of raise to BTC: 100% (immediately purchased)
Dividend funding: Issue common
CEBE mNAV path: Flat 1.89× → 1.88×

CURRENT SNAPSHOT"

CEBE sats / share: 12,400
Common equity BTC: 9,796.40 ₿
Net senior claims BTC: 9,235.90 ₿
CEBE mNAV (market): 1.89×
Claim ratio: 48.5%
Wrapper fee: 8.32%

PROJECTED (3Y):

Ending BTC price: $420.00K
Ending total BTC: 85,645.00 ₿
Ending CEBE sats/share: 63,441
CEBE Sats Yield (ann.): 72.3%
Ending common equity ₿: 62,859.28 ₿
Ending claim ratio: 26.6%
Ending wrapper fee: 3.52%
Ending implied price: $500.93 (at 1.88×)
Total return vs today: 3,371%

Educational modeling only - not investment advice.

Outputs depend entirely on user assumptions.

Zero bull market by historical standards. Zero mNAV expansion. Zero ASST sold to buy Bitcoin.

Still gets you $500 per share.

NFA.

[Adam Livingston @AdamBLiv]

$1,875 MSTR

Horizon: 3 years (36 months)

ASSUMPTIONS

Stock price (today): $115.35
Shares outstanding: 354,312,961
Total BTC: 845,256.00 ₿
BTC spot: $62,201 → ending $420,000
Debt / rate: $6.71B @ 0.0%
Preferred / rate: $15.48B @ 11.5%
Monthly pref issuance: $2.00B/mo @ 11.5%
Monthly common issuance $0/mo
% of raise to BTC: 100% (immediately purchased)
Dividend funding: Issue common
CEBE mNAV path: 1.30× → 1.50×

CURRENT SNAPSHOT:

CEBE sats / share: 142,412
Common equity BTC: 504,584.15 ₿
Net senior claims BTC: 340,671.85 ₿
CEBE mNAV (market): 1.30×
Claim ratio: 40.3%
Wrapper fee: 3.39%

Ending BTC price $420.00K
Ending total BTC 1,375,394.14 ₿
Ending CEBE sats/share 297,623
CEBE Sats Yield (ann.) 27.9%
Ending common equity ₿ 1,153,513.19 ₿
Ending claim ratio 16.1%
Ending wrapper fee 1.74%
Ending implied price $1,875.02 (at 1.50×)
Total return vs today 1,526%

Educational modeling only. not investment advice.

[Strategy @Strategy]

Strategy has completed the repurchase of $1.5 billion of its 2029 Convertible Notes at an ~8% discount to par, generating an incremental 0.7% BTC Yield and lowering aggregate debt to $6.7 billion. $MSTR $STRC
https://t.co/6Jy0kST2d1

[Jeff Walton @PunterJeff]

Strive now holds 16,500 BTC
Balance sheet ATH ~ $1.27B
Now 7th largest publicly traded BTC balance.

Passed $RIOT ✅
Passed $COIN ✅

Largest non-IPO / transaction related BTC buy in company history.

Accelerate

[Adam Livingston @AdamBLiv]

WOW: METAPLANET DOWN 8% IN JAPAN… DEEPEST VALUE WE HAVE SEEN YET!

Metaplanet is trading around 0.71x NAV per basic share.

Stock price: $1.68
NAV per basic share: $2.38

That implies roughly 42% upside just to trade at NAV.

This is one of the largest corporate Bitcoin stacks on earth and the market is valuing it like a condemned capsule hotel with asbestos in the vending machine.

[Jeff Walton @PunterJeff]

$SATA

Open: $100.01
Close: $100.01

$71 Million in volume. 2 cents of volatility.

The most interesting boring chart on the planet.

[Adam Livingston @AdamBLiv]

🚀ASST TO $700 PER SHARE?!?🚀

YOU THINK I'M JOKING? THINK AGAIN, BUCKO.

Current ASST snapshot:

BTC holdings: 15,000.5 BTC
BTC price: $80,593
Bitcoin NAV: $1.21B
Total debt: $10M
Preferred outstanding: $495.95M
Debt + preferred: $505.95M
Amplification ratio: 41.9%

Current stock price: $15.85

Now here’s the model, and this isn't MOONBOY NONSENSE, kids. This is with Bitcoin at $750k in 2036, not $1 million in 2034.

ASST maintains their current 41.9% amplification ratio for 10 years.

Translation for normal people:

For every $1.00 of Bitcoin NAV, ASST keeps roughly $0.419 of senior claims through debt/preferred financing.

The bears hear that and immediately start sweating through a Men’s Wearhouse suit.

But this is the actual machine.

As Bitcoin rises, the Bitcoin NAV rises.

When the NAV rises, the old preferred stack becomes smaller relative to the treasury.

So ASST issues more SATA to keep amplification at 41.9%.

That new SATA capital buys more Bitcoin.

Then Bitcoin goes up again.

Then the NAV goes up again.

Then the amplification ratio drops again.

Then they issue more SATA again.

Then they buy more Bitcoin again.

This is how you turn a balance sheet into a legally registered orange crocodile.

Now we add the funding mix:

75% of new Bitcoin accumulation comes from SATA.

25% comes from issuing common stock.

And the common stock is issued at 1.2x EV mNAV.

Meaning they are selling equity at a 20% premium to the enterprise value of the Bitcoin stack.

That matters.

Because issuing common below NAV is financial self-harm.

Issuing common above NAV is accretive treasury sorcery.

Now assume Bitcoin compounds at 25% per year for 10 years.

BTC price goes from:

$80,593 today

to roughly:

$750,579 in year 10

That is a 9.3x move in Bitcoin.

Now what happens to ASST?

Starting BTC stack:

15,000.5 BTC

Projected year 10 BTC stack:

143,425 BTC

That is 9.6x more Bitcoin.

Starting Bitcoin NAV:

$1.21B

Projected year 10 Bitcoin NAV:

$107.65B

That is 89x larger.

Now the bears will say:

“BUT THE PREFERREDS!”

Yes, Carl. The preferreds are the point.

Senior claims rise from $505.95M to $45.11B because the model intentionally keeps amplification at 41.9%.

That sounds terrifying until you remember the Bitcoin NAV grew to $107.65B.

The stack got bigger.

The senior claims got bigger.

The common equity claim got bigger too.

This is where CEBE comes in.

CEBE = Common Equity Bitcoin Exposure.

It answers the only question that matters:

After debt and preferred holders get their claim, how much Bitcoin exposure does the common shareholder really own?

Today:

Gross BPS: 20,222 sats
CEBE/share: 11,759 sats

Year 10:

Gross BPS: 95,380 sats
CEBE/share: 55,416 sats

That means common-equity Bitcoin exposure per share rises about 4.7x.

Even after common issuance.

Even after maintaining the preferred stack.

Even after the bears finish their sacred ritual of screaming “DILUTION” into a spreadsheet they opened sideways.

Now the share count.

Current implied diluted shares: 74.2M

Projected year 10 shares: 150.4M

So yes, the share count roughly doubles in this model.

But the Bitcoin stack goes 9.6x.

This is the entire game.

If Bitcoin holdings grow much faster than shares outstanding, the common shareholder’s Bitcoin exposure goes up.

The bears think all issuance is bad because they learned finance from a Yahoo message board during a divorce.

The actual question is:

Does issuance increase Bitcoin per share after senior claims?

In this model, yes.

Now the stock price.

Strict 1.2x EV mNAV model gets ASST to about:

$559/share

But if we anchor the model to today’s actual ASST price of $15.85, the same growth path gets you to roughly:

$696/share

Call it $700.

There it is.

ASST to $700 per share is not “vibes.”

It is a model.

BTC compounds at 25%.

SATA funds 75% of accumulation.

Common funds 25% at 1.2x EV mNAV.

Amplification stays at 41.9%.

BTC stack grows from 15,000 BTC to 143,425 BTC.

Bitcoin NAV goes from $1.21B to $107.65B.

CEBE/share goes from 11,759 sats to 55,416 sats.

The stock goes from $15.85 to roughly $700.

This is why small Bitcoin treasury companies are so insane.

Strategy is the Death Star.

ASST is the weird little orange lab experiment in the basement where someone accidentally discovers corporate finance methamphetamine.

Tiny denominator.

Preferred financing.

Bitcoin accumulation.

Premium equity issuance.

CEBE expansion.

A compounding treasury loop.

The bear case is that dilution kills the common.

The bull case is that accretive dilution plus preferred financing creates a Bitcoin-per-share machine that eats capital markets and leaves behind a pile of traumatized short sellers asking why their model still says “book value.”

ASST to $700?

If the machine works, yes.

If Bitcoin does 25% CAGR, absolutely possible.

If SATA scales and common gets issued above NAV, the goblin gets fed.

And once the goblin gets fed, the spreadsheet starts looking like it was written by Saylor, Dylan LeClair, and a sleep-deprived Austrian economist locked inside a treasury dashboard with three Celsius energy drinks.

This is not financial advice.

This is FINANCIAL ENTERTAINMENT:

[Michael Saylor @saylor]

The most important chart in finance. We transform digital capital $BTC into digital credit $STRC and digital equity $MSTR.

[Bitcoin King @MoneyMaster01]

@AdamBLiv Wo sind die Deutschen Treasury Investoren? Lass uns mal connecten

[Bitcoin King @MoneyMaster01]

@blocktrainer Ich habe auf Meinem Kanal auch einige Tipps zum Thema gegeben, die Beste bleibt aber immer noch einfach auszuwandern 👌😅

[Adam Livingston @AdamBLiv]

Strive buys 444 Bitcoin!

ASST is going to MOON, kids.

SATA is tremendously successful, the balance sheet is CLEAN and SIMPLE, and amplification is 43%.

Still cheap here too IMHO. Bitcoin is still under $80k LOL.

This next year is going to be WILD. Crazy how well this team has executed over the past six months.

[Bitcoin King @MoneyMaster01]

https://t.co/7fC3qq6Cge

[Bitcoin King @MoneyMaster01]

Link zu YouTube #Bitcoinonly

[Bitcoin King @MoneyMaster01]

@bitcoin_hotel Ist auf meinem Kanal ähnlich, wundert mich aber eh immer weil ich selbst noch 19 bin, und ich Ja auch irgendwie zu Bitcoin only gekommen bin

[Adam Livingston @AdamBLiv]

Let's talk about STRC vs. SATA and digital credit adoption, because people are UNDERRATING the success of SATA.

I think a good way to frame the comparison is VELOCITY of ADOPTION per UNIT OF BITCOIN BACKING!

So first, let's compare SATA vs STRC with the same number of trading days since IPO.

Same playbook. Wildly different adoption curves.

172 trading days in:

STRC: 106.4M cumulative shares traded
SATA: 16.4M cumulative shares traded

STRC has done 6.5× SATA's volume on a normalized launch basis.

The narrative from the SATA skeptics is that Strive just can't compete.

WRONG!

Everyone's looking at SATA vs STRC raw volumes and concluding STRC is "winning" 6.5×.

That comparison is broken. Here's why.

MSTR holds 818,334 BTC. Strive holds 14,556 BTC.

MSTR's hoard is 56× larger.

Of course its preferred trades more volume.

The right question isn't "which trades more shares" - it's "which trades more aggressively per dollar of BTC backing."

Once you normalize:

Last 30 days:

SATA averages 1.65% of Strive's BTC NAV traded daily.

STRC averages 0.57% of MSTR's.

SATA is being adopted ~2.9× FASTER per unit of underlying.

Cumulative since SATA's Nov 2025 launch:

SATA's total dollar volume = 138% of Strive's current BTC NAV.

The entire hoard has effectively churned through SATA more than once.

STRC's same-period cumulative = 33% of MSTR's NAV.

This isn't STRC being weak. STRC is the deep-liquidity, institutional-allocation instrument.

The Strategy preferred stack is built for size.

SATA is a different beast. Novelty premium for an income wrapper in a market that doesn't have the depth yet.

It's a VELOCITY ENGINE.

Check the second graph.

It seems like SATA might be compounding Bitcoin per share faster for ASST shareholders...

Next couple days are gonna be FUN.

[Matt Cole @ColeMacro]

Strive has acquired 789 BTC for $61.43 million at an average cost of ~$77,890 per bitcoin.

As of 4/24/2026 we hodl 14,557 $BTC.

$ASST $SATA

[Michael Saylor @saylor]

Strategy has acquired 34,164 BTC for ~$2.54 billion at ~$74,395 per bitcoin and has achieved BTC Yield of 9.5% YTD 2026. As of 4/19/2026, we hodl 815,061 $BTC acquired for ~$61.56 billion at ~$75,527 per bitcoin. $MSTR $STRC https://t.co/ifGXjMeIZH