Matt James⚡️

Truth Seeker 🧠 Principled Dissenter ⚖️ Sovereign Individual ⛓️‍💥

Health🏋🏻‍♂️ Nature🌲 Stoicism🧘🏻‍♂️ Agorism🤝 Open Source 🌐 #Bitcoin

[Declaration of Memes @LibertyCappy]

@RepThomasMassie @cspan "Spying on Americans is actually patriotic"

[Matt James⚡️ @falloffiat]

@elkrun21 mstr is increasing btc adoption. money is used to both save and spend in. not everyone is going to use a custodian, that is the reality. and saylor is focused on increasing shareholders' bitcoin per share (cebe) https://t.co/7zddtGILth

[Adam Livingston @AdamBLiv]

BITCOIN WIZARD VINDICATED - CEBE - THE TRUE MEASUREMENT OF BALANCE SHEET ACCRETION

"You would calculate Satoshis per share on a net basis attributable to the common stock shareholders after subtracting the liabilities." - Michael J. Saylor - June 10th, 2026

This has been obvious to me for a long time.

Even more obvious as Strategy said on the earnings call that 1.22x mNAV is "breakeven".

Even more obvious when Strategy broke down the amplification formula when talking about expected return on digital equity.

They presented the NAV $ version of MSTR growth that maps 1:1 EXACTLY with CEBE.

Show everything. Make it simple.

There were three transactions this year that were "dilutive" in BTC Yield terms but accretive when you factor in the entire balance sheet.

Lance Vitanza on the earnings call brought up these "dilutive" weeks and Strategy was forced to apologize for WINNING.

Declaw the bears. Show everything and be done with it.

[Matt James⚡️ @falloffiat]

@mattkratter @MasterTheGame @TFTC21 @SullyMichaelvan @saylor custodians are going to exist, not everyone is gonna self custody. that's the reality

[Matt James⚡️ @falloffiat]

@mattkratter Mstr holders get "diluted" to increase their btc per share https://t.co/9RlzOYnZRk

[Adam Livingston @AdamBLiv]

BITCOIN WIZARD VINDICATED - CEBE - THE TRUE MEASUREMENT OF BALANCE SHEET ACCRETION

"You would calculate Satoshis per share on a net basis attributable to the common stock shareholders after subtracting the liabilities." - Michael J. Saylor - June 10th, 2026

This has been obvious to me for a long time.

Even more obvious as Strategy said on the earnings call that 1.22x mNAV is "breakeven".

Even more obvious when Strategy broke down the amplification formula when talking about expected return on digital equity.

They presented the NAV $ version of MSTR growth that maps 1:1 EXACTLY with CEBE.

Show everything. Make it simple.

There were three transactions this year that were "dilutive" in BTC Yield terms but accretive when you factor in the entire balance sheet.

Lance Vitanza on the earnings call brought up these "dilutive" weeks and Strategy was forced to apologize for WINNING.

Declaw the bears. Show everything and be done with it.

[Adam Livingston @AdamBLiv]

BITCOIN WIZARD VINDICATED - CEBE - THE TRUE MEASUREMENT OF BALANCE SHEET ACCRETION

"You would calculate Satoshis per share on a net basis attributable to the common stock shareholders after subtracting the liabilities." - Michael J. Saylor - June 10th, 2026

This has been obvious to me for a long time.

Even more obvious as Strategy said on the earnings call that 1.22x mNAV is "breakeven".

Even more obvious when Strategy broke down the amplification formula when talking about expected return on digital equity.

They presented the NAV $ version of MSTR growth that maps 1:1 EXACTLY with CEBE.

Show everything. Make it simple.

There were three transactions this year that were "dilutive" in BTC Yield terms but accretive when you factor in the entire balance sheet.

Lance Vitanza on the earnings call brought up these "dilutive" weeks and Strategy was forced to apologize for WINNING.

Declaw the bears. Show everything and be done with it.

[Matt James⚡️ @falloffiat]

@mattkratter @samcallah https://t.co/SflfCPmRgT

[CEBE Tracker @CEBETracker]

$MSTR : Weekly Purchase

+1,550 BTC at $65,332
CEBE: 144,451 to 144,757 (+305, +0.21%)
Funded: 100% MSTR common ATM ($181M)
Preferred: Zero (2nd consecutive week)

Senior Claims %: 38.4% at 64K. No new claims added.

[CEBE Tracker @CEBETracker]

$MSTR : Weekly Purchase

+1,550 BTC at $65,332
CEBE: 144,451 to 144,757 (+305, +0.21%)
Funded: 100% MSTR common ATM ($181M)
Preferred: Zero (2nd consecutive week)

Senior Claims %: 38.4% at 64K. No new claims added.

[Bobby Tierney @chcbearsfan]

CEBE simply says, if you have Bitcoin on your balance sheet, the exposure to common equity can be measured

Finishing the math wasn't some revelation. The revelation is that nobody else bothered to do it until now

https://t.co/QZI43Sjir7

[The Kobeissi Letter @KobeissiLetter]

BREAKING: President Trump says "I love the inflation" and explains why after US CPI inflation rises to 4.2%.

Trump also announces that the US has been taking oil from Iran, including 22 ships of oil "last night."

[Matt James⚡️ @falloffiat]

@mattkratter @samcallah naw, there is a balance to be had. you want to maximize your exposure to the superior money of course, but have enough USD on hand to pay dividends & signal safety to the fiat minded legacy system

[Matt James⚡️ @falloffiat]

@mattkratter @samcallah u are attacking a claim i never made, which is a strawman.

[Matt James⚡️ @falloffiat]

@mattkratter @samcallah wrong about what? i never claimed that specific metric didn't go down

[Matt James⚡️ @falloffiat]

@mattkratter @samcallah holding usd signals to the market that strategy has years of dividend coverage on hand, which builds confidence in instruments like strc and strengthens their ability to keep raising capital from fiat minded legacy system

[Matt James⚡️ @falloffiat]

@mattkratter @samcallah yes, but that dilution is accretive to shareholders as long as btc goes up in the long term, since he gets the money up front to buy btc and then has to pay a dividend over time

[Matt James⚡️ @falloffiat]

@mattkratter @samcallah preferred dividends are paid every quarter & debt carries ongoing interest obligations, so when revenue can't cover them these claims actively drain value from common equity continuously, not just at some hypothetical future liquidation event.

[Matt James⚡️ @falloffiat]

@mattkratter @samcallah Selectively ignoring balance sheet items that have direct claims on BTC value isn't analysis, it's a conclusion in search of supporting arithmetic.

[Matt James⚡️ @falloffiat]

@mattkratter @samcallah dilution isn't just share count - it's the change in your net claim on BTC per share, which means you must account for all prior claims (debt, preferreds) and offsets (cash) that determine what common shareholders actually own

[Matt James⚡️ @falloffiat]

@mattkratter @samcallah Why would u just completely ignore cash on hand, debt, preferreds? U are purposefully leaving out things

[Matt James⚡️ @falloffiat]

@Kasperkjs @BitcoinCyborg21 Mstr goes down more than btc in a bear market, this was already expected.

And no, if they were over leveraged then they would be at high risk of liquidation, which they aren't due to the structure of their debt