We’re not traders. We don’t speculate or try to time the market. We don’t do technical analysis or draw lines on charts. $BTC is going up forever. There’s only one @Strategy. Buy and hodl.

Respect, @CJ_Bitcoin. @TNorth put a clean front-end on your Bitcoin24 model at tnorth.com/tools/bitcoin24-m… zero changes to the original code or math, just visualized. Source of truth as your GitHub repo: github.com/bitcoin-model/bit…

Have you ever used @Strategy's Bitcoin24 Model? If you want to know where Strategy thinks we're headed over the next couple of decades, you should give their Bitcoin24 Model a try. Released in late August 2024 on GitHub, it reframed how I should start looking at Bitcoin and kick started my journey into $MSTR. The model is expansive in that it allows Individuals as well as Institutions, Corporations and Countries enter their own assumptions to calculate how much wealth they could generate through 2045. For individuals, you could enter your $BTC count, other assets and income and run it through the Normie strategy all the way to a Triple Maxi Strategy. It encourages stacking. Don't forget to plug in your MSTR Sats per diluted share; People seem to forget that every share is worth a number of Sats. It's 213,597 Sats at the moment. Go to the original source, never a 3rd party.

If you use your $BTC as “money” and spend it, you part with generational wealth. If you use your $BTC as “collateral” and intelligently borrow USD to spend, you retain generational wealth.

My conversation with @scottmelker on @YahooFinance on @Strategy, the largest holder of Bitcoin in the world, why $GOOG and $MSTR use preferred equity, paying $STRC dividends, buying and selling $BTC, and $MSTR performance.

Humanity will conquer space and cyberspace. Absolute abundance in space and absolute scarcity in cyberspace. Congrats @SpaceX and @elonmusk!

@jackmallers Our mNAV uses the standard conventional framework. mNAV = Enterprise Value / Bitcoin Reserves Enterprise Value = Common Equity Market Cap Preferred Equity Notional Value Convertible Debt Notional Value - USD Reserve The convertible debt is not treated "as-converted". It is treated as debt regardless of being ITM (in-the-money) or OTM (out-of-money). *IF* we were treating OTM convertible debt as converted into common equity in our formula, it would actually lead to a lower Enterprise Value. This is because you would replace the convertible debt with less common equity. This would lead to a lower mNAV and not higher. An intuitive way to understand this is that a convertible debt investor will demand cash at maturity if it is OTM, because the alternative is converting it into common equity shares which are worth less than the cash (precisely because it is OTM). Hope this helps. Happy to chat live to discuss this further.

$BTC in self-custody is for savers that want to preserve wealth in a trustless, self-sovereign manner. $MSTR is for investors that want to take risk and trust the @Strategy team to outperform $BTC over the long term through intelligent leverage.

@parkeralewis I ran a quick model with these assumptions, with a hypothetical starting point of 100 BTC and 1,000,000 shares, and conservatively assuming dividends are funded with BTC, instead of equity at a premium. The returns are 33% vs 30% for $BTC. I'll DM the excel to you.

In the midst of chaos, there is also opportunity

Has someone run these numbers for $ASST and $SATA?

I agree with your math, but I think its incomplete without a sensitivity analysis. Common stock investors expect $BTC appreciation to exceed the cost of preferreds, which causes NAV/share to outperform $BTC over time. The premium reflects those future expectations.

Bitcoin is not dead. It's the best store of value ever engineered - hard, immutable, and incorruptible. At @Strategy, we are building maximum optionality so we can remain net buyers of $BTC and grow Bitcoin Per Share over the long term. $MSTR

Our friends at @Strategy sold 32 BTC. "@Saylor is obviously famous for saying you would never sell your BTC... but we [as a company] actually would be willing to sell opportunistically when it makes sense to service the dividends." @CJ_Bitcoin Who's right? 📍 PUBKEY, DC

Stay humble and stack sats. $BTC

Buy more bitcoin than you sell. $MSTR

Net Bitcoin and Bitcoin per share have increased every year since the @Strategy began.

Responsibly selling credit against your $BTC is better than spending your $BTC. $MSTR

We’re adding dots forever, Laura.