David Berglund

CIO | Founder | General Partner @ ₿lack Pill Capital… a ₿itcoin Treasury Company Hedge Fund

[Zynx @ZynxBTC]

I am sharing this now that I'm almost certain it is happening.

Strategy is preparing to launch a GBP-denominated Bitcoin-backed product in the UK, imminently.

I heard rumours a few months back but wasn't sure until Saylor and Phong pretty much confirmed it in the Earnings Call.

Public evidence corroborates this which I'll get into in a second.

They also reiterated confidence in achieving a 30% Bitcoin yield in 2025, implying ~$2B of capital inflows in ~60 days, without dilution.

This likely requires a major international issuance.

We have just seen a euro-denominated product launched.

However, the UK is the most logical market:

1) UK investors currently face a US withholding tax of 15% on dividends outside of pensions + FX risk on Strategy prefs.

2) Saylor highlighted in the Earnings Call that UK investors already proved demand in 2020 when we could only get exposure to Bitcoin via MSTR in our tax advantaged accounts.

3) UK investors are used to high dividends but low growth performance. The FTSE 100 pays a 3-4% dividend but has a ~5% CAGR over the last 10 years.

4) The distribution advantage in the UK is real... two platforms control most UK retail wealth flow (60%). A GBP product would offer efficient, tax-advantaged Bitcoin exposure to one of the world's deepest pools of capital.

When the UK government markets gilts (bonds), they do so through these same dominant channels. Non-stop harassment I tell you.

If Strategy gains access to this infrastructure, distribution efficiency could exceed comparable US retail channels.

Anyway...

In the UK, every company is listed publicly on a website called Companies House.

My first attached screenshot shows the active UK Strategy shell company.

Andrew Kang the CFO of Strategy is listed as an Active Director. So far, nothing out of the ordinary...

However, at the end of July this year, CSC CLS (UK) Limited were appointed as the only other directors of this Strategy UK shell.

Who are CSC CLS?

They are a UK-based company, that specialises in structured finance and capital markets.

Well, I'll leave it at that.

What are they going to call it? STRIP or STRIPE?

Ticker STRP?

Bookmark this one folks.

[David Berglund @blackpillcio]

@saylor Significant step toward the integration of Bitcoin into the global financial system.

[Michael Saylor @saylor]

S&P Global Ratings has assigned Strategy Inc a 'B-' Issuer Credit Rating (Outlook Stable) — the first-ever rating of a Bitcoin Treasury Company by a major credit rating agency. https://t.co/WLMkFqkkCb

[David Berglund @blackpillcio]

From my conversation with @asjwebley at the @btcdigitalconf it was clear that Andrew has an extraordinary care for his retail investor base. I agree with @ZynxBTC , "I have full faith in Andrew and Jesse to steward us to success."

[Zynx @ZynxBTC]

Just finished the live space between @asjwebley and @Croesus_BTC.

Let's start with the semantics of the warrants.

Some may argue that when the warrants are exercised, it'd be at a discounted price to market. Some will also dislike the fact that the Institutional Investors get access to a "sweetener" Vs Retail.

Look, it's obviously different to what Smarter Web has done in the past and it's not my favourite structure... but I think overall it's a net positive for the company.

The truth is, market conditions have changed. The Bitcoin Treasury market has been whacked and the results of some of these PIPE deals are starting to show.

mNAVs across the board have compressed to <1.5

It's extremely hard to raise capital right now... well good capital that is.

We have to take into consideration that Smarter Web has now established a relationship with a Wall Street Institutional Investor.

This is significant.

It is probable they will come back to take a bigger bite of the apple.

This means more capital and hopefully on more favourable terms once we're on the LSE and eventually the FTSE 250.

It sounds like leverage is on the cards...

This is exciting and I'm looking forward to see what happens. The Smarter Converts + some traditional debt will be a good way to propel us even further up the Bitcoin Treasuries leaderboard.

Overall I think we have a lot to look forward to as Smarter Web shareholders.

We don't have to agree with every little aspect of the deals made but that's life. We disagree with our spouses and family members... it's only normal to disagree in business.

I have full faith in Andrew and Jesse to steward us to success.

Remember... LSE --->FTSE 250 by the 1 year anniversary of the IPO is looking very likely by my calculations.

Passive flows ✅
Better access to Institutional Capital ✅
More liquidity and trading volumes ✅

The path is clear for Smarter Web to continue being the best performing stock in the UK.

Onwards and upwards.

[David Berglund @blackpillcio]

@werkman @strive Congratulations Ben. Your insights are always on point. Your conviction is strong. You are a leader in this emerging industry.

[Zynx @ZynxBTC]

The power of putting Bitcoin on the balance sheet...

Best performing stock in 2024? Metaplanet 🇯🇵

Best performing stock in 2025? Smarter Web 🇬🇧

Best performing stock in France? Capital B 🇫🇷

Top performing stock over the last 5 years? Strategy 🇺🇸

Smarter Web has raised more than £200mil, more than the entire London Stock Exchange this year.

To be honest, I can list 100 other stats and figures to show you why putting Bitcoin on the balance sheet makes sense.

The next decade belongs to Bitcoin and Bitcoin Treasury Companies.

[David Berglund @blackpillcio]

Introducing Sovereign 21 by @Zynx
The world's first exclusive investor network for Bitcoiners who will collectively form a decentralised VC and Philanthropic network.
It is for those interested in Bitcoin Treasury Companies, Bitcoin-native Businesses, or simply businesses that put Bitcoin on the balance sheet.
It is a global network of motivated Bitcoiners, from hedge fund owners and Head of Bitcoin Strategists, to Doctors and Business owners.
Members of Sovereign 21 receive:
-Monthly research report on Bitcoin Treasuries and the wider macro environment (aim to make this the best in the world for this niche).
-Peer-to-peer networking with other HNWIs and serious investors (private group).
-Monthly roundtable calls to share ideas and investment theses.
-1:1 calls with me for personalised insights every quarter (Only for the first 100 founders).
If you are a Bitcoiner and serious about growing your wealth, sharing ideas and having a powerful network full of Sovereign individuals, Sovereign 21 is for you.
Lifetime perks for the first 100 founders. We're over 50 as of now... so move quickly :)
If this interests you, feel free to join via my personalized referral link:
https://t.co/2BpyWGXs7w

[David Berglund @blackpillcio]

I just joined Sovereign 21 by @Zynx
The world's first exclusive investor network for Bitcoiners who will collectively form a decentralized VC and Philanthropic network.
It is for those interested in Bitcoin Treasury Companies, Bitcoin-native Businesses, or simply businesses that put Bitcoin on the balance sheet.
It is a global network of motivated Bitcoiners, from hedge fund owners and Head of Bitcoin Strategists, to Doctors and Business owners.
Members of Sovereign 21 receive:
-Monthly research report on Bitcoin Treasuries and the wider macro environment (aim to make this the best in the world for this niche).
-Peer-to-peer networking with other HNWIs and serious investors (private group).
-Monthly roundtable calls to share ideas and investment theses.
-1:1 calls with me for personalized insights every quarter (Only for the first 100 founders).
If you are a Bitcoiner and serious about growing your wealth, sharing ideas and having a powerful network full of Sovereign individuals, Sovereign 21 is for you.
Lifetime perks for the first 100 founders. We're over 50 as of now... so move quickly :)
If this interests you, feel free to join via my personalized referral link:
https://t.co/qfHxIm4lgt

[David Berglund @blackpillcio]

I hate to say it but only one of these options is probable and it's not the good one.

[Ben Werkman @Werkman]

This is wild.

[David Berglund @blackpillcio]

It has begun. Black Pill is in.

[Ragnar @RoaringRagnar]

@ZynxBTC Count me in.

[Grain of Salt @GrainofSaltSF]

History may not repeat, but sometimes it rhymes. Bullish. $MSTR $MTPLF $TSWCF $SWC

[Richard Byworth ∞/21M @RichardByworth]

Trade I am doing now (NFA)

Switching all MSTR and Bitcoin ETFs into Metaplanet… why?

At this mNAV, MTPLF is priced as an ETF, but there is a call option on Bitcoin embedded. Even if they only go back to 1.5x mNAV - (in a rally I expect we go beyond 3x) - that is 50% perf over bitcoin….

As someone who runs a fund trying to get 5-10% in bitcoin, this set up is one of the biggest no brainers the market has presented since GBTC was trading a t a 50% discount.

What happens if mNAV goes sub 1? Simon is no man’s fool, if it accretes Bitcoin per share, he will do it.

✅

[Adrian Morris @_Adrian]

People, this is a wide liquidity sweep, across the board. It's not just $BTC | $MSTR it's everything. Fed Rate cuts means there's more liquidity on deck, you think the big boys would just let you get gains without creating their entries? Hang in there, because I think a Q4 | market sentiment shift and liquidity is on deck.

[Torbjørn @TorbjrnBullJens]

The banks will fail again.

Nine European banks are teaming up to launch an EUR stablecoin; the 2025 remake of “blockchain, not Bitcoin”.

It failed for R3. It failed for Facebook.
This time is not different.
Consortiums building complex systems cannot succeed. Gall’s Law applies: systems that work evolve from simple, working ones.

Stablecoins will become huge, but not with this committee-built, MiCA-compliant model. Consumers want reliability and freedom, not another slow, closed banking club.

Banks should put clients first, and integrate the stablecoins that already function and start building real Bitcoin and crypto services.
That’s where trustless settlement, global liquidity, and lasting value are headed. That is what their clients have demand for.

Opinion piece coming soon.

[Rohan Hirani @rohanhirani_]

Bitcoin Treasury Companies are down 40-80% from market highs.

Saying “buy the dip” is easy, but few actually do so when the market bleeds.

Smart money buys when everyone else panics.

[David Berglund @blackpillcio]

It's through companies. More specifically, Bitcoin Treasury Companies.

[Ben Werkman @Werkman]

This is one of the more profound statements Saylor has made. There is a lot to be fixed in our world, and it’s not going to happen just by tweeting. Eventually, you have to get in the game and become a part of the driving force making the change happen.

[Rohan Hirani @rohanhirani_]

The future is Orange.

Special thanks to @TimKotzman and @ejuline for orchestrating an incredible event.

[David Berglund @blackpillcio]

A true leader.

[Strategy Archive @StrategyArchiv]

My first crypto buy was back in 2017. I bought ETH around USD 400. A month later it traded at USD 135. The pain was real. Did I just buy into a scam? What is going on?

Fast forward to 2025. Buying shares in a BTCTC feels the same… but this time it’s completely different.

- A BTCTC buys Bitcoin: the most secure, decentralized monetary network with a capped supply of 21M, the hardest money that cannot be inflated or controlled

- Accretive stacking increases BTC per share over time

- Even when mNAV trades just above 1, companies can keep accumulating (debt/prefs)

- Once investors understand Months to Cover mNAV, FOMO comes back fast.

- Shorts eventually get trapped, because every treasury purchase tightens the squeeze

- Which is why I believe MOASS is around the corner, especially when Bitcoin makes new ATHs later this year

My BTCTC portfolio (owning the big 5) is down 60% in the past 2.5 months.

Do I care? In fiat terms yes, it hurts a little bit.

In BTC terms? Not at all. I trust @saylor @gerovich @asjwebley @AlexandreLaizet @Sanderandersenn to keep stacking.

[Kyle Knight @buckethatbtc]

Inspiring a generation is powerful…

Inspiring the world? Leave that to the 🐐.

Thank you, @saylor. Live from NYC.