Strategy Archive

I am buying companies that buy bitcoin better than I can.

MSTR | 3350 | ALCPB | SWC | H100

Capital markets × Bitcoin = the greatest wealth transfer in history

[Strategy Archive @StrategyArchiv]

My first crypto buy was back in 2017. I bought ETH around USD 400. A month later it traded at USD 135. The pain was real. Did I just buy into a scam? What is going on?

Fast forward to 2025. Buying shares in a BTCTC feels the same… but this time it’s completely different.

- A BTCTC buys Bitcoin: the most secure, decentralized monetary network with a capped supply of 21M, the hardest money that cannot be inflated or controlled

- Accretive stacking increases BTC per share over time

- Even when mNAV trades just above 1, companies can keep accumulating (debt/prefs)

- Once investors understand Months to Cover mNAV, FOMO comes back fast.

- Shorts eventually get trapped, because every treasury purchase tightens the squeeze

- Which is why I believe MOASS is around the corner, especially when Bitcoin makes new ATHs later this year

My BTCTC portfolio (owning the big 5) is down 60% in the past 2.5 months.

Do I care? In fiat terms yes, it hurts a little bit.

In BTC terms? Not at all. I trust @saylor @gerovich @asjwebley @AlexandreLaizet @Sanderandersenn to keep stacking.

[Strategy Archive @StrategyArchiv]

"I'm going to be buying the top forever." — Michael Saylor

Strategy's last 100,000 BTC: every single tranche bought under $79k. 🔥

[Strategy Archive @StrategyArchiv]

"Strategy only buys the top!" Well not anymore!

strc live showing almost BTC 2.000 for this week alone!

LFG!

[Strategy Archive @StrategyArchiv]

@HermesLux What prevents MSTR mNAV going below 1? Serious question

[Strategy Archive @StrategyArchiv]

@BTCtreasuries $14 billion, right? But this is awesome. Strategy Prefs will be huge!

[Strategy Archive @StrategyArchiv]

@STRC_live Done!

[Strategy Archive @StrategyArchiv]

Here is a sharp English version that stays pointed and clean.

Saying “I secretly believe” and then posting it publicly is framing.

It implies insider knowledge without evidence and mainly feeds imagination.

More narrative than analysis. And complete bs

[Peter Duan @BTCBULLRIDER]

I secretly believe there is a Manhattan Project of quantum to break into Satoshi’s coins.

[Strategy Archive @StrategyArchiv]

Just incredible. I foresee a future where it doesn't dip anymore on ex-div day and remains at par. The demand for this product will be to big.

[Zynx @ZynxBTC]

I think for all intents and purposes we can call today an immense success for $MSTR and STRC.

Ex-dividend date? No problem.

Didn't go below $99 once and finished the day 1 cent away from par.

Pretty significant milestone in the Strategy story.

"iPhone moment".

[Strategy Archive @StrategyArchiv]

@STRC_live Getting this warning now, when I go to https://t.co/qKTwQ9UUtG Are you aware of this?

[Strategy Archive @StrategyArchiv]

STRC ex dividend day!

Still a new product, BTC weak since October 2025 (if not whole of 2025) and historically rough price discovery after ex dividend especially in November.

Curious how deep the dip goes coming days and how quickly we recover this time back to 100!

Longer term I would like to see a market where STRC consistently finds its way back to 100 within days, not weeks as this product matures in 2026!

[Strategy Archive @StrategyArchiv]

@KinggTrades Who buys a stock at the top? Rookie mistake

[Strategy Archive @StrategyArchiv]

Just found out about https://t.co/qKTwQ9Vsje!!! Instant bookmark. Who ever made this.... respect!

[Strategy Archive @StrategyArchiv]

We are so back!! LFG!

[Ragnar @RoaringRagnar]

Metaplanet closed up 14.58% in Tokyo.

Surpassing ¥600 for the first time since early October.

It reached ¥626 intraday, which is just ¥11 away from restarting their ATM at ¥637.

mNAV at 1.36x, and Bitcoin at $95,000.

We‘re so fucking back.

[Strategy Archive @StrategyArchiv]

"Strategy will likely have the largest balance sheet on the planet, and they'll be the largest public company in the world, by a wide margin. There will likely be a gap between #1 and #2 top pubco's in the trillions of dollars"

Great ��� by @PunterJeff

[Jeff Walton @PunterJeff]

$MSTR released a flash FULL YEAR financial 8k today. Lots to unpack here.

Here are several takeaways that most missed + some of my thoughts.

(Long post warning) A 🧵

Period: Dec 29th - Dec 31st
1. Strategy issued 1,255,911 shares of common stock, raising $195.9M

2. Two and a half days of trading (17.5 hours, 1,050 minutes), around a holiday where hardly anyone in the capital markets are working. They raised $186,571 EVERY SINGLE MINUTE that the market was open in that window.
- While most were out taking down Christmas decorations, and loading up on leftover peanut butter balls, $MSTR was raising capital amidst algo computer liquidity, RELENTLESSLY.

3. USE OF PROCEEDS: Every single preferred instrument had a dividend payable on the 31st. This amounted to roughly $144M.
- So, in a low volume trading environment, after the equity has been hammered all year, during a holiday, over a shortened period, $MSTR raised enough capital to pay an entire quarter's worth of dividends on ALL of the instruments in 772 trading minutes.
- The LEFTOVER capital raised (~$52M) was added to the USD reserve coffers, which will support future preferred issuance.

4. Increased USD reserve by ~$52M

Period: Jan 1st - Jan 4th (1 trading day Jan 2)
1. Strategy issued 735,000 shares of common stock, raising $116.3M.

2. 1 day of trading. $298,205 raised per minute of trading on January 2nd. (60% greater than the EOY 2 day period).

3. USE OF PROCEEDS: 1,283 BTC purchased.
- If this single day were a company, it would be the 46th largest publicly traded BTC treasury company.
- 285% of the daily newly minted supply of BTC (450 BTC)

Q4 2025 Financial Update:
for 2025:
-$5.4B in unrealized loss for the year
+$1.55B in deferred tax asset

Q4 results:
-$17.44B in unrealized loss for the year (ouch, worst on record... but in fiat...)
+$5.01B in deferred tax asset

End the year with $2.25B in USD reserve (a whopping 32 months of USD dividend coverage, 2.7 years worth of dividends in reserve).

Recent Low IQ takes & ponzi FUD bot sentiment:
"This is "dangerous" and unsustainable. Once the price goes below cost basis Saylor will be liquidated. Once mNAV goes below 1, there's no reason to own it. ATM is killing the stock. There's ZERO demand for the prefs." list goes on...
Truly astonishing. The Bewilderment will intensify.

Long-term low time preference Bitcoiner thoughts:
1. Beginning of 2025, $MSTR incurred a cumulative effect increase in net retained earnings of $12.74 BILLION (as a result of adopting FASB fair value accounting).
Ok, so balance sheet in 2025 is down $5.4B in fiat terms, but increased 50% YOY in Bitcoin terms (447k BTC > 672k BTC).
Seems like a super crappy Fiat denominated year, but stellar BTC denominated year to me, as a long term BTC bull, this is exactly why I own the stock in the first place, and have not sold.

3. Since inception of BTC Strategy, $MSTR is net positive $7.3 Billion, while accumulating 3.2% of the scarcest computer network on the planet...
- Now throughout 2026, every $1,000 BTC goes up > $87,500, $MSTR "earns" $673 million in unrealized net income. As of Jan 5, and BTC at $93,500, $MSTR is sitting on $4.04B of unrealized net income...
- At ATH's ($126k), $MSTR would be +$25.2B for fiscal year 2026.
- At $150k, $MSTR would be + $42B...

4. How has BTC exposure per share changed in 2025? (or shares per Bitcoin h/t @Z06Z07)
- beginning of 2025: 158,826 SATS / share (630 shares per Bitcoin)
- end of 2025: 194,985 SATS / share (511 shares per Bitcoin)
RESULTS in a ~23% increase in Bitcoin exposure per share (BTC yield), while balance sheet increased in total BTC held by 50% in 2025.
Stellar year if you denominate your portfolio in BTC exposure

5. Balance sheet is healthy, Bitcoin is healthy, Digital Credit / Prefs are in their first full year, BTC exposure per share is up substantially, sentiment is disconnected from reality, risk is mispriced, globally.

6. Strategy will likely have the largest balance sheet on the planet, and they'll be the largest public company in the world, by a wide margin. There will likely be a gap between #1 and #2 top pubco's in the trillions of dollars

7. Digital Credit will eat the fixed income market as it matures, and the pension / insurance world begin to digest them. Digital credit is the life raft for them. They'll never buy BTC.

So many things to be bullish about here in 2026.

True North will also be back for first episode of 2026 this Wednesday (Jan 7) @tnorth. Looking forward to hitting the ground running with the crew.

[Strategy Archive @StrategyArchiv]

Bitcoin is now Digital Capital according to @saylor.

That framing captures what Bitcoin has become far better than the old narratives about digital cash.

For years we called Bitcoin a store of value, but that phrase describes a property rather than a purpose. Digital Capital clarifies what it actually represents.

Bitcoin’s highest value lies in being sovereign savings, pristine collateral, and a durable foundation that individuals and companies can build on.

Uncensorable transactions matter because they protect the integrity of the network, but they are secondary to its role as Digital Capital.

Briljant move, easy to understand for institutions worldwide.

[Strategy Archive @StrategyArchiv]

This is a briljant observation by @Croessus_BTC !

@saylor rebranded Store of Value to Digital Capital!

[Jesse Myers @Croesus_BTC]

Unpopular opinion: #Bitcoin is a Store-of-Value asset; its use as a transactional currency is ancillary.

@saylor has cleanly re-branded the SoV element as Digital Capital. This is spot on.

SoV sounds like a descriptor, not a purpose. Digital Capital makes it clear that this is Bitcoin's purpose.

"Digital cash" was always just a misnomer. Satoshi might not have fully understood what he unleashed. Or maybe he did, but marketed it based on its simplest value proposition to get the network effects snowballing.

Bitcoin's highest and best use is as unconfiscatable savings, as collateral, as digital bedrock for global finance - both for individuals and corporations.

Uncensorable transactability is a key enabler to its viability, but ultimately Digital Capital is 99% of the societal value of Bitcoin.

[Strategy Archive @StrategyArchiv]

I love to put youtube videos into infographics. Nowadays it is just to simple.

I took:

Michael Saylor Keynote | Bitcoin MENA 2025:
https://t.co/biSGVJoTKu

and created this simple infographic to make his story more easy to understand!

[Strategy Archive @StrategyArchiv]

Clearly somebody is getting paid to spread FUD about Strategy.

Very good to see the X context at the bottom

[*Walter Bloomberg @DeItaone]

$MSTR - AS BITCOIN WOBBLES, ALL EYES ON STRATEGY

MicroStrategy, the largest public holder of Bitcoin, could influence the cryptocurrency’s price if it sells some of its holdings. JPMorgan says the company can avoid forced sales by keeping its enterprise value-to-Bitcoin holdings ratio above 1.0, which currently stands at 1.13.

If the ratio remains above this level, Bitcoin markets may stabilize, easing recent pressure. Strategy shares have dropped about 42% in three months amid the crypto downturn, and the firm has slowed Bitcoin purchases, adding 9,062 tokens last month compared to 134,480 a year ago.

Additionally, potential exclusion from MSCI indices could trigger $8.8 billion in outflows. However, MicroStrategy has a $1.4 billion reserve for dividends and interest, helping it avoid selling Bitcoin even if prices fall further.

[Strategy Archive @StrategyArchiv]

So true. Maximum asymmetry. We only need Bitcoin to start moving toward 200k again for the whole dynamic to flip back to mega bullish.

When that momentum returns, sentiment around Strategy common and prefs will shift fast. mNAV ticks higher, ATM access becomes smooth again, and pref inflows push BTC per share upward. The flywheel starts turning again.

With Phong Le signalling that BTC lending is on the table, mNAV could accelerate even further once those plans materialize.

The only real question is timing. When does BTC move confidently toward 200k? It could take two or even three years. Or the first few months in 2026.

No one knows.

Saylor and Strategy are executing flawlessly right now. That is the most important part.

💎🙌

[Mason @MasonFoard]

We’re at a point of maximum asymmetry between @Strategy's price, sentiment, and fundamentals:

Nov 21, 2024 (Sentiment: Bullish)
- $MSTR price: $542.99
- Bitcoin holdings: 252,220 BTC
- Preferreds issued: 0

Now (Sentiment: Bearish)
- $MSTR price: $183.44
- Bitcoin holdings: 650,000 BTC
- USD cash reserve: $1.44 billion
- Preferreds issued: 5

[Strategy Archive @StrategyArchiv]

I really like the sound of exponential BTC yield!

A company like Strategy doesn’t take BTC yield and distribute it. It retains it.

BTC appreciation
plus
BTC retention
plus
BTC yield
plus
equity issuance at a premium
plus
buying more BTC
equals
a compounding treasury that feeds on itself.

With other words. MSTR at a mNAV of 1.13 is ridiculously cheap.

We are still so early!

[Dan Hillery @hillery_dan]

Holding MSTR is a call option on them lending out their BTC and creating exponential BTC yield into the future.

The reason MNAV is not able to be sustainably high, i.e., above 2x, is because BTC yield based on current tactics is naturally diminishing.

If, instead, Strategy's BTC stack yielded 4% annually via some form of lending, this would be an EXPONENTIAL BTC YIELD.

In a world of P/E ratios, there could be a high mulitple on this exponential yield and could be a signifigant catalyst for sustained, higher MNAVs.

"How do you get the MNAV higher?"

"People think we are a close ended fund, but we are an operating company."

"We should trade at some premium that represents our ability to grow our treasury reserves over time."

"Over the course of the next year, big real banks are going to offer services. We would consider lending with large banks. Have had a lot of productive conversations with large US based banks, and are excited to partner with them."

[Strategy Archive @StrategyArchiv]

Phong Le on bitcoin lending is one of the most important signals from Strategy right now.

“We run a very simple business… we buy and we hold bitcoin.”

That simplicity is intentional. No counterparty risk, no exposure to fragile lenders, no distractions from the core treasury strategy.

But then comes the part investors should pay attention to:

“I do think over the course of the next year… big real banks are going to offer custody service, lending service… and to the extent there are large U.S. based banks… we’re very excited to partner with them.”

This is not about chasing yield.

It is about waiting for regulated, well capitalized institutions to enter the market so bitcoin lending becomes institutional grade.

When that happens, Strategy can unlock a new layer of the flywheel:

safe, regulated bitcoin yield on a multi billion dollar treasury.

Not today.

But soon.

And only when the infrastructure is strong enough to match their standards.

This is how a Bitcoin operating company evolves from buy and hold to a fully integrated Bitcoin bank.

MSTR at 1.13 mNAV is a bargain!

[Strategy @Strategy]

Phong Le, CEO of @Strategy, spoke with @BloombergTV today on our $1.44B USD Reserve, continuity of dividends, mNAV valuation, and recent market FUD, including index inclusion.