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BTC MSTR | Bachelor's in Mechanical Engineering | Master's in Financial Economics

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Fiat = Soylent Green
Bitcoin = ribeye

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On the path to become debt free and strengthen overall digital credit quality
$MSTR

[FinancialFreedom @FinFreedom414]

By retiring $1.5B face value of 0% 2029 notes for ~$1.38B cash, $MSTR eliminates the future shares those notes could convert into.

This reduces potential dilution and increases Bitcoin per share for existing holders, while generating an immediate ~$120M savings.

It’s not a perfect 1:1 match with a traditional stock buyback (which retires current shares immediately), but in $MSTR’s convertible-heavy structure, it’s a smart, accretive move that acts like anti-dilution capital allocation.

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@RepThomasMassie is one of the best men alive
He has an immense amount of knowledge, a sharp intelligence, and he is deeply grounded in his spirituality
He has strength through God

[Cris Reed 🎙️Bitcoin Mindset Podcast @CrisReed]

“We can sell STRC to buy MSTR”

- Saylor

Good Night

[Michael Saylor @saylor]

One penny of volatility. $526M of liquidity. Closed at par. $STRC

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It’s a matter of time before $STRC volume outpaces $MSTR
..a fifth the way there

[MikeWMunz @mikewmunz]

$STRC had 20% of the trading volume of $MSTR today

[Chris Millas @ChrisMMillas]

The most valuable companies in the world are PLATFORMS for distributing products and services AT SCALE.

Amazon is a platform for distributing consumer products at scale.

Google is a platform for distributing information at scale.

Netflix is a platform for distributing entertainment at scale.

Spotify is a platform for distributing music at scale.

Strategy is a platform for distributing Digital Credit at scale.

$MSTR is a $10T company in the making.

[Pierre Rochard @BitcoinPierre]

The Federal Reserve: 0% fractional reserve banking yielding 4.5%.

STRC: 580% full reserve banking yielding 10.0%.

Michael Saylor is outperforming Jerome Powell.

The Fed needs to urgently buy bitcoin.

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🚀☝🏻🟩

[Jeff Walton @PunterJeff]

BTC is 5% from price discovery

$MSTR is:
1. 12% from record close ($473)

2. Consistently bashing ATH market cap & Rank (driving passive flows exponential)

3. Sitting on a $12B Q2 NET INCOME (~$43 EPS) - a "Shock the world figure" to be released in August

4. Poised to get added to S&P 500 at near record valuation.
~0.25% at 80th rank (~$12.5 B) - $116B market cap
~0.50% at 30th rank (~$25 B) - $245B market cap

5. Holding 47% more BTC on Balance Sheet than last ATH (386k to 568k), and accelerating

6. Balance sheet leverage is at record low (13.9%)

7. Credit quality of the preferred equity debt instruments is improving drastically

8. Free capital on balance sheet ($49B) would be the 208th largest US company (right behind Ross dress for less)

9. Trading at a Trailing 12 month P/E Ratio of 9, while $QQQ average is 35

The process of $MSTR & Bitcoin in price discovery at the same time may result in once in a lifetime teleportation.

The market will be FIGHTING about whether a dollar of Bitcoin earnings is the same as a dollar of high overhead, large pubco earnings.

Which would you rather own?... A company pushing out $8M in Earnings per employee, or $800K in Earnings per employee?...

The next 6 months are why I entered this trade all-in in 2022/2023. November $QQQ inclusion was just a teaser.

Get your tickets to the show. Don't get caught in the lobby ordering popcorn when the movie starts.

🟩👆

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Metaplanet is exponential

[Dylan LeClair @DylanLeClair]

Record volume day today for $MTPLF.
19.97m shares, $79.78m traded. 🇺🇲🤝🇯🇵

[Dan Oksnevad @Trollstein]

Tune in at 4:15pm EST to see @tnorth join @saylor & Phong Le live on stage at @Strategy World. Don’t miss the surprise opening to this epic fireside chat.

Presented by @BitcoinMagazine. Livestream link below. 🎥

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What a time to be alive… irresponsibly bullish

[BLAKE⚡️ROGUE MONEY USER @bleighky]

The kid analysts are bullish $MSTR 🟩👆

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@crisreed @ryQuant Jiu jitsu is one of the only ways I can get my mind off MSTR
Definitely therapeutic

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a masterpiece of financially engineered artistry

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@Danny85732 That’s how I see it too..

Was 6x while it was in the S&P 600 index
I think QQQ and S&P 500 inclusion + larger BTC stack could boost NAV mult significantly higher

Dec 2025 380 calls clearing $0.56M

[Thanks for the Quant Bros NAV mult chart @PunterJeff !]

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Hyperbitcoinization will make $MSTR shareholders’ day dreams come true..

What an incredible thought experiment
Thanks @werkman

[Ben Werkman @Werkman]

Let's take a second and talk about the $MSTR cash flow situation as it pertains to their convertible notes.

Right now, MSTR has $4,263,750,000 in convertible notes outstanding. These notes required $34,595,313 in interest payments annually.

As of the end of Q2, MSTR is on track to have $10,516,000 in cash flow in 2024. This results in a shortfall of $24,079,313.

Should this concern us?

I don't think so for a couple of reasons.

First, if you are in the camp that believes the remainder of 2024 and 2025 will be bullish for Bitcoin then these convertible notes will fall off as liabilities on the balance sheet in due time as they trigger the 130% clause allowing them to convert early.

However, we know how Saylor operates, and this would likely just means he would just top back up with more convertible notes and buy more Bitcoin.

Second, the ATMs can take care of this issue at any point. If Bitcoin performs even remotely well, the ATM will provide MicroStrategy access to any cash it needs.

Right now, MSTR has $890M left on the current ATM. I have nearly no doubts that these funds will be used for Bitcoin purchases in advance of the upcoming run, probably over the next couple of weeks.

Immediately following, I'd expect another ATM to be opened and ready for use at MicroStrategy's discretion. So let's take a look at a new scenario.

Let's say they open another $2 Billion ATM. They would need to reserve ~$250M from that ATM to make all the interest payments on their current obligations through maturity. That means at today's prices this would be ~1.5M shares.

However, they don't need to sell them all today. They could sell them only as needed allowing for the price of Bitcoin and thus MSTR shares to increase so they issue as few shares as needed to gather that value.

Remember, MicroStrategy now has 2 products. The first is their BI platform, the second is their equity (although arguably equity is #1 now).

So while these shares being issues wouldn't technically be "accretive" to the Bitcoin per share, I'd argue that it's the cost of running this strategy so I'd support it. Utilizing the value of their equity to continue accumulating an asset that is "going up forever" is absolutely accretive in my mind.

But wait, if they only need $250M doesn't that mean they have $1.75B left?

Yes, and that opens up the next possibility. In my world, they split this one into 2. They would use $1B for clean and direct Bitcoin purchases. That would leave them with $750M.

So what can $750M buy MSTR?

Well, if they use it for convertible notes again the answer is A LOT.

If I was MSTR, I'd be looking out to the next cycle. This would mean I'd be issuing more convertibles for 2030. The last notes they sold for 2030 were at a rate of 0.625%.

Assuming market demand remains, how much could they support with $750M? The answer here is.....

***checks math***

An ADDITIONAL $20 Billion in convertible debt. Let's say they do this in early 2025 with Bitcoin at $100,000 this would potential get them ANOTHER 200,000 #Bitcoin.

Even crazier, if the stock goes nuts (or even just performs as expected) they could clear ALL THIS DEBT still by end of year 2025. Fully unencumbered balance sheet at the "end" (who knows) of this bull run with piles and piles of Bitcoin.

Good luck catching that pubcos.

Between this and the direct purchases this would mean MSTR would be closing in on 500,000 #BTC.

Now they enter Nasdaq 100, possibly the SP500 in 2025 during the Bitcoin bull run with continuously increasing allocation... I mean it's tough to even wrap your head around the possibilities at this stage.

So anyways, that is a very long post to say......Bullish.

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so many significant events in the MSTR pipeline..

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fun thought experiment

[Dan Hillery @hillery_dan]

https://t.co/Yftmm9bmHI

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If you earned 1 million bitcoins everyday, you would have all the bitcoin in 3 weeks

[Joe Consorti @JoeConsorti]

If you earned $1 million every day since Jesus Christ was born, you'd only have 85% of what the US government has spent to cover its debt interest so far this year.

Seems totally sustainable.

[Jeff Walton @PunterJeff]

Global assets today = $900T

Let's assume that global assets continue to grow at a 6.5% CAGR, (The same CAGR as US M2 from 2000 - 2024)

In the year 2036 (3 halvings from now), global assets would be $1.92 Quadrillion

Today, #Bitcoin makes up 14 basis points of the total global assets

If #Bitcoin were to take 9% of value, in total, from each asset class over the next 12 years, for a total of 9% of global assets in 2036, #Bitcoin would have a market cap of $172 Trillion, or $8.23 Million per coin.

$MSTR today has 226,331 #Bitcoin. If the above holds true, and $MSTR doesn't buy any more coins, $MSTR would hold $1.86 Trillion worth of #Bitcoin on the balance sheet in the year 2036

$MSTR today is valued at $23.5 Billion...

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@BenFranklinHODL It gets pretty wild with $200M BTC purchase

In the second table, I increased the share price all the way to $154 in order to make the Sp$ equivalent to current levels..

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Here are Semler Scientific $SMLR metrics under different scenarios of equity/debt cash raise to buy more bitcoin

Assuming all $150M flows into treasury bitcoin, at the current market price of $40/share, the implied future value of BTC is "priced in” at $110k... seems bearish