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[BTC! @RespectfullyBTC]

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[Pio @piovincenzo_]

Michael Saylor:

Starts 2026 with 709,715 Bitcoin

Ends up with 843,706 Bitcoin just a few months later

Crypto Twitter:

“But he sold 32 Bitcoin”

[Michael Saylor @saylor]

The AI buildout is absorbing capital at historic scale, creating temporary pressure across global markets. That does not weaken Bitcoin. It strengthens the case for scarce, liquid, digital capital. Bitcoin remains the premier asset for the long term. $BTC

[Matt Cole @ColeMacro]

Just when I thought I couldn't possibly become more bullish on Bitcoin.

[Michael Saylor @saylor]

@leadlagreport No.

[Phong Le @phongle]

While markets focus on short-term portfolio adjustments, leaders in the U.S. government are laying the foundation for long-term leadership in Bitcoin and digital assets.

[Michael Saylor @saylor]

@TNorth Interesting discussion of Digital Capital, Digital Equity, Digital Credit, and Digital Money with some excellent insights by @PunterJeff and @AdamBLiv.

[Conner Brown @BitcoinConner]

NEW: Sen. Sullivan and Sen. Lummis lead letter to the Fed, FDIC and OCC, calling for revaluation of Basel’s risk weighting for Bitcoin and digital assets.

“A 1,250% risk weight bypasses those calibrated frameworks entirely, applying a blunt penalty …to a transparent, globally traded asset with deep derivatives markets, continuous liquidity, and cryptographic auditability.”

This is a strong signal from Washington that legislators are looking closely at this issue as work on market structure continues. The letter has 6 signatories and 3 are on the Banking Committee.

It’s also great to see BPI’s brief on this topic cited in the third footnote! 😉

We’ll keep you posted on further updates.

[Nicolas Cole 🚢👻 @Nicolascole77]

No, Strategy was a $500M/yr B-tier software biz (2020) that created a new category of financial products (Bitcoin-backed credit) which allowed them to raise money through multiple debt & equity instruments and turn their <$1B in cash/assets into $55B of Bitcoin, as of today.

In what world is that outcome a negative one?

[Nicolas Cole 🚢👻 @Nicolascole77]

My college degree is in fiction writing and I can't believe I understand this stuff better than "financial experts."

$MSTR is not "levered bitcoin." And if you think that's all it is, then you don't understand network effects.

MSTR is a finance company, built on a network (Bitcoin), with various financial products ($STRC) that provide on-ramps to the Bitcoin network (aka: services!) to different tranches of buyers who can't buy and hold Bitcoin otherwise (ex: family offices, public companies, etc.), allowing them to grow the network & their category-dominating position on said network.

And for some reason, Strategy being built on the Bitcoin network makes people's brains melt. But companies are built on networks every single day. Networks where the ENTIRE VALUE is predicated on "more people using the network tomorrow."

• If you have ever built an app on Facebook, you were building on the Facebook network.

• If you have ever built an another company's API, you were building a company on that other company's network.

• Even the AI trade today... if you're building a startup that depends on a large company running a NETWORK of data centers, you are building on that network.

And each network, in and of itself (aside from capex & hard asset value, which is the minority of the value) only has value if MORE PEOPLE USE IT. The majority of Facebook's value, for example, was not and is not "the advertising product." It's the network.

So when people say, "Bitcoin has no value," that just means they don't understand network effects—and their compounding value, when trending in a positive direction. And when they say, "Strategy is just levered Bitcoin and is worthless," that just means they don't understand the company's category-dominating position on that network.

That's point A.

Point B:

For some reason, mainstream financial media can't wrap their head the fact that @Strategy is scaling just like every other company in the world.

Entrepreneurship 101 = when you scale, typically when revenue and profit goes up... your profit margin goes down (either marginally, or sometimes, a lot).

But that's OK because you're still up massively in terms of net profit.

As the adage goes: would you rather own 100% of a grape, or 10% of a watermelon?

So *if* Strategy has to raise the $STRC dividend, a helpful reframe is just: "to achieve more scale, profit margin goes down slightly."

...but that's what happens with every company, in every industry, all the time, forever.

No, they're not going to run out of cash—they have $50B+ of liquid assets (Bitcoin).

No, they aren't going to be put in a position where they "can't raise more money." If you believe the Bitcoin network has compounding value (just like every other network-based technology, ever), Strategy can raise infinite money.

And no, increasing the dividend doesn't mean the company is dead. It means the company is scaling.

It blows my mind people point to $MSTR being down on the year, but fail to realize the company has transformed $500M in cash into $50B+ in cash-equivalent assets in 5 years.

Did you fail math?

Cuz I did, and even I can see that's a very net-positive outcome.

[Mark Moss @1MarkMoss]

Let's be real... It's easy to post "buy the bitcoin dip."
But it's much harder in reality.

But... when the US Gov is literally telling you they are building a BTC Reserve that will become the bedrock of the new global monetary system...

And you can still get one for about $65,000

[BTC! @RespectfullyBTC]

@MTanguma Is Bitcoin gold?

Is it gaslighting to use the term “digital gold”?

…or is it just a useful way of communicating that although it’s not actually gold, it is LIKE gold, with some clear differences (that every adult can judge).

[Mason @MasonFoard]

The important context behind Strategy selling 32 BTC is S&P.

When S&P assigned Strategy a “B minus” credit rating, it cited reliance on capital markets as a weakness, “particularly since the company is reluctant to sell bitcoin it holds as investments.”

This sale directly rebuts that critique.

Rather than showing a change in treasury philosophy, Strategy showed that BTC is not trapped on the balance sheet. It is a liquid reserve asset that can be accessed when management decides it is economically rational.

[Michael Saylor @saylor]

₿ack to Work

[Nicolas Cole 🚢👻 @Nicolascole77]

I don't write about the topic often, but I'm a big fan of MSTR & long-time $BTC / $MSTR holder.

Actually, fun fact, I was (quietly) in the room in 2020 when @saylor held a private zoom call for 9 & 10-figure entrepreneurs & executives sharing why his company was buying bitcoin. Way above my paygrade. I was only there because I was ghostwriting for one of the guys who had been invited, and he wanted me to sit in and listen.

I've been buying MSTR ever since.

I have easily spent 3,000+ hours reading about & listening to material about BTC, preferred stock, and financial engineering.

And it continues to shock me how many people share hot takes about the company without spending even 0.0001% of that amount of time trying to understand it.

@Strategy is the most interesting company in finance.

The fact it's so polarizing IS the opportunity.

If everyone understands it, the opportunity has already passed.

I've held through multiple cycles now. And I've watched the same FUD repeat over and over and over again—each time, new tranches of critics entering the battlefield.

Pay no attention.

Just follow the money.

You really think the government and Blackrock are gonna buy stuff that is going to 0?

[Jeff Walton @PunterJeff]

Strategy tracking day 559

$MSTR now ranked 233rd largest US company by market cap. Fell 5 positions in the last 34 trading days.

Right behind $EBAY, yes the same Ebay that Ryan Cohen tried to buy weeks ago.

Let's compare Ebay's balance sheet, shall we?
Assets: $17.8 Billion ($4.4B, ~24.7% is goodwill)
Liabilities: $13.4 Billion
Net Assets: $4.4 Billion
Market Cap: $48.3 Billion
Price to Book Ratio: 10.9x
Price to Book Ratio (net of Goodwill): -947x (assets worth less than liabilities, net of goodwill)
Bitcoin held: ZERO
P/E Ratio: 24x
Revenue: $11.6B
TTM Net Income: $2.53B

For reference, Strategy has raised $10.4 Billion on STRC in the last 11 months.

Sits on 843,000 Bitcoin, currently valued at $56 Billion
Debt Liabilities: $6.7 Billion
Net Assets: $49.3 Billion.
Price to Book Ratio: 0.97%

Strategy has MORE NET ASSETS ON BALANCE SHEET TODAY THAN EBAY HAS IN MARKET CAP.

Others: Net assets / P/B ratio
XEL: $23 Billion (2.0X)
ETR: $17 Billion (2.9x)
LNG: $13.7 Billion (3.8x)
AZO: -$3.2 Billion (yes, negative) (-15.4x)
NDAQ: $12.2 Billion (4.1x)

[Phong Le @phongle]

More engines tested and activated on our Bitcoin Accretion Vehicle. Our @Strategy remains the same: increase Bitcoin per Share and BTC Yield.

[Matt Cole @ColeMacro]

Strive expects to increase the size of both the $ASST and $SATA ATM programs by $2.1 billion each, reflecting a sustained increase in liquidity and demand for both securities.

We will provide a balance sheet update tomorrow pre-market.

[Zynx @ZynxBTC]

Well it looks like the UK could be the first country to replicate the Saylor perpetual preferred model outside of the US.

Smarter Web have just proposed a capital reduction, which is a balance sheet restructuring process that converts the locked share premium into distributable reserves.

This is the first definitive step to issuing a preferred in the UK.

"Such corporate actions could include the issuance of an alternative equity line which has attached to it a right to receive dividends"

It still needs court approval and an IPO of course so not expecting anything until Q4 at the earliest but the path is now clear.

Bitcoin-backed products are going to eat fixed-income markets all around the world.

[Walker⚡️ @WalkerAmerica]

Wow Michael Saylor’s Strategy sold a whopping $2.5 million worth of bitcoin!!!

lol

Strategy is going to come back next week with a bitcoin buy in the *billions*.

They’ll also have proven they can sell bitcoin and the world doesn’t end.

Ponzi narrative gone. S&P 500 inclusion incoming. Bears/shorts rekt. Bull run commences.

[Michael Saylor @saylor]

Working ₿etter.