Hysteresis Research

Price is last to know

[Hysteresis Research @hysrespro]

@saylor @MicroStrategy

[Hysteresis Research @hysrespro]

3/ At the June issue — f = 0.56, mNAV ≈ 0.78× — that week took −0.24% out of bitcoin-per-share, and it recurs. The sale the tape feared: −0.004%.
An interactive in the note — drag the price and the bitcoin share, watch the sign flip:
https://t.co/puDiRCRRd9

[Hysteresis Research @hysrespro]

Detailed draft page - https://t.co/QjX3ue6qjJ

[Hysteresis Research @hysrespro]

1/ The sale made the headlines. The issuance — sixty times more dilutive — did not.
MSTR sold 32 bitcoin (its first since 2022); the tape wrote the end of an era. The same fortnight it issued $181M of stock to buy 1,550 back — and the stock rose.

[Hysteresis Research @hysrespro]

3/ At the June issue — f = 0.56, mNAV ≈ 0.78× — that week took −0.24% out of bitcoin-per-share, and it recurs. The sale the tape feared: −0.004%.
An interactive in the note — drag the price and the bitcoin share, watch the sign flip:
https://t.co/puDiRCRRd9