AppSecular Thought

[AppSecular Thought @appsecular]

@LaDoger @phongle Minus the scrutiny, of course

[Phong Le @phongle]

$GOOG's proposed $80B capital raise includes a $15B convertible preferred and a $40B ATM. Financing tools popularized by $MSTR to acquire Bitcoin are now being used by a Mag 7 company to build AI. AI and Bitcoin are the digital rails of the future.

[Chris Millas @ChrisMMillas]

Apparently Strategy needed to sell 32 Bitcoin “to remain solvent.”

I need you all to know something.

If everyone was bullish $MSTR, I’d have long exited my position.

But it’s PRECISELY because of FUD like this that I remain EXTREMELY bullish.

People are truly, truly retarded.

[Matt Cole @ColeMacro]

Did you know Strive's current balance sheet could withstand a repeat of the 2022 bear market without needing to sell a single Bitcoin?

That would equate to a ~$40k $BTC bottom & not sustaining above the 200 WMA until Oct 2027.

BTC isn't dead...be greedy when others are fearful.

[Zynx @ZynxBTC]

$STRC went below $96 today.

I am not surprised.

Perpetual preferreds are great products but they require active management to stay pegged to par, especially in a bear market.

For those paying attention, this is an opportunity for a quick capital gain.

It will go back to par.

[Bit Paine ⚡️ @BitPaine]

Bitcoin did not drop because @Saylor sold 32 $BTC after clearly stating in advance in an earnings call that he would do so and the rationale for the sale.

Bitcoin is dropping because we are within a structural correction within a bear market, and this is what happens to volatile assets in bear markets.

Iran negotiations breaking down and AI / SpaceX sucking the air out of the capital markets are contributory - Bitcoin does not exist in a vacuum - but not causal.

Narrative follows price.

[Grain of Salt @Z06Z07]

Bitcoin and Gold maxis keep asking the same question about $STRC and $SATA. Where does the yield come from? What’s fascinating is that they reject every possible answer.

If the yield is ultimately supported by Bitcoin appreciation and access to capital markets, they scream:

“Ponzi!”

If a company issues common stock to raise capital and support preferred dividends, they scream:

“You’re stealing from common shareholders to pay the prefs!”

If the company sells Bitcoin and uses the proceeds, they scream:

“You should never sell Bitcoin!”

If the company builds a cash reserve from any of the above, they scream:

“What happens when the cash runs out?”

So let’s review the never-ending FUD cycle:

• Can’t use Bitcoin appreciation.
• Can’t use equity issuance.
• Can’t use asset sales.
• Can’t use retained cash reserves.

Apparently the only acceptable answer is:
Buy Bitcoin. HODL Bitcoin. Period.
At some point, “Where does the yield come from?” stops being a question and becomes a ritual.

Every answer is rejected before it’s given.

$STRC and $SATA may succeed or fail. That’s a legitimate debate. But pretending that every possible source of cash flow is illegitimate isn’t financial analysis.

That’s theology.

@parkeralewis @SimonDixonTwitt @PeterSchiff @coffeebreak_YT @MTanguma @Strategy @Strive $MSTR $ASST

[Cedric Youngelman ⚡️ @CedYoungelman]

When you study things that have come back from 50% drawdowns multiple times, you realize it's the best stocks on planet earth. It's AMZN, it's MSFT, it's Berkshire. Only stud things come back 3 or 4 times & that's why I gave Bitcoin respect.
@EricBalchunas

[Bitcoin News @BitcoinNewsCom]

MSTR CEO PHONG LE: I was nervous in 2022 when Bitcoin dropped from $64K to $16K.

I’m not nervous now.

There’s a lot of headwinds for Bitcoin that are about to turn into tailwinds.

[The ₿itcoin Therapist @TheBTCTherapist]

Great point by @APompliano — Bitcoin is getting absolutely humbled by the rest of the market.

Down significantly from the all time highs (~40%) while the equity market continues to rip higher.

This is exactly when you want to be buying. No one is thinking about Bitcoin — everyone is loading up on overpriced AI and compute stocks, big tech and companies with outlandish PE ratios — IPOs etc.

I’ve bought the last 2 days. We are back in the deep value zone imo. The only people hodling right now have the most insanely deep conviction in the asset and those are the people who will see the greatest returns — those with unbreakable conviction.

It’s easy to be bullish when the price is going up but who can be bullish when the price is going down.

₿ullieve.

[Michael Saylor @saylor]

Strategy CEO @PhongLe discusses $BTC, $STRC, $MSTR, and our capital markets strategy to acquire Bitcoin and increase Bitcoin Per Share with @LizClaman.

[Michael Saylor @saylor]

Last Thursday on @SchwabNetwork, I discussed $BTC pricing dynamics, Digital Credit $STRC, its impact on $MSTR, and the convergence of DeFi and TradFi as Bitcoin reshapes financial markets.

[Michael Saylor @saylor]

When large U.S. banks are able to hold #bitcoin on their balance sheets, everyone will want to buy it, no one will need to sell it, and you won't be able to afford it.
https://t.co/x4NfSt00m4

[Chris Millas @ChrisMMillas]

If I were Michael Saylor and $MSTR was trading anywhere around 1.5x mNAV, I would raise enough capital to cover a minimum of 5 years of dividend obligations for 3 reasons:

1. We are in a Fourth Turning.

For anyone who hasn't read the book, this is a period when what can go wrong usually does go wrong so you want maximum protection against tail risk.

Most people massively underestimate this.

2. You further strengthen confidence across the entire capital structure.

Five years of runway provides even greater certainty around dividend coverage for Digital Credit investors regardless of market conditions and reduces tail risk for Digital Equity investors.

This is arguably the most important. Since $MSTR is not truly anchored to the price of Bitcoin, the entire game is based on confidence (sentiment).

3. You create optionality.

The capital can be deployed opportunistically into Bitcoin if the price falls materially, instead of being trapped solely in defensive funding mode.

If the Bitcoin price holds, nothing is lost because the capital can still be used to service dividend obligations, retire convertible debt or directed to any other activity deemed beneficial to shareholders.

Anti-fragile.

[Phong Le @phongle]

In the last two weeks, we used 6 of our engines to increase 2026 YTD BTC Yield from 9.4% to 13.3%.

[Michael Saylor @saylor]

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/cbx4BlpsKV

[Michael Saylor @saylor]

Looking forward to Bitcoin Summer. 😎

[The ₿itcoin Therapist @TheBTCTherapist]

People are finally realizing Michael Saylor is engineering the most sophisticated trade in financial history

> Accumulate a massive BTC stockpile
> Offer a new bank account paying 11.5%
> Pay off all debt, optimize balance sheet
> Achieve S&P 500 inclusion
> Front run the U.S. Strategic Reserve
> Front run all global economies
> U.S. government takes stake in MSTR
> Have a first mover advantage
> Monopolize the entire crypto market
> Position yourself before everyone else

THIS HAPPENS ONCE IN A LIFETIME

[MSTR Today with JLD @MSTR_Today]

The top 10 reasons this bizarre move by Michael @saylor is going to make strategy the most valuable company in the world.

1. It reduces future dilution risk.

Convertible bonds are basically a ticking “maybe stock” grenade. If Strategy buys them back before conversion, fewer future shares may need to be issued. Long term shareholders keep a bigger slice of the Bitcoin pie. 🟠

2. It cleans up the balance sheet.

Saylor is effectively pruning financial branches before they grow wild. Retiring debt early simplifies capital structure and strengthens Strategy’s financial positioning heading into the next Bitcoin cycle.

3. It signals confidence in future financing options.

Companies don’t casually spend $1.5B buying back debt unless they believe future capital access is secure. This suggests Strategy believes it can refinance smarter, cheaper, or through stronger instruments later.

4. It increases flexibility before the 2029 maturity wall.

Instead of waiting until 2029 and potentially dealing with ugly market conditions, Strategy is acting proactively. That’s chess, not checkers. ♟️

5. It lowers long term interest burden.

Even if the converts had favorable rates, debt still carries obligations. Reducing liabilities now can improve future cash flow flexibility and lower financial drag over time.

6. It may strengthen credit perception.

Bond markets love discipline. If Strategy demonstrates it can actively manage and retire debt early, creditors may view the company as lower risk, improving future financing terms.

7. It creates more room for future Bitcoin acquisition vehicles.

Saylor’s “BitVac is charging” line hints at this. By clearing older converts off the runway, Strategy may be preparing for newer, more optimized financing instruments tied to Bitcoin accumulation.

8. It reduces pressure during Bitcoin volatility.

If Bitcoin experiences another violent drawdown, having fewer looming liabilities gives Strategy more resilience. Less debt pressure means more ability to survive and continue accumulating BTC through chaos.

9. It suggests management sees current bond pricing as attractive.

If Strategy can repurchase the converts efficiently, they may believe the market is undervaluing the debt relative to future company strength. That’s often a bullish internal signal.

10. It reinforces the “permanent Bitcoin treasury” vision.

Saylor isn’t managing Strategy like a traditional software company anymore. He’s building a long duration Bitcoin capital machine. Retiring converts early supports the idea that Strategy intends to survive for decades, not quarters. The machine is being tuned for endurance, not just speed. ⚡

The bigger picture:
Saylor appears to be transforming Strategy into a self-reinforcing Bitcoin acquisition engine where debt, preferreds, equity, and treasury operations are constantly optimized around one core asset: Bitcoin.

“This week we bought bonds, not bitcoin” is basically saying:

“We’re upgrading the engine so it can absorb even more Bitcoin later.”

That’s why many long term bulls see this as structurally bullish, even during weeks when no BTC was purchased directly.

Personally, I think he sold some bitcoin to do it.

[Big Brain Business @BigBrainBizness]

Brené Brown, researcher and author, on the contradiction she keeps hearing in rooms full of tech billionaires:

Her work puts her in rooms where the founders and CEOs of major tech platforms talk openly about how they think.

What @BreneBrown hears there unsettles her:

"So I hear someone say, 'Hey, you know, tech billionaire, what should my kids study? I'm worried for my kids… they should study coding, physics,' and then five minutes later, as if that answer didn't happen, someone will say, 'What do you attribute your success to?' I mean deeply when you think about it, and the same person will say, 'My deep reading of philosophy and the stoics.'"

The contradiction is what stops her: the same people crediting philosophy and the liberal arts for their own success are telling other parents their kids should focus on coding and physics.

That gap leads her to a bigger, more uncomfortable question:

"I start to extrapolate from there and wonder if there is a thinking class that's emerging where they're like, 'We're going to read philosophy and we're going to read the liberal arts and we're going to study history, and the rest of you just keep scrolling. Don't worry about the big words. We'll handle all the big words for you.'"

She points to Steve Jobs as an early signal of the same pattern:

"It's like when they asked Steve Jobs, 'Boy, your kids must love the iPad.' Steve Jobs said, 'My kids don't have an iPad.' And then his biographer who spent time with his family said he wasn't kidding. There's no technology. At dinner, they're talking about art and history."

The takeaway is simple but uncomfortable.

The people building these platforms are protecting their own kids from them, and giving them books, ideas, and real conversation instead.

So why are the rest of us being sold something different?