Wouldn't there have to be buy-able assets issued by MSTR to gauge what the premium would be (higher or lower)?

GM Lyn😃 and couldn’t agree more regarding the MSTR premium

GM Lyn

Always insightful.

MSTR is a stable coin?

Same with issuing fiat currency to buy bitcoin? Recursive. So long there is a difference, keep issuing fiat to buy?

Yup and that premium only exists if more people buy.

GM ☕🫂 PV 🤙

Focusing on NAV is wrong headed IMO. MSTR generates revenue from the volatility of their bitcoin holdings by offering financial products to investors. EPD generates revenue moving material through their pipelines. Walmart generates revenue by selling goods for more than they purchase them for. Not sure why everyone chooses to ignore MSTR’s revenue but not other companies’. 🤷‍♀️

GM Lyn

gm

GM Lyn!

GM 😎

Yes, the key is that “It has an input back to itself”

Unless, this time is different(the most famous last words in investing), what is an 80%+ drawdown going to do to all this debt pyramiding ? Pass the popcorn.

I haven’t tried to understand much of it. Waiting for the post-collapse doc

And when the issuance slows down they are able to issue the converts to increase the premium over NAV again.

It’s wild.

GM

Interesting and good morning

Which is likely part of any longer cycle. If price appreciation makes their realizable BTC yield lower over time, you probably also get to an equilibrium level which might be closer to 1.2-1.5

Until $1M or higher BTC I think 2-4x premium becomes the range that trades with overall market sentiment

I’ll be honest, I don’t understand a word, but good morning 🥰

Gm

Need a picture, or better yet a meme

The shareholders themselves benefit from dilution. It's beautiful

Yes.

I think MSTR is making a lot of people very nervous because of how much BTC Saylor is sucking up, even if in the end he destroys the keys for some or most of it. It can keep growing like a black hole, economic singularity swallowing everything. Recursive, self reinforcing, positive feedback loop, virtuous cycle, fiat speculative attack or infinite money glitch in the matrix, whatever you want to call it, interesting to see where it goes or if it turns out to be a giant nothing burger. Too big to fail, could drive BTC to infinity in fiat terms or really tank the price.

To understand recursion, you must first understand recursion.

Exactly 👍

GM Lyn! ☕ ☀️ 🫂

In addition to your core bitcoin position.

MSTR is the L2

Pamp it.

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The MSTR premium looks like the early days of greyscale.

Yes the responsible thing to do is issue more paper into the premium. When the premium turns to a discount the responsible thing to do is sell his Bitcoin and buy MSTR. We are not going to like it if it comes to that .

I’m just gonna stay away from MSTR and do the stay humble stack stats thing.