In the last 5 weeks, the US Bitcoin ETF's on NET sold 79,284 Bitcoin. @Strategy sold 32 Bitcoin, and accumulated 26,387 in the same horizon. @Strategy was a net buyer of 26,355 Bitcoin, accumulating 33% of the net outflows from the Bitcoin ETF's.

RT @ColeMacro: Bitcoin is on sale.

“Should”… uh huh… Equities of Balance sheet Insurance companies trade at a composite price to book value of 1.4x They’re 200% leveraged on surplus, a multiples more leveraged on capacity deployed over surplus. The underwriting engines on average lose money (underwriting loss). Most returns are a function of float (investment gain) In the last decade the average investment gain of the sector is a paltry 6.5%. The market is paying a 40% premium for an entire sector that has made 6.5% on average for the last decade, and runs at a 200% leverage ratio. The market doesn’t care about “should” with anything. The composite Price to book value for the S&P 500 is 5.9% A capital vehicle with operations is not the same as a fund with zero operations. This is a February 2024 take.

RT @ColeMacro: No single metric tells a full financial picture. The key is understanding the differences and how to use them. Strive’s two…

Conviction

When you stop viewing Bitcoin as an investment and start viewing it as a necessity to maintain your individual sovereignty, all of the volatility and noise that surrounds it becomes meaningless.

There will be many, many, many more trillionaires where we are headed.

Still adding dots.

It is nonsensical for Bitcoiners to get mad at people using fiat to buy stocks if Bitcoin is money. If Bitcoin becomes the global unit of account, people will eventually buy equity with Bitcoin. Equity ownership does not vanish on a Bitcoin standard. Companies still exist. Claims on productive enterprise still exist. Capital allocation still exists. The only thing that changes is the denominator. Stop thinking in fiat morality. Start thinking in Bitcoin accounting. Use Bitcoin as your unit of account.

The New York Knicks have won the championship for the first time since 1973. The Knicks fans were patient enough to wait 53 years. Meanwhile, $MSTR and Bitcoin fans are getting impatient because we haven’t made an ATH in 8 months.

You are given the opportunity of a lifetime to buy an asset with a 38% power law CAGR, which is currently trading at 0.45x trend. You DO NOT opine on X that "I think its going lower". You DO NOT let Macro analysis of Luke Groman, who has been consistently wrong the last 3 years, dissuade you. My 10 satoshis.

Paranoia is believing the world is conspiring against you. Pronoia is believing the world is conspiring in your favor. One mindset creates victims. The other creates builders. Choose carefully. Your future will follow.

Why would it be any of my business what another capitalist in the free market achieves via his own efforts? I’m an adult sir.

Elon created $1 trillion of value. Congress created $39 trillion of debt. Elon’s wealth is not the problem…

If you want to ride the jet, you’ve got to be prepared to pull the Gs. $MSTR

1x mNAV bitcoin treasury companies are interesting because you get leveraged bitcoin exposure at low interest rates, long duration debt, and no short term liquidation risk. >1x mNAV bitcoin treasury companies are interesting because management can issue equity and arbitrage their premium into BTC Yield quickly. <1x mNAV bitcoin treasury companies are interesting because you get leveraged bitcoin exposure (trading at a discount) at low interest rates, long duration debt, and no short term liquidation risk. In short, public bitcoin treasury companies are extremely interesting in nearly all market conditions, if you are optimistic about the future of bitcoin.

Non Negotiables in my Daily Life: 🙏 Pray ❤️ Tell my wife and daughter I love them 💪 Train my body ☕ Drink espresso 🧠 Learn ₿ Stack sats Everything else is optional.

last night’s meal @Del_Friscos Inspired by @AAStack 🐐

Selling equity for cash increases share count. That alone doesn’t prove economic dilution. The question is whether the company sold new shares above or below the existing residual common equity value per share.