Wubba

[Wubba @WubbaBtc]

@_Adrian Adrian, Saylor uses STRC ATM as a price ceiling and STRC buybacks to raise price. Do you make the same claims about STRC as you do MSTR and if not, why ?

[Wubba @WubbaBtc]

@ryQuant @BritishHodl This is one of the stupidest slides I have ever had the displeasure of viewing.

[Wubba @WubbaBtc]

@PunterJeff @chcbearsfan Jeff this argument only holds if the prefs paid no dividend and were a senior claim in liquidation.

Btc yield treats a $0 and $15 coupon the same, this is a defect of the metric.

The encumberment from a pref is the dividend not the liquidation preference.

[Wubba @WubbaBtc]

@SOFIGUY777 @Micro2Macr0 My comment has nothing to do about what share price will go up more. But it is a fact that per dollar you get more net treasury assets with MSTR.

[Wubba @WubbaBtc]

@JoshMandell6 When someone sells all their ASST shares to buy MSTR, their net treasury value per dollar invested goes up significantly.

[Wubba @WubbaBtc]

@LynAldenContact @PeterMcCormack Low profit margins dont absolve grocers of damaging business practices.

[Wubba @WubbaBtc]

@Danainhawaii @JoshMandell6 @grok give Dana an overview of ATM proceeds from ASST.

[Wubba @WubbaBtc]

@ColeMacro @ZynxBTC If you believed that you would be buyers not sellers of ASST.

[Wubba @WubbaBtc]

@xan_nick @JoshMandell6 Not just more, A LOT more. I dont sell liabilities at a discount, and can borrow at less than half the pref dividend rate. The main common stock advantage is mnav expansion, but that is being harvested through ATM so it is no longer appealing.

[Wubba @WubbaBtc]

@JoshMandell6 Further to this, I am sick and tired of both common ATM and discounted pref issuance. Why shouldn't I just amplify my own IBIT via margin?

[Wubba @WubbaBtc]

@JoshMandell6 Okay but how does it look relative to bitcoin? That is the real question for bitcoiners who are interested in treasury common stock.

[Wubba @WubbaBtc]

@mattkratter Lol Matt, "stop the cap" is a colloquialism that youth use meaning "stop lying".

[Wubba @WubbaBtc]

@GrainofSaltSF Agree this is good for the common. In the same way that strive issuing SATS at a discount is BAD for the common.

[Wubba @WubbaBtc]

@funkmasterMMA Buddy this isnt new

[Wubba @WubbaBtc]

@RoaringRagnar @HatimBahiSlaoui Amplify your own bitcoin. If you cant find better terms than the sata IPO yourself, I dont know what to tell you.

[Wubba @WubbaBtc]

@JoshMandell6 @ZynxBTC This x 100%. Its being treated like a fixed rate security with variable shares outstanding.

[Wubba @WubbaBtc]

Hi Grain, thanks for the reply. I'm not a price predictor, and I don't own bitcoin for it's CAGR, I own it for it's monetary properties.

That being said, I'm not here to argue whether the common outperforms BTC given a CAGR assumption. My argument is that the SATS IPO was a bad deal for ASST holders due to the $10 discount, the cash reserve guidance, and steep dividend.

[Wubba @WubbaBtc]

Look at SATS IPO for example. 511m of BTC against 700m of senior claims, with a dividend reserve requirement of 157m and an annual dividend expense of 105m. In what world is that a good deal for the common? And for the record I AGREE these companies have a strong balance sheet. I AGREE they will pay the dividend. I disagree that these transactions are optimal for the common holder.

[Wubba @WubbaBtc]

Josh, havent you figured out the business model for both strategy and strive is what is best for the PREF holder, not the common holder.

The common holder is funding the cost of capital, and the justification is that once a btc bull market comes the common will perform.

But that alone doesnt mean the common holder should be subject to the shit end of the stick in the same of "accretion" and "amplification".

[Wubba @WubbaBtc]

@ColeMacro @TheSamsPodcast Matt, long-run total returns for who exactly? Pref or common holders?