I HEAVILY disagree with @ColeMacro . Lets compare against some great entrepreneurs.
Buffett: “Our job is to increase per-share intrinsic value at a rate greater than the S&P 500.”
Bezos: “Our ultimate financial measure… is free cash flow per share.” Managing the stock price directly is “a silly approach.”
Saylor: “Our goal is to grow Bitcoin per share.”
Elon: “Shares only go up in value as a function of how much useful product those companies produce.”
Cole: “Our long term objective is exclusively tied to stock returns. Bitcoin per share is simply a short-term KPI.”
So the first four are optimizing the thing that creates value. Cole is optimizing the market’s pricing of that value. Those are not the same decision framework, especially when the two diverge.
Build a great business and the stock price will follow. $MSTR $STRC.
I still remain very bearish on $ASST.
Its premium has compressed from around 2.20x to 1.59x mNAV. While some may view this as cheap, I’ll continue to reiterate that a small market cap is NOT a business model.
With $SATA now trading $5 below par and $SATS dropping like it's hot, I doubt they will be making anymore significant $BTC purchases anytime soon.
At 1.6x mNAV and no clear way to acquire more $BTC, I still believe $ASST is overvalued.
Gotta love people on here always assuming the worst case scenario.
Have you ever thought it MIGHT actually just be for personal reasons?😂
$MSTR CFO just resigned. A sudden departure like that is almost always a huge red flag for any company. Think Enron, WorldCom, Lehman Brothers, etc
Disappointed nobody asked management on the rationale behind the $STRC buybacks at $99.
More importantly, will they continue buying at $99 if $STRC reaches par and subsequently dips below it again?
I think we need clarity on the thinking behind this strategy.
@CJ_Bitcoin @saylor @phongle
Saylor: "Digital credit issuers are NOT competing against each other."
$MSTR
Phong Le: "We think we can outperform what $MSTR did in the last bull market."
Andrew Kang will step down as Executive Vice President and Chief Financial Officer effective November 5, 2026.
$MSTR
Documenting Strategy retweeted
Strategy announces Q3 2026 results:
- $21 billion operating income, our largest quarter ever
- $21 billion capital raised YTD
- Returned $STRC to health
- 848,517 $BTC held, up 26% YTD
strategy.com/press/strategy-…
It’s becoming increasingly obvious that @GrainofSaltSF wants $MSTR to moon by Friday so he can dump his bags, buy a beachfront villa in Tahiti, and spend the rest of his days sipping cocktails out of a coconut.
He does not care about BPS at all which is ironic because that's how $MSTR has outperformed $BTC over the past 6 years.
If your expectation is that every weekly decision should optimize MSTR's price this week, rather than strengthen the long-term capital structure, you're probably going to find this strategy frustrating. That's simply not how management appears to be thinking.
Bitcoin per share is the long term core KPI as stated by management many times.
This type of thinking will destroy long-term investors and management should ignore it.
We all want share price to be as high as possible, that's a given, but let's be sensible.
Management can create the value, but they cannot force the market to recognise it at all times.
If SpaceX PE went from 100 to 50 but Elon put 10x more rockets into space, is that bad performance? Of course not.
The price you pay for a stock is not necessarily the value you get.
For some, it appears a temporary blow off top and anything to engineer that result is given favour over sustainable, long-term strategies that will drive share price much higher in the long run.
A rising 1x net mNAV floor is a far better indicator of performance than a 5x mNAV pico top share price achieved at any particular moment. It looks great sure, and some people will make tons of profit, but it's not the priority of both the company and long-term investors.
It's also unfair to management.
At the end of the day, increasing net BPS should lead to the rest taking care of itself. Market premiums and sentiment will fluctuate along the way.
In 10 years $MSTR will be trading at $28,000 per share yet the average BOZO on here is waiting to buy below $100?
Pathetic.
This is why only the chads will make it.
I ran the numbers on @RobinSeyr's 10-year Strategy forecast.
BTC price = $5,000,000
Strategy BTC reserve = 2.1M BTC
USD Reserve = $120B
STRC float = $750B
Assumed mNAV = 1.3x
MSTR price: $28,701.35 per share
There is no justifiable reason to buy $SATA over $STRC.
Therefore, there is no justifiable reason to buy $ASST over $MSTR.
It's simple math.
Robin took a a lot of smoke for selling his $ASST but his thesis is playing out in real time.
Strive had their fun but it's time for grand daddy Strategy to remind everyone who is boss.
STRC 10 cents away from Par!
SATA crashed under $98.
On Oct 8th STRC flipped SATA for the first time in 5 months.
Since then STRC traded consistently higher than SATA. Already 15 Trading Days.
And that even though SATA has to pay the higher Dividend & the daily dividend of STRC isn’t even in effect yet.
Why is that?
-> 848K BTC on Strategy's balance sheet
-> Higher BTC rating
-> Longer USD duration
-> An S&P credit rating
-> Way more liquidity & volume
And I see some risks for Strive:
-> Over 60% amplification through prefs
-> A $2.55B common ATM. That's 77% of a $3.3B company
-> SATA off par pushes their cost of capital toward 20%
-> Then they have to hit the ATM.
-> Wall Street Short Sellers Know that!
Total returns come from amplification. Amplification only works if your credit trades at par. If the credit breaks, the whole company breaks.
That’s why I’m MSTR only.
Risk adjusted the better return.
$STRC close to $100 while $SATA is taking a tumble.
Probably a rotation happening here.
I wonder if @ColeMacro will raise the yield to try bring that capital back into $SATA.
Saylor "diluted" $MSTR for the entire of the last bull run and the stock went up 4,000%
More shares outstanding does not automatically mean less value per share.
Only fiat minded people that are leveraged up to their eyeballs will complain about common ATM.
TO ME - it looks like Strive (ASST) is hitting the common stock ATM right now in the market - also the share float increased on the latest 8K too & I don’t have MIT but Chat GPT says it’s not from the warrants - will the ATM be to buy Bitcoin and hit #2 position real quick (I’ll allow the quick ego print there) or buy back SATA to bring it back to par?
@ColeMacro @PunterJeff @Werkman
You may not hit it as “hard” as MSTR did - but as @fundstrat is proving - every ATM hit is a clip off the wing of the Common Stock Holder into a bull run.
As we’re all aware now - I don’t care about the size of your Bitcoin stack boys -
How are you gonna pump my bags?
FYI - STRC $99.75 👀
