BigBuck

Dividend growth investor to get a financial freedom. Education and financial blog.

[BigBuck @Mrbitc]

@IIHFHockey Bullshit stop that. All have to boycott this shit.

[Michael Saylor @saylor]

Strategy has completed the repurchase of $1.5 billion of its 2029 Convertible Notes at an ~8% discount to par, generating an incremental 0.7% BTC Yield and lowering aggregate debt to $6.7 billion. $MSTR $STRC https://t.co/cbx4BlpsKV

[Bitcoin News @BitcoinNewsCom]

Some are saying this is the best Saylor interview in years 👀

[BigBuck @Mrbitc]

@n_karklinz @IvoButkevics Nav nekāda problēma pirkt https://t.co/PxmEzofRBN kantori kas to dara par saprātīgām cenām. Un izvēle daudz lielāka.

[Michael Saylor @saylor]

The most interesting story in Bitcoin right now is the rise of $SATA in the credit markets and the embrace of $ASST by the equity capital markets.

[MR SHIFT 🦁 @KevinWSHPod]

E172: @Saylor: Why Hard Work Won't Make You Rich

Michael Saylor is the chairman of @Strategy - the world's largest corporate holder of Bitcoin with over 840,000 BTC and $65+ billion deployed. He bought his first Bitcoin in 2020 when the Fed cut rates to zero hasn't stopped since.

With WSH, I always want to go much deeper than the current narrative and that’s exactly what we did here. We gradually moved past the surface and into the things that really shaped Michael. We talked about his childhood, growing up in a military family, buying domain names in the 1990s and flipping them for tens of millions, losing $6 billion of his net worth in a single day during the dot-com bubble, his great Apple bet in 2012, why working hard won't make you rich, why you should mortgage your house but probably not sell your kidney to buy BTC, why "THERE IS NO SECOND BEST", and a lot more. The conversation lasted more than two hours, much longer than originally planned, and it was just amazing. I hope you enjoy it as much as I did.

Timestamps:

00:00 - Intro
03:05 - Explain what you do to an Uber driver
05:35 - Advice for Rick, the struggling Uber driver
07:07 - Who is Michael Saylor?
11:02 - Sponsors @Trezor & @Bitwise
11:48 - Kevin's Business Intelligence Company
13:14 - Michael's childhood and chip on the shoulder
17:56 - Has Michael conquered the world yet?
19:49 - Just because you can, doesn't mean you should
28:23 - Sponsors @KASTxyz & @sumsub
30:02 - Low time preference and scarcity
43:50 - Buying and flipping domain names for tens of millions
55:11 - Bitcoin is a lifeboat
1:01:31 - Should you mortage your house to buy Bitcoin?
1:09:50 - The great $60B in Bitcoin bet: risks
1:15:32 - Sponsors @JupiterExchange , @ethena
1:16:16 - Sell the kidney if you must but keep the Bitcoin
1:20:14 - What's the endgame for Strategy?
1:28:16 - Where does Bitcoin price end?
1:29:36 - Where would Bitcoin price be without Michael Saylor?
1:31:06 - What is STRC?
1:35:34 - Should my mom put her life savings in STRC?
1:37:12 - How do you always invent new ways to buy more Bitcoin?
1:49:19 - From God to Madman every 6 months: handling insane volatility
1:51:49 - How Michael lost $6 Billion of his net worth in one single day in 2000 and then watched MSTR go down another 99%
1:59:09 - Why Michael doesn't have children
1:59:44 - Why working hard is the worst advice you can get
2:07:37 - Why THERE IS NO SECOND BEST, there is only one crypto asset
2:15:03 - Thanking Michael from the whole crypto industry

[Natalie Brunell ⚡️ @natbrunell]

Michael Saylor & Phong Le just addressed the biggest questions investors are asking:

- Will Strategy sell Bitcoin soon?
- Why move to semi-monthly dividends with $STRC (is daily next?)
- What’s the endgame with $MSTR & Digital Credit

Full raw Q&A with @saylor & @phongle — unfiltered.

Share your thoughts on their responses below.

Timestamps:
00:00 Introduction
03:22 Will Strategy Sell Bitcoin?
06:05 STRC ROC Tax Question
07:06 Saylor on Strive & $SATA
13:02 Future of STRC Dividends
16:41 Will Strategy Slow Buying Btc?
19:00 The $100 Peg
21:57 STRC, DeFi & Fragility
27:17 Why Is Bitcoin Stuck?
30:00 Monthly $STRK, $STRD, $STRF Dividends
31:38 Retiring Preferred Stock
35:06 Fixed 10% Yield
35:52 Scaling STRC
39:44 Winning Over Skeptics
42:58 Understanding MNAV Calculations
45:03 “Rip the Wings Off Shorts”
52:11 Ultimate STRC Product
59:52 Strategy at $10M Bitcoin
1:00:55 BTC Yield Metric
1:01:45 Custody & Proof of Reserves
1:03:58 Strategy as Investor Gateway
1:06:06 Teaching the Next Generation
1:08:12 Bitcoin’s Place in History

[Michael Saylor @saylor]

This morning on CNBC, I discussed the case for Digital Credit $STRC, its impact on $MSTR, and my long-term $BTC forecast with @JoeSquawk.

[Michael Saylor @saylor]

Strategy has acquired 24,869 BTC for ~$2.01 billion at ~$80,985 per bitcoin and has achieved BTC Yield of 12.6% YTD 2026. As of 5/17/2026, we hodl 843,738 $BTC acquired for ~$63.87 billion at ~$75,700 per bitcoin. $MSTR $STRC https://t.co/y1zvePEuym

[Michael Saylor @saylor]

Strategy to repurchase $1.5 billion principal amount of 2029 convertible notes. $MSTR $STRC https://t.co/enRuc7PBkY

[Matt Cole @ColeMacro]

Tomorrow, @Strive will ring the opening bell at @Nasdaq to commemorate $SATA, the first security in history to pay daily dividends.

Until then, turn the volume up.

The Daily Dividend Remix.

[Jeff Walton @PunterJeff]

We are also pleased to announce that @Strive is now DEBT FREE.

We have retired the remaining legacy $10M convertible bond.

@Strive is the FIRST publicly traded company with a Bitcoin-backed perpetual preferred ONLY amplification balance sheet.

[Michael Saylor @saylor]

@ColeMacro @Strive Impressive. Congrats to the entire @Strive team.

[Matt Cole @ColeMacro]

$SATA Updates:
- First security in history to pay daily dividends
- Beginning 6/16/26, pays on business days, ~250x per year
- APR maintained at 13% through June '26

@Strive now holds 15,009 Bitcoin (~$1.2B) with zero debt & $ASST is the only BTCTC w/ pref only amplification.

[CoinDesk @CoinDesk]

JUST IN: @saylor sits down with CoinDesk's @btcjvs to discuss being the world’s largest Bitcoin buyer with $62B purchased and describe the convergence of TradFi and DeFi via their digital credit product Stretch (STRC), which has rapidly grown and helps fund Bitcoin accumulation.

Here is the full conversation:
00:00 Biggest Bitcoin Buyer
00:12 Consensus Miami Buzz
01:12 Earnings Call Breakdown
03:01 Retiring Convertible Bonds
05:07 Yield First Decisions
08:25 Funding Dividends Options
09:29 Selling Bitcoin Impact
11:40 Buying the Top Critique
15:40 Transparency Not Trading
18:32 Tax Loss Harvesting Choices
22:15 Balancing Equity Credit BTC
25:55 Bear Market Stretch Engine
27:25 Europe Stream Lessons
30:46 UK Regulation Arbitrage
33:34 Stretch Dividends Timing
35:08 Macro Panic Explained
36:08 Monthly Issuance Whiplash
38:20 Why Stretch Trades Near Par
40:21 Growth Over Lower Rates
45:15 Sharpe Ratio Vision
46:44 Liquidity Drives Adoption
50:21 Credit Rating Not Required
54:44 DeFi Yield Coin Boom
55:59 Leverage Risk And Stress Tests
59:46 Perpetual Design Anti Bank Run
01:02:23 Let Traders Provide Liquidity
01:06:23 Institutional Views And Catalysts
01:11:50 Lindy Effect And Closing Thoughts

[Phong Le @phongle]

"I believe in math over ideology." Thanks @KellyCNBC and @steveliesman.

[Adam Livingston @AdamBLiv]

“Saylor is paying 11.5% on STRC dividends and the SATA guys are paying 13%? There’s no way Bitcoin goes up enough to pay that!”

lol ok:

[Grain of Salt @Z06Z07]

The earnings call for @strategy explicitly stated a shift in Strategy and it could be awesome.
TL;DR -> Sell High Cost Bitcoin, Book Taxable Loss, Use $4B to buy back $MSTR and Converts, boost share price and mNAV, crush shorts.

GAAP volatility ≠ taxable event
Realized BTC sales = taxable event
Previously, Strategy could show huge GAAP gains/losses from fair-value accounting without necessarily triggering CAMT because unrealized appreciation alone does not create taxable income in the same way as realized gains from selling BTC.

Now, if they sell high-cost-basis BTC first (FIFO/HIFO strategy matters), they can intentionally realize losses.
Sell 50,000 BTC at ~$80K = ~$4B proceeds

If average basis was ~$100K+, they realize roughly ~$1B+ actual capital loss
That realized loss becomes economically valuable because it can:

Offset realized gains elsewhere

Reduce future CAMT exposure
Create tax assets / shield future taxable income
Free up billions in liquidity without increasing leverage
Then the important second step:

They can redeploy the cash into higher BPS-accretive actions.

Buy back undervalued MSTR (if mNAV low)
Retire low-conversion-price converts
Fund dividends / USD reserves
Reduce float and future dilution
So the realized loss itself is not “good” because EPS changes. EPS alone doesn’t mechanically help the stock.

The value comes from:

converting high-cost BTC into liquidity + tax assets + denominator reduction.

That is the shift. $MSTR $STRC

BTC is no longer treated as untouchable inventory. It’s becoming an actively managed capital allocation asset optimized around Bitcoin per share, float control, taxes, and capital structure.

[Strategy @Strategy]

Strategy announces Q1 2026 results:
- 818,334 $BTC held
- 9.4% BTC Yield achieved YTD 2026
- $STRC scaled to $8.5 billion in 9 months
- Largest US equity issuer, raised $11.6 billion YTD 2026
https://t.co/jYxJm0zXg2

[Strategy @Strategy]

Join us tomorrow, May 5 at 5:00 PM ET for our Q1 2026 Earnings Call. We’ll discuss our Q1 financial results, the continued evolution of Digital Credit, and our capital markets strategy. We will also host a live Q&A, with guests to be announced soon. $MSTR $STRC