Mark He

Love Tesla, MSTR and Bitcoin. Current Model Y owner. Shit talker and sometimes share opinions on own investments, but will never give financial advice (NFA).

[Mark He @RealMarkHe]

Daily div sir @saylor.

[Michael Saylor @saylor]

Income. Twice a month. $STRC

[Matt Cole @ColeMacro]

SATA UPDATE

Targeting $100 and minimizing long-term volatility remain core objectives for $SATA.

But going forward, unless we communicate otherwise, investors should not assume Strive will automatically issue new $SATA shares at $100, although we expect that to remain likely under normal market conditions.

To be clear, we do not view current market conditions as normal.

Strive believes retaining issuance flexibility around $100 is in the best long-term interest of shareholders and the long-term stability of $SATA.

We do not believe over-engineered rigidity is the best way to minimize long-term volatility. Predictable, mechanical issuance rules can invite behavior that increases volatility over time. Recent market activity suggests this risk is not theoretical.

Issuance pauses or other actions will be evaluated based on what Strive management believes is in the best long-term interest of shareholders and the long-term stability of the security.

The framework is transparent, but specific actions will not be telegraphed in advance.

We expect to consider short interest, borrow costs, and other market data, but our analysis will not be limited to any single metric.

The goal is to make the structure more resilient, not less predictable for its own sake.

We asked for market feedback to pressure-test our view, and the engagement on both sides was thoughtful and constructive. We appreciate everyone who voted, commented, and reached out directly.

[Tesla @Tesla]

Engineering tests of the first production Cybercab have begun in Austin

[IREN @IREN_Ltd]

IREN has achieved @nvidia Exemplar Cloud status on NVIDIA HGX B300 for training workloads.

This status confirms that IREN's infrastructure performs within NVIDIA's reference performance targets across its full suite of benchmarking recipes, validated against NVIDIA reference architecture.

"IREN's achievement of NVIDIA Exemplar Cloud status reflects deep engineering collaboration between our teams and the quality of infrastructure behind IREN's AI Cloud, giving enterprises confidence to run their most demanding training workloads at scale." — Warren Barkley, VP Product Management, NVIDIA

Read full blog: https://t.co/GbdlTB3v79

[Michael Saylor @saylor]

Strategy announces a Digital Credit Capital Framework designed to strengthen Digital Credit, enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation. $MSTR $STRC https://t.co/AUoUCtem53

[Matt Cole @ColeMacro]

STRIVE BALANCE SHEET UPDATE
• Bitcoin: ₿19,864
• Cash: $141.7M
• STRC: $37.7M

No $BTC purchases this week.
Strive’s balance sheet is built to move aggressively or wait patiently with deep reserves, no debt, no margin & no encumbered Bitcoin.
$ASST $SATA

[Bitcoin Magazine @BitcoinMagazine]

JUST IN: 🇺🇸 Congress schedules a hearing for the Clarity Act on July 17 👀

[Matt Cole @ColeMacro]

Strive acquired an additional 759 $BTC for ~$50M at an average cost of ~$65,850 per bitcoin.

[Michael Saylor @saylor]

Strategy has increased its USD Reserve by $300 million to $1.4 billion and plans to continue replenishing it to support the credit quality of its Digital Credit securities. We also acquired 520 BTC for $35 million, increasing our $BTC Reserve to ₿847,363. $MSTR $STRC https://t.co/KeJ067fFWs

[Matt Cole @ColeMacro]

Following up on yesterday's post with some additional context and data that may help explain what we saw on Friday.

A few people asked why I believe the selloff was driven primarily by a leverage liquidation event.

No issuer has perfect visibility into every investor's financing arrangements, so no one can know with certainty exactly what happened across every account.

That said, three things stand out.

First, we knew leveraged strategies had developed around Digital Credit securities. We had seen examples of trades that involved meaningful leverage and had publicly discussed the risks associated with some of those approaches.

Second, we received anecdotal reports from market participants indicating that liquidations were occurring during the selloff.

Third, the trading data itself is consistent with what is often observed during forced selling events.

The STRC chart shows volume remained relatively modest through much of the decline, then exploded as the security moved from roughly $89 toward its intraday low of $82.50. After the low was established, volume quickly subsided and the price recovered materially into the close.

That pattern is often associated with a liquidation cascade. Forced selling drives volume sharply higher, prices overshoot fundamentals, and then buyers step in once the selling pressure has been exhausted.

The SATA chart also shows a price decline, but a very different volume profile. Volume remained much more consistent throughout the session (and the entire week) and did not exhibit the same relative spike around the lows that was observed in STRC.

That distinction is important.

To me, the data suggests that the primary stress event occurred in STRC, while weakness elsewhere in Digital Credit was more likely a spillover effect from the broader selloff than a similar wave of liquidations occurring across every security.

This is not a statement that one credit is stronger than another. In my view, both STRC and SATA remain strong credits, and neither issuer experienced a sudden deterioration in credit quality during Friday's trading session.

Digital Credit is a new asset class. As it grows, there will be periods where market structure, liquidity, leverage, and investor behavior create volatility that has little to do with underlying credit fundamentals.

Understanding those dynamics is part of the maturation process.

Friday was the most significant stress test Digital Credit has faced so far.

The market absorbed it, buyers emerged, and both securities recovered substantially from their lows.

That is a constructive outcome and an important data point for the future of the asset class.

[Matt Cole @ColeMacro]

Strive acquired an additional 73 $BTC for ~$4.7 million at an average cost of ~$63,646 per bitcoin.

$ASST $SATA

[Ben Werkman @Werkman]

Tuesday begins a new era for SATA.

For the very first time, every business day will be:

- A payment date
- A record date
- An ex-dividend date

Daily dividends begin tomorrow, June 16.

$SATA

[The Bitcoin Historian @pete_rizzo_]

JUST IN: EL SALVADOR NOW OFFERS 0% TAXES ON #BITCOIN GAINS AND FOREIGN INCOME

ONLY 90 DAY RESIDENCY IS REQUIRED

GLOBAL GAME THEORY AT WORK 🚀

[Michael Saylor @saylor]

Strategy has acquired 1,587 BTC for $100 million to increase our $BTC Reserve to ₿846,842. We have also increased our USD Reserve by $100 million to $1.1 billion. $MSTR $STRC https://t.co/27PYXJN7GD

[IREN @IREN_Ltd]

Our vertically integrated AI Cloud platform has arrived in Europe.

Today, IREN announced it has completed the acquisition of Nostrum Group, adding 490MW of secured power in Spain to serve global demand for AI compute.

“Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points, with abundant renewables and strong fiber connectivity. Nostrum gives us secured power today along with a development pipeline and a great local team we're excited to work with.” - @danroberts0101

Learn more: https://t.co/f2ZWh6cBba

[Frans Bakker @FransBakker9812]

$IREN Completes Acquisition of Nostrum Group Expanding AI Cloud Platform to Europe

The acquisition marks IREN’s entry into the European market, adding approximately 490MW of secured, grid-connected power in Spain and an additional development pipeline. Nostrum also brings a team of more than 50 people across development, engineering, construction and operations.

The acquisition establishes a strong foundation for IREN to serve rapidly growing AI Cloud demand across Europe, one of the largest and fastest growing markets.

Nostrum’s operations will continue under the IREN brand.

[Bull Theory @BullTheoryio]

BREAKING: 🇺🇸🇮🇷 After 107 days of war, the US and Iran have now officially reached a peace deal, with the signing set for June 19th in Switzerland.

Bullish for all markets.

[Andreas Steno Larsen @AndreasSteno]

Would be fun indeed

[Michael Saylor @saylor]

BPS measures Bitcoin per common share before senior claims. CEBE BPS measures Bitcoin per common share after senior claims. CEBE is the conservative risk metric. BPS is the common equity growth metric. BTC Yield measures BPS execution.

[Michael Saylor @saylor]

Congratulations @ElonMusk and $SPCX on a historic IPO.

Thanks to you, 25% of the Mag8 now holds Bitcoin on the balance sheet.