53 Photos and videos
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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Timestamps:
00:00 - Strategy’s 845,000 BTC position: ~4% of all bitcoin that will ever exist
01:06 - Strategy as the largest identified bitcoin holder in the world
01:41 - What Digital Credit is and why perpetual preferred capital works for long-duration bitcoin investment
03:17 - Why investors buy Digital Credit: 11.5% tax-deferred cash-pay yield, paid twice monthly, and 4–5x overcollateralization
03:54 - Why Digital Credit helps bring bitcoin exposure to investors not ready for self-custody, IBIT, or $MSTR
04:50 - The 32 BTC sale: inoculating the market, testing processes, and enabling future tax-loss harvesting
06:43 - Dividend coverage: $1.7B per year vs. ~$2.7B of daily equity trading volume
07:51 - Cash reserves: moving from $2.25B to north of $700M after buying back $1.5B of converts
08:40 - The part critics missed: Strategy sold ~$2.5M of bitcoin, then bought ~$100M of bitcoin
09:16 - Bitcoin per share: 77% in 2024, 23% last year, and 12% year-to-date
10:53 - STRC below par: preferred equity, not debt or a money market fund
11:34 - STRC total return: bitcoin down ~50%, while STRC is up ~4% including dividends
13:06 - The forced-seller scenario: ~$3.5B of 2028 converts with a strike above $400
14:18 - The big picture: six years of Strategy as amplified bitcoin, outperforming bitcoin and nearly every Mag 7 company except Nvidia
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Phong Le retweeted
I have @phongle joining me at 12 PM EST on The Daily Wolf on @YahooFinance for a candid conversation about the Strategy capital stack, risk of forced selling and to unpack the good and bad takes we are seeing across Wall Street and social media.
Set your alarm.
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It’s encouraging to see Bitcoiners engage in a fact- and model-based discussion on the merits of a public company built on the reflexivity of Digital Capital, Equity, and Credit. @Strategy has spent six years refining this model on a revolutionary asset class entering adulthood.
Jun 11
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Phong Le retweeted
Apparently the bear case for bitcoin is that someone bought too much of it.
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The Knicks are trying their best to be like Bitcoin.
Jun 11
Knicks' historic 29-point comeback in full 🔥
One of the greatest games in NBA history.
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Phong Le retweeted
Financial freedom is an American value. Digital assets are its newest expression. We should be the ones protecting it.
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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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Bitcoin is for everyone.
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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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This upgrade is designed to stabilize price, dampen cyclicality, drive liquidity, and grow demand for $STRC.
$STRC and $MSTR shareholders have approved the amendment to move $STRC dividends from monthly to semi-monthly. Under the new cadence, the first record date is June 30 and the first payment date is July 15. Thank you to every shareholder who voted.
strategy.com/press/strategy-…
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Our corporate @Strategy is to increase net Bitcoin and Bitcoin per share over time. Rumors otherwise are just rumors.
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Buying Bitcoin is easier than selling.
Jun 5
Bitcoin sellers are exhausted.
Tired of selling bitcoins.
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Phong Le retweeted
Jun 5
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While markets focus on short-term portfolio adjustments, leaders in the U.S. government are laying the foundation for long-term leadership in Bitcoin and digital assets.
Jun 4
NEW: Sen. Sullivan and Sen. Lummis lead letter to the Fed, FDIC and OCC, calling for revaluation of Basel’s risk weighting for Bitcoin and digital assets.
“A 1,250% risk weight bypasses those calibrated frameworks entirely, applying a blunt penalty …to a transparent, globally traded asset with deep derivatives markets, continuous liquidity, and cryptographic auditability.”
This is a strong signal from Washington that legislators are looking closely at this issue as work on market structure continues. The letter has 6 signatories and 3 are on the Banking Committee.
It’s also great to see BPI’s brief on this topic cited in the third footnote! 😉
We’ll keep you posted on further updates.
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Phong Le retweeted
Jun 4
Capital markets are funding the AI buildout at historic scale: ~$400B over 6 months. Bitcoin ETFs have seen ~$4B of outflows since May 14, pressuring $BTC. This is a capital rotation, not a Bitcoin impairment. Volatility creates opportunity.
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