David Nelson

[David Nelson @_dcnelson]

@AdamBLiv The YouTube version just went "unavailable".

[David Nelson @_dcnelson]

@FrontierFelines @AgathaChocolats Came here to say this, but was beaten to it

[David Nelson @_dcnelson]

@MichaelMahonen @AsadIshmael @Bankless @saylor Saylor is quoting or paraphrasing Calvin Coolidge here:

"If you see ten troubles coming down the road, you can be sure that nine will run into the ditch before they reach you."

Great quote. Don't go borrowing trouble.

[Adam Livingston @AdamBLiv]

https://t.co/5Aj8DMzMuH

[Michael Saylor @saylor]

Stretch Your Income To Eleven. $STRC

[David Nelson @_dcnelson]

@TheRobertBshow The Hand That Rocks the Cradle Is the Hand That Rules the World

-- William Ross Wallace

[Darth Powell @VladTheInflator]

You have lost a quarter of your purchasing power in 4 years and no one is rioting.

You literally were made 25% poorer so the government could spend more money to hand out to their friends.

[Adam Livingston @AdamBLiv]

Risk is mispriced because the market believes Bitcoin is risker than real estate.

In reality, Strategy is far more solvent than the two real estate investment companies that are directly ahead and behind of Strategy in the market cap ranking.

The old risk paradigm is WRONG.

Traditional finance treats:

Real estate as a “safe, cash-flowing asset,” and

Bitcoin as a “volatile speculative instrument.”

This mental model is 70 years out of date.

The balance sheet of Strategy (MSTR) proves this unequivocally.

While Realty Income (O) and Digital Realty (DLR) carry massive, immobile, interest-rate-sensitive liabilities, Strategy sits on:

✔ 650,000 BTC
✔ $60+ billion in liquid reserves
✔ 75 years of dividend coverage in Bitcoin
✔ 21 months of USD dividend coverage
✔ Only ~$8.2B in debt
✔ Net leverage of 11%**

This is not the profile of a “junk-rated” entity.

This is the profile of the most over-collateralized, over-reserved corporate balance sheet in modern history.

And the two real estate companies, Realty Income and Digital Realty, despite their investment-grade ratings, are structurally leveraged to:

Rising rates
Tenant concentration
Property devaluations
Refinancing risk
Credit market liquidity
Localized downturns
Natural disasters
Physical degradation of assets
Lease renegotiation pressure

Bitcoin experiences NONE of these risks.

Solvency Comparison:

Strategy vs Realty Income vs Digital Realty

Strategy (MSTR)

BTC Reserve: ~$60.3B
Debt: $8.24B
Preferred: ~$7.8B

BTC Years of Dividend Coverage: 74.7
USD Months of Dividend Coverage: 21.4
Net Leverage: 11%

Bitcoin trades 24/7, settles instantly, has global liquidity, and cannot default.

This means Strategy’s reserves:

Cannot be impaired by counterparties
Cannot be seized
Cannot be frozen
Cannot be refinanced at higher rates
Cannot degrade
Cannot have “vacancy risk”
Cannot experience non-paying tenants
Cannot require maintenance
Cannot collapse from supply-demand imbalances
Cannot be politically taxed away through local property regimes

In terms of pure solvency, Strategy is in an ENTIRELY DIFFERENT CLASS.

Realty Income (O)

Credit rating: A- / A3 / BBB+
Debt: ~$29B
Leverage: ~5.4× EBITDA
Assets: Physical real estate
Cash reserves: Low relative to liabilities
Market cap: ~$53B

Despite being “safe,” Realty Income:

Must refinance billions every few years
Is at the mercy of interest rates
Has tenants who can default
Owns properties that can decline in value
Has operating overhead
Must maintain, repair, modernize buildings
Cannot liquidate its assets without massive frictional costs
Is geographically concentrated
Operates in a structurally fragile, rate-sensitive sector

Real estate is NOT LIQUID and NOT COUNTERPARTY-FREE.

It is one of the most interest-rate-sensitive industries in the world, which is why rising yields crushed REIT valuations in 2022–2024.

Despite an A- rating, its solvency is absolutely inferior to Strategy’s.

Realty Income has:

High absolute debt
High net debt
Refinancing exposure
Rate sensitivity
Long-dated interest commitments
Immobile collateral
Tenant-linked cashflow dependency

Strategy has:

Debt < 1/7th of reserve value
No refinancing cliff risk
No dependence on operating cashflow
Liquid collateral that trades like money

This is why the “B- rating” is nonsensical.

It imports old-world metrics that do not apply to Bitcoin.

[David Nelson @_dcnelson]

@adamtaggart Michael Saylor
Preston Pysh
Jeff Walton

[Adam Livingston @AdamBLiv]

🔥YOUR BOSS HATES BITCOIN BECAUSE IT SETS YOU FREE🔥

They don’t tell you this during your “team huddle,” right after they dump a mandatory fun icebreaker on you where you have to share your “favorite weekend memory” like you’re at a therapy retreat for people who cry at Domino’s commercials.

They don’t tell you as they roll out Wellness Wednesday, which is just an email reminding you to drink water while they cut your hours and increase your workload until you’re one missed PowerPoint bullet point away from a psychotic break.

They don’t tell you when they say, “We’re a family here,” even though the only thing “family-like” about that office is how much everyone silently resents each other and hides snacks in their desk like they’re preparing for nuclear winter.

They don’t tell you that the post-COVID corporate world is a haunted Chuck E. Cheese now.

Everyone’s remote, half the staff is AI, the other half is in a different time zone, and Susan from accounting hasn’t turned her camera on since 2021 because she’s been permanently fused to a weighted blanket.

Nobody’s doing real work anymore.

Everyone is just professionally updating Google Docs and surviving on iced coffee and trauma from Zoom meetings that should have been a Slack message, which should have been nothing.

Here’s the truth:

Bitcoin terrifies your boss because it makes you less dependent on them.

They want you locked into the wage hamster wheel.

Punch in, punch out, pray your PTO request gets approved before the sun collapses.

But Bitcoin says,

“Hey buddy, you don’t have to eat cold Little Caesars in your car on lunch break for the rest of your life.”

Bitcoin says,

“You don’t have to pretend your performance review ‘means a lot to you.’”

Bitcoin says,

“You don’t need to climb the corporate ladder, because the ladder is missing rungs, covered in grease, and on fire.”

Your boss wants you obedient.

Stressed.

Dependent on next Friday.

Stuck in the loyalty-program version of life where your biggest reward is a $10 Starbucks gift card and an email saying “Great work!”

Bitcoin gives you leverage.
Bitcoin gives you optionality.
Bitcoin gives you an exit.

The modern workforce runs on fear, debt, caffeine, and pretending to look busy.
Bitcoin ruins that game.

That’s why your boss hates it.

Because Bitcoin is the first thing in your life that actually gives you power.

And they can’t stand that.

[David Nelson @_dcnelson]

@LeoNelissen

[David Nelson @_dcnelson]

@docstacks I don't think you need to sell. Just buy some more STRC. That takes your cost basis above zero. Game continues. Master Limited Partnerships return lots of ROC distributions. MLP investors do the same thing to keep cost basis above zero.

[David Nelson @_dcnelson]

@AmeliaIsBchBum @AdamBLiv If you buy more STRC, you will "reset" the cost basis up from zero. This is why MLP holders periodically purchase additional shares. The huge kicker is when you die, your heirs get the stepped up cost basis AND all the deferred taxes go away.

[David Nelson @_dcnelson]

@MSTRCAT_ @AdamBLiv Considering that MLPs have been doing this for a long time, I think it will continue.

[David Nelson @_dcnelson]

@iowahawkblog Super Snake for Shelby Cobras

[David Nelson @_dcnelson]

@AndyWoodturner @freebsdfrau

[David Nelson @_dcnelson]

@AndyWoodturner @freebsdfrau I have a metric version of this.

[David Nelson @_dcnelson]

@freebsdfrau Love the focus on Starrett tools

[sysxplore @sysxplore]

No disrespect to Linus Torvalds, but this guy is the greatest geek alive 🫡

Created UNIX in 1971 when he was 28 years old.
Created Go in 2009 when he was 66 years old.

He also developed the B programming language (which led to C), created UTF-8 encoding (making international text possible online), and designed essential tools like grep that developers still rely on daily.

He also helped with the development of Multics (that led to UNIX), Plan 9 from Bell Labs and Inferno operating systems.

That's 4 operating systems in total... Most people don't even use these many OS.

Pretty impressive resume, right?

And it's a shame that many people, even the ones in the IT and tech industry, don't know him.

Ken Thompson.... Remember the name 🙏