Jesse

✝️ #Christian #Liberty #NoKingButChrist #BTC
try liberty; for liberty is an acknowledgment of faith in God and His works.
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[Jesse @punspotter]

"You're 5 miles deep in every direction in the awesome, crushing love of God! Why don't you act like that? Why don't you pray from that place?" @Greghas @NorthlandsChrch
https://t.co/gqMUgZ3yrJ

[Jesse @punspotter]

@turtlecute33 So true and so crazy how not self aware the negative commenters are. If it wasn't so nerdy, they would make a great SNL bit.

[Jesse @punspotter]

Love a family meal at @SteaknShake

But why can't you tip when you pay with Bitcoin?

Pls fix

[Jesse @punspotter]

@RichLassiterMD @Strive @Werkman It will be interesting to see how it trades for those early days in June.

Also effectively raising the dividend rate by using (APR/N_periods) is a subtle change that could easily be avoided by doing simple math (1+APR)^(1/N_periods)-1. (.0489% daily instead of 0.052%)

[Jesse @punspotter]

$STRK = Miami Beach real estate but the market is sleeping on it.

BTC cracked $80k yesterday. $MSTR up several %. $STRK? Down over 2%.

The embedded perpetual convertible call option on $MSTR is pure moon math upside.

The $8/share yield (over 10% effective with ROC treatment) is luxury rental income.

Everyone’s fixated on $STRC’s safe yield, but $STRK is the move for anyone planning for the future. 🌴📈

@Strategy

[Jesse @punspotter]

Who has heard about the $100 Rental Property?

Consider what might happen if $STRK tapped into the real estate investor pool! Same fundamentals, less pain, better performance.

https://t.co/aCaZxvHa60

[Jesse @punspotter]

💯, check out the Quiet Theft to see how twisted it is when you add inflation
https://t.co/tHmIFOMHYN

[The ₿itcoin Therapist @TheBTCTherapist]

What is the biggest scam in life?👇

[Jesse @punspotter]

@jonthensuddenly @saylor @schulzzy $MSTR ATM allows $STRC to scale without the amplification ratio running away. Beautiful engineering.

[Jesse @punspotter]

@SamaHoole You could be fooling yourself and actually getting more junk volume than you think
https://t.co/460OpVHZJt

https://t.co/CkL1e7m1iQ

Trust the old guys that are huge without injury. @nashjocic

[Jesse @punspotter]

Your premise is wrong. The required BTC growth rate to cover dividends in perpetuity does not blow up. @Strategy controls it directly through the amplification ratio, and the implications of this control are why this strategy (pun intended) is so robust.

From the https://t.co/imA4fhyc0W dashboard:
Amplification = (debt + preferred equity) / BTC reserves.
Currently 34%.

I'll walk you through the math:
A 34% amplification ratio with an average dividend obligation of 11% would imply a 3.74% annual BTC growth rate funds dividend obligations in perpetuity without raising another dime. The 34% is not all preferred stock, so the current minimum growth rate is even lower, around 2.36%.

To hold amplification at 34%, every $1 of STRC issued requires ~$2 of MSTR issued. All proceeds go into BTC.

STRC adds to the numerator. Both legs grow the denominator. The amplification ratio stays constant. Dividend obligations and BTC reserves scale together. The required BTC growth rate doesn't change.

The structure actually gets stronger as it grows:
- The $STRC leg is unconditionally accretive to BTC-per-share
- The $MSTR leg is accretive when mNAV > 1
- The combination is accretive whenever mNAV > 0.5. Half of par!

mNAV has touched 0.97 once in two years. We've never been close to 0.5.

The dividend itself is currently funded by MSTR sales running a fraction of one day's volume. It's in the noise floor.

Your thesis requires @saylor to abandon amplification discipline AND issue MSTR below mNAV = 0.5. Neither is happening. Strategy has this dialed in.

[Jesse @punspotter]

💯 Capital gains taxes with inflation are actually immoral. I called it the Quiet Theft because the inflation that creates a nominal gain is the anesthetic that makes people blind to the double theft. My story here: https://t.co/tHmIFOMHYN

[Handre @Handre]

Capital gains tax represents one of the most egregious examples of double taxation in the federal code, yet politicians treat it as if they're taxing "unearned" income for the first time.

You earn $100,000, pay income tax on it, and save $70,000 after Uncle Sam takes his cut. You invest that already-taxed money in stocks, real estate, or bonds. Ten years later, you sell for $140,000. The government swoops in again, demanding capital gains tax on your $70,000 profit. They're taxing the same economic activity twice: your initial productive work that generated the savings, then the delayed consumption that made investment possible.

Capital gains represent nothing more than the time value of money plus compensation for risk. When you save instead of consume immediately, you defer gratification to provide capital for productive investment. That $70,000 you invested didn't sit idle; it funded business expansion, job creation, and economic growth. The return you earned reflects both the productive use of that capital and inflation's erosion of purchasing power over time.

The double taxation becomes even more perverse when you consider inflation. If your $70,000 investment becomes $140,000 over ten years, but inflation averaged 3% annually, your real purchasing power increased by roughly $18,000, not $70,000. Yet the IRS taxes the entire nominal gain, including the portion that merely kept pace with their own monetary debasement.

Every dollar collected through capital gains tax is a dollar stolen twice; once from your labor, again from your thrift.

[Jesse @punspotter]

@Eze_Wilberforce This is great. Also, this topic illustrates the immorality of capital gains taxes when you have an inflationary currency. I wrote about it, called it the Quiet Theft because most people don't even see the trick
https://t.co/tHmIFOMHYN

[Jesse @punspotter]

Great one Nick. Check out my article on the immorality of capital gains when you have a fiat based system!
https://t.co/tHmIFOMHYN

[Nick Anthony @EconWithNick]

It’s never been easier to use Bitcoin as money. Yet, at the same time, the tax code puts an incredible burden on law-abiding citizens. https://t.co/SqvZ2q7eCH

[Jesse @punspotter]

What would Dr Seuss say about $STRC? 🤣
For the record, I love @Strategy

Someday the Sneeches will figure it out. Meanwhile @saylor wins...

Now the Sneetches had dollars and wanted their yield,
So McSaylor arrived with his great money field.
"For just one hundred dollars I'll make you content!
With an eye-popping yield of eleven percent!"
"Just step into Stretch, the banks are all leaking,
My certificate printer is just what you're seeking!"
"We're yield-bearing Sneetches!!" they said when they bought,
"Self-custody Bitcoin? Don't give it a thought."
While deep in the belly, the machine churned away,
Converting their dollars to Bitcoin each day.
Then McSaylor McBean with a grin and a wave,
Said "Good day to you Sneetches, you've all been so brave!"
He sailed off to Cannes in his yacht while still smiling,
Nearly eight hundred thousand and steadily climbing.

[Jesse @punspotter]

Now the Sneetches had dollars and wanted their yield,
So McSaylor arrived with his great money field.
"For just one hundred dollars I'll make you content!
With an eye-popping yield of eleven percent!"
"Just step into Stretch, the banks are all leaking,
My certificate printer is just what you're seeking!"
"We're yield-bearing Sneetches!!" they said when they bought,
Self-custody Bitcoin? Don't give it a thought.
While deep in the belly, the machine churned away,
Converting their dollars to Bitcoin each day.
Then McSaylor McBean with a grin and a wave,
Said "Good day to you Sneetches, you've all been so brave!"
He sailed off to Cannes in his yacht while still smiling,
Nearly eight hundred thousand and steadily climbing.

#BTC $STRC @Strategy love ya @saylor

[STRC.live @STRC_live]

$STRC shatters yesterday's record—14.4M shares above threshold for ~9364 BTC estimated.

New all-time high, beating Monday's 11.3M blowout by 27%. Volume at 519% of avg. Every share crossed threshold.

Ex-div tomorrow.

https://t.co/lVNalzUMK3

[Jesse @punspotter]

@Croesus_BTC @PunterJeff I think you might appreciate this framing.

[Jesse @punspotter]

@Croesus_BTC Consider what might happen if $STRK tapped into the real estate investor pool!

I posted "The $100 Rental Property" on NOSTR that makes the case that it could.

Same fundamentals, less pain, better performance.

https://t.co/aCaZxvHa60

[Collin 🍊 @STRchitect]

Strategy has 4 preferred stocks. Only one has BTC upside. Most people don't know which.

$STRC: 11.5% yield. No BTC upside.
$STRD: 13.4% yield. No BTC upside.
$STRF: 10.2% yield. No BTC upside.
$STRK: 11.3% yield + converts to MSTR at 0.1 shares/STRK.

STRK is the only preferred that lets you collect yield while keeping asymmetric BTC exposure through MSTR conversion.

Every other one is pure fixed income. Know what you own.

[Jesse @punspotter]

Agree, I find this insane. Why so much hype for the one with no upside and potential for reduced dividend and so little love for the one with convex upside.

[Collin 🍊 @STRchitect]

Everyone's focused on $STRC right now. Makes sense. 11.5% variable yield, monthly, on par.

But nobody's looking at $STRK.

STRK is Strategy's convertible preferred. It trades around $71 against $100 par. That's roughly a 29% discount.

STRC and STRD are pure income. No equity conversion. No BTC upside.

STRK converts to $MSTR common. Income plus a conversion option on the underlying BTC treasury.

The rest of the capital stack is getting all the attention. STRK is getting all the discount.