. ★

Bitcoin Structured Products
$TNorth

[. ★ @hillcry_dan]

Expect to see much less equity sales this cycle for Bitcoin purchases.

Many more preferred sales.

This will actually be very beneficial for Bitcoin price since selling a Bitcoin equity near 1x MNAV is largely not net new Bitcoin buy pressure in the market, since many large

[. ★ @hillcry_dan]

The Bitcoin market was scared of Strategy having to sell 6.7B worth of Bitcoin to meet convertible note obligations,

or having to sell more Bitcoin delta into the market in the form of MSTR.

[. ★ @hillcry_dan]

Never been more convinced that the "real price of Bitcoin" is the power law floor, when all speculation is gone from the asset and it's a "holder price floor."

$JoshMandell6

[. ★ @hillcry_dan]

Did $Strategy just eliminate their debt?

$6.685B is the total cash held on Strategy's balance sheet, with $6.754B of outstanding converts.

This cash reserve is not explicitly pledged to payoff the convertible notes, and that's a good thing.

[. ★ @hillcry_dan]

Buying long bonds nor holding Bitcoin was a winning trade this year.

market structure is changing. #Z06Z077_

[. ★ @hillcry_dan]

Bull market back in tact.

[. ★ @hillcry_dan]

Power Law Floor remains undefeated #JoshMandell6

[. ★ @hillcry_dan]

STRC Volume has fallen off without the ATM facility,

however, the volume trend is still up relative to Bitcoin.

[. ★ @hillcry_dan]

IMO demand takes long term adoption of the credit over strict collateral/ credit strength.

Look at traded volume yesterday of $IBIT, $MSTR and $STRC relative to 30 day trailing averages.

STRC was the least sensitive to BTC volume.

[. ★ @hillcry_dan]

Looking forward to talking about the financialization of Bitcoin in public markets.

[. ★ @hillcry_dan]

Codex has gotten a lot better.

[. ★ @hillcry_dan]

What is driving the STRC price?

Cash Reserve, buybacks, or div adjustment?

[. ★ @hillcry_dan]

Janestreet has generated returns far in excess of 20% per year over the last two decades.

Bitcoin also has.

[. ★ @hillcry_dan]

Once Strategy's cash reserve has been taken to the levels they are targeting, I expect they will become less predictable with MSTR sales and STRC buybacks.

Since the beginning of STRC buyback program, they have been "Buying STRC and Selling MSTR." This has created a very

[. ★ @hillcry_dan]

Interesting.

[. ★ @hillcry_dan]

$STRC chart in 20 years.

[. ★ @hillcry_dan]

Fixed income must outperform M2 money supply growth and backing it by Bitcoin is a great way to do this.

[. ★ @hillcry_dan]

disdenting opinions on TN, I disagree, the GPU's are very effective for a trading firm like Janestreet to compound their capital at a rate higher than the cost of the debt,

much in the same way Strategy is betting on BTC outpacing their own cost

[. ★ @hillcry_dan]

"Defeasance is when a borrower sets aside cash or high-grade securities (almost always Treasuries) in an irrevocable escrow, sized so the escrow's cash flows exactly cover all remaining interest and principal payments on the debt.

[. ★ @hillcry_dan]

Important chart for AI agent economy, digital payments, and BTC as settlement.