sprack

Personal financial engineering tips for Nick, 30.
I like the stock $MSTR $STRC | Supply shock enjoyer #Bitcoin

[sprack @sprack2020]

@OKavrak Do you have any $ASST or $SATA products in the works?

[sprack @sprack2020]

@Strive @ColeMacro @Werkman @Trading212 I can buy $STRC in T212 but I can't buy $SATA I've put a request in for availability but was wondering if there's anything you can do to speed this along. Cheers.

[sprack @sprack2020]

@OKavrak @Trading212 Excellent. I saw this earlier - good stuff!

[sprack @sprack2020]

@OKavrak When will the new products be available on T212?

[sprack @sprack2020]

https://t.co/8RkgCo8wNQ

[sprack @sprack2020]

@OKavrak Exciting changes. I can't see any hedging today in the products I've checked. Do you have a strategy for deployment? Does it go in both directions i.e. buy puts and/or calls/leaps in oversold conditions? Has it been backtested for total return?

[sprack @sprack2020]

Btw, do you understand my longer post about this? In theory there are so many products you can build around $STRC
FX hedged income and using it for CSP with other equities are some ideas, but the put market for STRC will be huge. You can either buy puts for lower yield with capped downside, or you can sell puts and generate a leveraged income yield. It's early days so even just a simple pass through product with low fees would be a good start.

[sprack @sprack2020]

@OKavrak @Btc0Nada @IncomeShares Yes, something like that but they take 10% out of the dividends and the fund does not distribute or take advantage of the options market. If incomeshares made this product I know you guys would make a better version.

[sprack @sprack2020]

The thing is I can see the use case for a lot of these products assuming a cash secured put strategy similar to existing funds. Mara and Riot spend months going sideways and are volatile so these funds will likely outperform the underlying in those conditions. If I wanted directionally long exposure to these companies then these funds would be a consideration, but I don't think I want to be long any of these companies. If these are included in a basket then I would consider that basket diluted outside of maybe ARM and ASML.

[sprack @sprack2020]

@Btc0Nada @IncomeShares @OKavrak I agree, $STRC must be on any income funds radar to be serious. I haven't had a response from them yet about $STRC https://t.co/0SN1531eXm

[sprack @sprack2020]

Idea for @OKavrak and @IncomeShares

$STRC isn't available everywhere, so there is a market for an ETF wrapper. I still can't buy it on @Trading212, for example. https://t.co/od4fUs2KGH

IncomeShares can do better than just wrapping and repackaging it. IncomeShares is in a unique position to do something quite interesting.

1. Create the Digital Money ETF built on $STRC, which also uses options and/or a cash buffer to eliminate the remaining volatility, creating a stable, cash-like instrument paying variable USD dividends.
2. Create GBP and EUR versions of the Digital Money ETF which hedge currency risk to maintain stable prices in those currencies.
3. Modify or create new ETFs from existing IncomeShares products by swapping out the cash portion for the Digital Money ETF or $STRC-secured puts, improving the performance of the existing strategies.

A $STRC-secured $MSTR put-writing strategy ETF would be one of the coolest single-company products ever created, in my opinion.

[sprack @sprack2020]

Idea for @OKavrak and @IncomeShares

$STRC isn't available everywhere, so there is a market for an ETF wrapper. I still can't buy it on @Trading212, for example. https://t.co/od4fUs2KGH

IncomeShares can do better than just wrapping and repackaging it. IncomeShares is in a unique position to do something quite interesting.

1. Create the Digital Money ETF built on $STRC, which also uses options and/or a cash buffer to eliminate the remaining volatility, creating a stable, cash-like instrument paying variable USD dividends.
2. Create GBP and EUR versions of the Digital Money ETF which hedge currency risk to maintain stable prices in those currencies.
3. Modify or create new ETFs from existing IncomeShares products by swapping out the cash portion for the Digital Money ETF or $STRC-secured puts, improving the performance of the existing strategies.

A $STRC-secured $MSTR put-writing strategy ETF would be one of the coolest single-company products ever created, in my opinion.

[sprack @sprack2020]

@IncomeShares I was hoping you would do something like this:
https://t.co/0SN1531eXm

[sprack @sprack2020]

Idea for @OKavrak and @IncomeShares

$STRC isn't available everywhere, so there is a market for an ETF wrapper. I still can't buy it on @Trading212, for example. https://t.co/od4fUs2KGH

IncomeShares can do better than just wrapping and repackaging it. IncomeShares is in a unique position to do something quite interesting.

1. Create the Digital Money ETF built on $STRC, which also uses options and/or a cash buffer to eliminate the remaining volatility, creating a stable, cash-like instrument paying variable USD dividends.
2. Create GBP and EUR versions of the Digital Money ETF which hedge currency risk to maintain stable prices in those currencies.
3. Modify or create new ETFs from existing IncomeShares products by swapping out the cash portion for the Digital Money ETF or $STRC-secured puts, improving the performance of the existing strategies.

A $STRC-secured $MSTR put-writing strategy ETF would be one of the coolest single-company products ever created, in my opinion.

[Alexandre Laizet ⚡️ @AlexandreLaizet]

🟠 €3 million capital raise with TOBAM and UTXO Management⚡️

Capital B receives an upfront premium of €3 million with no share issuance, opening access to TOBAM and UTXO Management to new $ALCPB warrants (share subscription rights, “BSA” in French, economically equivalent to a “call option”) for 3 years, priced at the highest of (i) €1.01, corresponding to 130% of the average VWAPs over the 5 trading days preceding the signing, and (ii) the euro equivalent per share of the Company’s “mNAV 1.1” on the last trading day preceding the future exercise request.

TOBAM and UTXO Management thereby receive 27 million warrants for 3 years at the highest of €1.01 or, if it goes higher over time, an mNAV 1.1 (i.e., 1.1 times the value in euros of the BTC held by the Company, as part of its Bitcoin Treasury Company strategy, per share on a fully diluted basis, as reported by the Company in its Bitcoin Treasury Company metrics).

This is beneficial for Capital B in 3 key ways:

(i) Acquire BTC directly with no issuance of shares to maximize Bitcoin per share

(ii) Pre-open a new capital raising potential of €27 million or more to accumulate more Bitcoin in accretive conditions if TOBAM and UTXO Management decide to exercise

(iii) Start addressing the unexploited global derivatives notional market, estimated at $600 trillion, with more optionality and convexity for our European BTC accumulation nuclear reactor at $ALCPB towards our goal of reaching 1% of Total BTC Supply by 2033.

Thank you, TOBAM @YChoueifaty, and UTXO Management @tylev, for being at the forefront of Bitcoin Capital Markets with us, first with our world first BTC-denominated convertible notes last year together with @FulgurVentures, @adam3us, and Ludovic Chechin-Laurans, and today with this new innovative instrument in the Bitcoin Treasury Company industry!

$ALCPB Europe’s First Bitcoin Treasury Company 🇫🇷⚡️

The press release below also details the adjustments to past convertible notes' conversion parameters to better align these instruments with current market conditions and strengthen the incentive nature of the conversion mechanism, in the context of an overall operation and capital raise announcement enabling Capital B to accumulate more BTC in a way that maximizes BTC Yield, the increase of Bitcoin per fully diluted share over time, our focus⚡️⚡️⚡️

[Strategy @Strategy]

Our Bitcoin per Share (BPS) increased 3.0% in the first two weeks of March, driven by growing demand for $STRC.

[Michael Saylor @saylor]

@BorisJohnson Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early investors with funds from later ones. Bitcoin has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand.

[Oktay Kavrak, CFA @OKavrak]

Would you be open to slightly lower monthly payouts from an income ETP if part of the options premium was used to buy downside protection?

[Jeff Walton @PunterJeff]

Bitcoin risk is misunderstood

The Basel III regulatory risk framework should reward transparency and observability, not punish it.

My presentation at @Strategy World yesterday focused on Basel III Risk weightings & an institutional framework for Digital Credit & Bitcoin

[sprack @sprack2020]

@OKavrak I'm curious what you think about this idea?

https://t.co/0SN1531eXm

[sprack @sprack2020]

Idea for @OKavrak and @IncomeShares

$STRC isn't available everywhere, so there is a market for an ETF wrapper. I still can't buy it on @Trading212, for example. https://t.co/od4fUs2KGH

IncomeShares can do better than just wrapping and repackaging it. IncomeShares is in a unique position to do something quite interesting.

1. Create the Digital Money ETF built on $STRC, which also uses options and/or a cash buffer to eliminate the remaining volatility, creating a stable, cash-like instrument paying variable USD dividends.
2. Create GBP and EUR versions of the Digital Money ETF which hedge currency risk to maintain stable prices in those currencies.
3. Modify or create new ETFs from existing IncomeShares products by swapping out the cash portion for the Digital Money ETF or $STRC-secured puts, improving the performance of the existing strategies.

A $STRC-secured $MSTR put-writing strategy ETF would be one of the coolest single-company products ever created, in my opinion.

[sprack @sprack2020]

https://t.co/TiT2NTfp5A

[sprack @sprack2020]

I'm going to see if I can try and get $STRC injected into some Income ETF products in Europe.

https://t.co/0SN1531eXm

[sprack @sprack2020]

Idea for @OKavrak and @IncomeShares

$STRC isn't available everywhere, so there is a market for an ETF wrapper. I still can't buy it on @Trading212, for example. https://t.co/od4fUs2KGH

IncomeShares can do better than just wrapping and repackaging it. IncomeShares is in a unique position to do something quite interesting.

1. Create the Digital Money ETF built on $STRC, which also uses options and/or a cash buffer to eliminate the remaining volatility, creating a stable, cash-like instrument paying variable USD dividends.
2. Create GBP and EUR versions of the Digital Money ETF which hedge currency risk to maintain stable prices in those currencies.
3. Modify or create new ETFs from existing IncomeShares products by swapping out the cash portion for the Digital Money ETF or $STRC-secured puts, improving the performance of the existing strategies.

A $STRC-secured $MSTR put-writing strategy ETF would be one of the coolest single-company products ever created, in my opinion.