Max Leverett

Digital Credit Analyst | Proud owner of 🪑 1 chair & 🫘 1 kidney | 110% STRC. 0% emergency fund. 200% conviction | Author, Digital Credit & Intelligent Leverage

[Max Leverett @BetardedMacro]

Today, I bought 100 long-dated $STRC $105 calls.

If the market insists on pricing Digital Credit this irrationally, I'll oblige.

I'll keep responsibly adding until this dislocation resolves and the shorts get their wings ripped off.

₿elief. Discipline. Intelligent leverage.

[Max Leverett @BetardedMacro]

@BTCoptioneer Disagree. The strategy should be to buy back more converts by nuking the USD reserve again.

[Max Leverett @BetardedMacro]

@HodlMagoo @saylor Feeling good about my $105 $STRC calls right about now. 😉

[Max Leverett @BetardedMacro]

@HodlMagoo Why do you act so surprised?

[Max Leverett @BetardedMacro]

@Pledditor I think you’re a little early to write the obituary.

[Max Leverett @BetardedMacro]

@Pledditor The confidence with which people declare “that’s all the levers” is fascinating.

[Max Leverett @BetardedMacro]

@RhoRider Agreed.

[Max Leverett @BetardedMacro]

@46andtoo @BigpictureBTC Reduced volatility was the goal. That’s why Saylor backed the dividend with cash and the largest Bitcoin treasury in the world.

[Max Leverett @BetardedMacro]

@46andtoo @BigpictureBTC If you think recent volatility is permanent, then STRC was never for you.

[Max Leverett @BetardedMacro]

@comic @RhoRider Every investment has a worst-case outcome. The question is how likely it is, not whether it’s theoretically possible.

[Max Leverett @BetardedMacro]

@RhoRider @comic Everything looks like a bad investment if you start by assuming it goes to zero.

[Max Leverett @BetardedMacro]

@v_sor_ @Brennan_BTC22 That’s a marketing criticism, not a product criticism. If you think Strategy miscommunicated the risk profile, that’s a different argument from saying the security itself is fraudulent.

[Max Leverett @BetardedMacro]

@comic @RhoRider The thesis is forward-looking. You’re welcome to think it’ll fail, but calling it “proven wrong” after a few months is a stretch.

[Max Leverett @BetardedMacro]

@RhoRider @comic That’s only true if today’s volatility persists indefinitely. Strategy is betting adoption compresses volatility over time. You’re free to disagree with that thesis, but that’s the thesis.

[Max Leverett @BetardedMacro]

@RhoRider @comic Because they’re buying income, not Bitcoin. That’s like asking why someone buys a bond instead of the issuer’s stock. Different risk, different objective.

[Max Leverett @BetardedMacro]

@RhoRider Good analogy. Now replace “some guy asking to borrow $100k” with “the largest corporate Bitcoin holder with tens of billions in assets.” Does the risk profile look the same?

[Max Leverett @BetardedMacro]

@TheSamsPodcast @saylor First it was “the dividend won’t be paid.” Now it’s “sure, but the price is down.” One prediction failed, so on to the next.

[Max Leverett @BetardedMacro]

@v_sor_ @Brennan_BTC22 Calling everything you don’t like a Ponzi doesn’t make it one. Point to the fraud, not the price chart.

[Max Leverett @BetardedMacro]

@RhoRider @comic That’s only true if the buyer universe is limited to traditional fixed-income investors. Strategy is betting Digital Credit creates a new buyer class that wants Bitcoin-linked income, not just Treasury alternatives. That’s the thesis.

[Max Leverett @BetardedMacro]

@DavidFBailey Self-custody teaches you why Bitcoin matters. Financial engineering like Strategy teaches you how capital markets eventually adapt to it. Both are part of Bitcoin’s adoption curve.

[Max Leverett @BetardedMacro]

@v_sor_ @Brennan_BTC22 Which investors? The ones up thousands of percent since the Bitcoin strategy began, or the ones who bought last quarter?