Weekly Apyx Update. Bitcoin drew down hard last week. $STRC tested $90. $apxUSD held firm, printing intraday discounts then snapping back to level. The team dropped the full postmortem. They nailed the gaps: liquidity friction, dashboard variance, comms speed, manual flows. The Apyx design proved rock solid. There is no bank run. Redemptions stabilized over time. The core rate ignored spot noise and held steady on realized dividends. Yields are now stronger. $apyUSD is delivering 15.1% APY. $STRC coming back to par only makes it better. $apyUSD offers high returns with low volatility. That's what every investor would want. Well done, @apyx_fi.

Everyone freaking out about shoes. To be honest, why you aren't freaking out that XXI has a ceo named jack. Hold on, let me tag this guy. Oh yes... @jackmallers Okay, what we were talking about? Why he isn't buying BTC? Aren't we in bottom? Let me check... $64,000 per BTC. Oh you all want me to respect the "OG" by challenging a "fiat maxi" named Saylor to talk about mNAV? Who cares? Strategy is buying BTC and XXI isn't. Btw... XXI is Tether. Same thing, just cooler name to not scare ideological Bitcoiners off. *cues to ideological bitcoiners* "BIP 110! BIP 110! BIP 110!" *me watching people with tinfoil hats and clutching on their hardware wallets with hands turning to blue* "YOU MUST RUN BIP-110 OR WE WILL FORK!!!" 👀👀👀 Oh yeah... We deserve $10,000 per BTC. But... Strategy will own 90% of BTC Supply and send us to $10 million per BTC. 🫵🤡🫵 Holy sh... look at this kid.

The Fiat Standard book is a popular but ideological book in Bitcoin space. It distorts rationality and makes us more retarded without realizing. "End the Banking" "Eat Red Meat" "Climate Change is Fake" You surrender your critical thinking once you read the book. Rational Bitcoiners will learn: 1. Banking is a natural system wanted by everyone to park their assets and obtain credit. 2. A red meat only diet makes me crap my pants and puke in many rounds in the toilet in an hour. Yeah, I'm eating my pizza, pasta, and enjoying my olive oil. I also exercise daily. Just eat what works for your body long term. I don't do alcohol, drugs, or smoking. I'm healthy and look younger than my age. 3. Saifedean is more obsessed with Israel than Bitcoin when you check his account. Maybe we should restore rationality to Bitcoiners by calling out silly ideologies in this space? Rational > Ideological

SpaceX got boring and old. Now back to Bitcoin programming! Tell me what's going on??? Why BTC isn't $250,000 now?

AI bubble? 1. AI usage getting too expensive (big companies limit usage) 2. Frontier models now considered dangerous so limited to select few (decreased demand)

Capital Expansion beats Buybacks for $MSTR. I have seen people pushing Strategy to do buybacks by citing Berkshire and Apple. I view buybacks as a short-term intervention that is ultimately negative for the long-term strategy. Buybacks simply hand cash to current shareholders in the hope that outsiders will pile in. The risk is that you are giving capital away to holders who often cash out anyway, which forces continuous intervention to defend mNAV and leads to a shrinking capital base over time. You also damage your credit instruments by liquidating BTC, which reduces coverage ratios and can trigger selling from credit investors. Instead of buybacks, Strategy should keep focusing on long-term capital expansion, which the team has already been executing through BTC reserves and USD reserves. The USD reserves provide short-term confidence to credit investors. If Strategy pivots to a long-term buyback strategy, I will sell all of my $MSTR. It would be a clear signal that the company has stopped growing and is now shrinking its capital base. BTC Yield is a narrow metric that analysts overuse when measuring performance. We should judge long-term success by capital expansion alongside BTC price appreciation.

Bitcoin OGs are irrelevant compared to Saylor. Saylorians will be True Bitcoiners going forward. I will stand with Saylor against all ideological Bitcoiners. BIP-110, btctcs bros, Red Meat Eaters will be cast into Fire of Bitcoin. All Hail Saylor! Our True King! $STRC

Congrats, @elonmusk! SpaceX started from nothing in 2002 and reached a $2 trillion valuation by 2026. Everyone laughed at him in the beginning and called him names. Yet Elon Musk kept building relentlessly, with laser focus on making humanity a multi-planetary, space-faring civilization. SpaceX took 24 years to get there. A hella long time, probably longer than most of the plebs reading this have been alive. It wasn’t a short-term success. It was a long-term one. I see the exact same pattern with Strategy and Saylor. Strategy began its Bitcoin journey in 2020. Saylor has been methodically building sophisticated financial products on top of Bitcoin, starting with $MSTR. Convertibles came next. Preferred shares followed in 2025, with $STRC becoming the biggest success yet. In a world full of impatient people, there is no such thing as short-term success. $MSTR is going to be a legendary long-term success story. That’s exactly why I’m prepared to buy and hold it for the next decade.

I did not sell my $MSTR for $SPCX. I've been catching Bitcoiners and $MSTR shareholders left and right selling their stack to SpaceX. Let's consider this... Meta IPO to now is only x14 within 14 years. $1.5 Trillion now. SpaceX IPO is $1.75 Trillion. Strategy is $43 Billion. All above are monopolies in their markets. Strategy has the biggest TAM of all. I do not get it. Why trade $MSTR for $SPCX???

Let's Blame on Saylor for Everything! $MSTR $STRC $BTC

$SPCX = Most Wanted Stock $MSTR = Most Hated Stock 🤔🤔🤔

Do you notice people stopped asking $MSTR to publish PoR? We sold 32 BTC. We can sell more if we want. WE HAVE BTC. Markets crashed out realizing we do have BTC after saying we only own paper BTC. You all make me laugh.

Accretion Depends on the Metric. Learn how to look at the full picture to evaluate the performance of $MSTR without focusing too narrowly on one detail. Evaluating it narrowly on one metric creates distorted conclusions: - Short-term BTC Yield dips during heavy ATM or preferred issuance get weaponized as “failure,” even if those raises are executed at a premium and increase total BTC holdings significantly. Yield is lumpy by design. Capital raises aren’t linear. - Raw share count growth (“dilution”) ignores whether the proceeds bought more Bitcoin per share than was given up, especially when MSTR trades above spot BTC value. This is the core of the “Saylor’s Quotient,” or premium-capture, dynamic that many analysts have modeled. - Ignoring NAV misses the fortress-building aspect: debt repurchases (like the recent $1.5B notes), strong dividend coverage on preferreds (30 years of BTC coverage), and improving residual value for common equity. A proper evaluation integrates multiple dimensions: - Bitcoin per Share (BPS) — The Bitcoin-maximalist north star. How many sats does each share represent? Track its multi-year trend, not one quarter. Strategy has turned MSTR into a massive corporate Bitcoin holder with meaningful per-share exposure. - BTC Yield (and cumulative BTC Gain) — The accretion engine. Recent YTD prints around 13% show positive growth in BPS. More importantly, look at the cumulative effect since the strategy began: massive net Bitcoin added for shareholders despite share growth. Positive yield = management grew your Bitcoin slice. - NAV / mNAV per share and coverage — Balance sheet resilience. This shows whether the foundation is strengthening. Recent capital structure moves (debt optimization) directly support this. It addresses “what happens in a downturn?” questions. - Premium/Discount to NAV/mNAV — Market validation of the strategy. Trading at a premium (recently cited around 1.17–1.19x) means investors are paying for execution, optionality, and Saylor’s vision. Issuing at a premium to buy Bitcoin can be accretive to existing holders. - Capital structure efficiency & cost of capital — Low-coupon converts covered preferred dividends create a spread. When Bitcoin appreciates faster than the blended cost of capital, that excess accrues to common shareholders. - Absolute progress & long-term positioning — Total Bitcoin holdings, BTC Gain in both coins and dollars, and alignment with Bitcoin’s adoption curve. This is the “full picture” horizon, not short-term noise.

"What is driving you?" - @BitStrategy21 Saylor answered, "No Brakes." Like in German AutoBahn, there is no speed limit. There is no BTC buying limit in the markets. We do not drive in the rightmost lane. We are accelerating in the leftmost lane, passing everyone.

Saylor is a Global Phenomenon. I foresee a world where people know Saylor more than Bitcoin. Edison > Tesla Musk > Eberhard & Tarpenning Jobs > Wozniak Saylor > Satoshi

$MSTR is a long term BTC NAV Accretion machine. That's why we are Strategy.

Saylor's article on the four types of Bitcoiners aims to unite Bitcoiners to advance the Bitcoin network further. Right now, an extremist group believes Strategy needs to be eliminated from the BTC network before Bitcoin can succeed. It's how communists and socialists think. They want to ban rich people or capitalists from producing valuable stuff for markets. It's a recipe for long term disaster to appease you short term. Being too dogmatic is as bad as being too reckless. You can be a Bitcoin fundamentalist while building ideas on Bitcoin that benefit billions.