Bitcoin is Hope.com | $BTC Hodler | @Strategy Founder & Chairman | bio michael.com | free education saylor.org | $MSTR $STRC
Joined January 2011
- Tweets 7,743
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- Followers 5,074,698
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2,177 Photos and videos
Pinned Tweet
Apr 4
Bitcoin has won. Global consensus is that $BTC is digital capital. The four-year cycle is dead. Price is now driven by capital flows. Bank and digital credit will determine Bitcoin’s growth trajectory. The biggest risk is bad ideas driving iatrogenic protocol changes.
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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.
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The difference between BPS and CEBE BPS is Amplification. With no debt or preferreds, BPS = CEBE BPS and a Bitcoin Treasury Company should track BTC like an ETF. As liabilities increase, BPS and CEBE diverge, creating the potential to outperform BTC.
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Not all liabilities are equal. Short-duration, high-cost liabilities can turn amplification into risk and underperformance. Long-duration, low-cost liabilities can turn amplification into common equity upside. If BTC ARR exceeds the cost of capital, a well-capitalized Bitcoin Treasury Company should outperform BTC.
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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.
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Jun 12
Digital Credit. Digital Money. Digital Equity. Digital Treasury.
My conversation with @ColeMacro at @BTCPrague on the future of capital markets, followed by Q&A on the nuances of Bitcoin-backed securities and corporate finance.
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Jun 12
Timestamps:
00:00 - The $300T credit opportunity: moving 5–10%, or $15–30T, into bitcoin-backed instruments
00:49 - The current Bitcoin market: a mild bear market, open capital markets, and continued accumulation
02:41 - Why Digital Credit matters: reducing volatility and preserving bitcoin-backed exposure through drawdowns
04:53 - Bitcoin dominance, the collapse of crypto monetary premium, and Bitcoin as the dominant digital monetary network
06:34 - Digital Capital, Digital Credit, Digital Yield, and Digital Money: the emerging bitcoin-backed asset stack
07:39 - “10,000 opportunities, each one a billion-dollar opportunity”
08:09 - What is Digital Money? Bitcoin is money; everything else is credit
11:40 - Capturing 5–10% of global credit and 5–30% of global money markets
15:45 - Why Digital Credit is not a substitute for bitcoin - it competes with money markets, credit instruments, and other yield products
18:25 - How bitcoin-backed products expand the network by attracting new pools of capital
21:24 - Managing an amplified Bitcoin treasury strategy through a bear market
22:04 - Equity issuance, accretion, and the $21B equity raise / $21B bitcoin acquisition / $14B Bitcoin Gain
25:56 - The credit bet vs. the equity bet - and why ~3.2% bitcoin appreciation can support dividends forever
28:22 - Why Bitcoin Treasury Companies must calculate on both a USD standard and a BTC standard
30:42 - Why Digital Credit can be self-healing - and why Strategy views the model as antifragile
Q&A
34:21 - Satoshi, ATMs, and Strategy’s dynamic management of $MSTR, $STRC, $STRK, $STRF, and $STRD
39:00 - $5B in Bitcoin Gain, cost of capital, and why investor views depend on forward bitcoin performance
41:35 - mNAV, dilution, and how to evaluate Bitcoin Treasury Companies
49:41 - When equity issuance is accretive, when it is dilutive, and why use of proceeds matters
56:35 - Common ATM issuance, cash, and whether share creation should be considered dilutive
01:01:17 - What mNAV should shareholders use?
01:02:45 - Why serious investors need a forward view of bitcoin volatility, price, assets, liabilities, duration, and cost of capital
01:07:00 - The goal: provide the data, open-source the analysis, and let the market build better models
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Michael Saylor retweeted
Jun 12
We are pleased to announce that Metaplanet has entered into an agreement to acquire 100% of Siiibo Securities, a licensed Type I securities firm and a pioneer of Japan's online corporate bond market. Following closing, expected in July, the company will be renamed Metaplanet Securities. This is Metaplanet's first major acquisition and the first concrete step in Project Nova, our long-term strategy to build a Bitcoin-centric financial ecosystem in Japan.
The significance is hard to overstate. Japanese households hold roughly $7.4 trillion in cash, deposits and low-yield products, and as Japan shifts from deflation to inflation, that capital has begun searching for yield. By bringing Siiibo's Type I registration and online securities platform into the group, we will develop and distribute Bitcoin-related yield products directly to Japanese investors, supported by the 40,177 BTC on our balance sheet, the largest corporate Bitcoin treasury in Asia.
We have great respect for Kazuki Komura and the team at Siiibo Securities and what they have built. Together, as Metaplanet Securities, we will bring new yield opportunities to Japan.
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Jun 12
I haven’t sold a sat. Strategy is still stacking.
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Jun 11
Accretion depends on the metric. Net Assets per Share measures balance sheet strength and residual asset value. BTC per Share measures Bitcoin intensity and long-term equity upside. NAV accretion improves asset coverage. BTC Yield accretion increases Bitcoin per share. $MSTR $BTC
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"We're the largest holder of Bitcoin in the world. We're the largest purchaser of Bitcoin in the world. And we'll continue to be". Watch my conversation with @CNBC @PowerLunch below.
00:00 — "We're net purchasers of Bitcoin." The 32 BTC sale helped inoculate the market, test our processes, and capture tax losses over time
1:47 — We balance the needs of our constituents: $MSTR and $STRC shareholders, $BTC hodlers, and debt holders
3:07 — Four-year cycles, macro volatility, geopolitical conflict, inflation uncertainty, Fed policy, Clarity
4:15 — Bitcoin is a hedge against inflation and big government
5:32 — Capital that rotates from $BTC to AI will come back to $BTC
6:42 — With clearer rules, every major bank is going to flood into $BTC and crypto
7:27 — Expanding financial-system access is good for Bitcoin
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Michael Saylor retweeted
Jun 10
Saturn Credit (@saturn_credit) is quietly building one of the cleanest structured yield products in DeFi right now. Here are the 3 core investment theses that stand out. No hype — just the financial logic
Superior Risk Management via Real Structured Tranches
Saturn uses classic senior/junior tranching onchain. The junior tranche absorbs first-loss capital, protecting srUSDat. When $STRC recently traded below par (~92), the junior buffer took the hit while senior holders kept accruing yield uninterrupted. This is the resilience Luna’s algo peg and Ethena’s synthetic never had
Real Dividend Yield Backed by Bitcoin Credit
Yield on sUSDat comes from actual STRC dividends — preferred equity backed by Strategy’s Bitcoin treasury (3x BTC coverage, large cash buffer). Unlike Ethena’s funding-rate yield that can flip negative, this is contractual cash flow from a high-quality credit instrument
Dual-Token Model Explosive Product-Market Fit
USDat = 100% Treasury-backed stable for liquidity, payments and collateral
sUSDat = staked version that captures STRC yield
Clean separation, no complex looping needed. Result: $245M TVL in just 6 weeks, strong integrations (Chainlink, Pendle, M0, Strata) and top-tier backers
Saturn isn’t another algo experiment or funding-rate casino. It’s the first credible onchain structured digital credit layer — real RWA backing, TradFi risk tranching, and Bitcoin-native yield in one clean package
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Bitcoin is for everyone.
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Michael Saylor retweeted
Jun 10
Jun 10
My beliefs: Retweets are notifications, not endorsements. Constructive dialogue leads to better outcomes. Bitcoin is hope and economic empowerment for everyone. Every good-faith effort to strengthen the network should be welcomed.
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Jun 10
My beliefs: Retweets are notifications, not endorsements. Constructive dialogue leads to better outcomes. Bitcoin is hope and economic empowerment for everyone. Every good-faith effort to strengthen the network should be welcomed.
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Michael Saylor retweeted
Jun 9
Over the past few weeks STRC traded below its par.
For those who were unfamiliar to $STRC volatility, watching that move flow through @saturn_credit staked-USDat was uncomfortable.
But it's the PRECISE scenario srUSDat was designed for.
🧵👇 Here is the mechanism:
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The STRC Note (STRCst), a new digital security, is now live on STOKR.
Each STRCst is fully backed 1:1 by Strategy Inc.'s Variable Rate Series A Preferred Stock (NASDAQ: STRC).
Learn more: stokr.io/strc-note/
No investment advice.
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