Jeff Walton @PuterJeff

Quant Bros Episode 7.5 ⚡️ "THE $MSTR thesis & new era of Bitcoin as collateral" - Valuing & comparing top 20 equities - $MSTR Valuation thesis & framework - Bitcoin as collateral & Programmable money - Index Inclusion impact on MCap - Where we're going & future outlook Timestamps: 0:00 Intro 1:20 @PunterJeff background 03:03 Top 20 Equities valuation comparison 19:45 $MSTR valuation framework 23:30 NEW $MSTR valuation summary table & relativity rationalization 29:50 Bitcoin as collateral & programmable money 34:00 $QQQ Dollar flow impact on MCap 38:45 Where we are, and where we're going 40:35 $MSTR Market Cap tracking over time 43:20 Future Bitcoin Outlook & Conclusion

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Michael Saylor @saylor

2 years ago

Last week, @Strategy did not sell any shares of class A common stock under its at-the-market equity offering program, and did not purchase any bitcoin. As of 2/17/2025, we hodl 478,740 $BTC acquired for ~$31.1 billion at ~$65,033 per bitcoin. $MSTR strategy.com/press/strategy…

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MSTR Mondays #13 Ben Werkman & Jeff Walton by Anders. Metaplanet killing it. BTC as unit of account? x.com/i/broadcasts/1…

Tune in for a little $MSTR Monday brain blast 5pm pst

Anders_ ✝️🇩🇰🇧🇷🥩🥩🍸 @Anders_

2 years ago

In just 50 minutes at 5 pm PST 🔥MSTR MONDAYS #13🔥 I will be joined by the world class $MSTR masterminds @PunterJeff and @werkman. LOTS to talk about including the 🔥🔥🔥performance by Metaplanet with @dylanleclair pulling the strings. Live here on my X account and YouTube:

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Probably nothing…

Ben Werkman @Werkman

2 years ago

There is a very strong group of shareholders who added more than 1 Million shares to their $MSTR holdings in Q4 2024. - UBS Group AG - Cantor Fitzgerald L.P. - Clear Street Derivatives LLC - Bank of Montreal - Norges Bank - National Bank of Canada - BlackRock, Inc.

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Uhhhh wut?

Elon Musk @elonmusk

2 years ago

Looking for the gold at Fort Knox …

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If only there was a scarce digital asset, that was audited every second by decentralized computers across the planet

Jeff Walton @PunterJeff

3 years ago

@bitwise @Excellion This is now the absolute most transparent investment product in the US. I wish we could have a live view into the gold ETF vaults at all times @PeterSchiff . Do gold ETF’s plan on this level of transparency any time soon? How do we know the Gold asset managers are honest?

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Low time preference wins again Buy Bitcoin and HODL

Now I attempt to tie things together: On Friday, as I sold $300 calls, the stock was trading $337-ish and yet I received $50 in premium. One would think these short-dated calls, so far in the money, would trade close to intrinsic value ($38) but I sold them for more than $50. That extra $13 is the fee I received and the fee the buyer paid for getting exposure to 5,000 of my shares for one month without having to put up the money to buy the stock outright, which would have cost an extra $1.5mm (5,000 shares times $300). One of the advantages of owning shares is that I can select to "rent" them out for fees in various forms. One who seeks to compare $MSTR to #Bitcoin should account for this added value. @hillery_dan @Z06Z07 @werkman @PunterJeff @nithusezni

Josh Man @JoshMandell6

2 years ago

When one buys deep In-The-Money call options in lieu of purchasing the stock outright, the odds of NOT exercising may be so minimal that one does not expect to pay anything above intrinsic, but they will. Think of it as the cost of borrowing the money it would cost to exercise.

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No green dots, CB’s this week? 🤷‍♂️

I'm not exactly sure what filing this is, and if it directly expresses the entirety of the portfolio's holdings, but if true, we are right where we want to be.

₿TC MAX🟧⚡️🇿🇦 @Reggie_on6

2 years ago

🚨🇺🇸BREAKING: Cantor Fitzgerald financial firm ran buy Howard Lutnick has purchased over $1 Billion worth of $MSTR shares in Q4 Howard Lutnick is also involved in the new executive order signed buy Trump to creat a sovereign wealth fund. What does he know?

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No surprises here! Queue the line for more! Preferred fund managers, and HODL’ers praying to the Bitcoin Gods for more $STRK rain on their dry desert

Michael Saylor @saylor

2 years ago

In the initial two weeks of trading, $STRK is the best performing and most liquid perpetual preferred security.

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What is the company that holds 478,740 of those 21 million life rafts worth? (2.2%) More than the market cap of Sherwin Williams Paint ( $SHW) that’s for damn sure $MSTR #Bitcoin @dotkrueger

New $MSTR perspectives: 1. Historical $MSTR Leverage Ratios vs. Price 2. 30 & 60 Day Avg Gross and Net Leverage ratios $MSTR price = Green $MSTR straight leverage ratio = Blue $MSTR net leverage ratio = Red (All debt - convertible debt currently trading above conversion price) Takeaways: 1. $MSTR is more deleveraged today than ever before, in a stronger financial position than ever before 2. Despite $MSTR's largest single Convertible debt issuance in November of 2024 ($3B @ 0% with $672 conversion price), the leverage ratios are lower than ever (Thanks to strategic use of ATM adding permanent BTC to balance sheet) 3. While MANY were calling for $MSTR bankruptcy in November of 2022 (due to "over-leverage") the balance sheet was under 100% leverage ratio, and the debt was over-collateralized by the assets (not under water) 4. The reduced leverage has likely resulted in lower volatility (and mNAV) in the near term, as without leverage, the equity is more similar to an ETF. 5. Less leverage = less risk = less potential excess return over BTC More leverage = more risk = more potential excess return over BTC Considering most BTC holders operate under the assumption of "It's going up forever, Laura", the additional "risk" of long duration debt is very palatable, assuming debt duration ("debt ladder") and leverage ratios are managed prudently. (Which @saylor and $MSTR are doing incredibly well) Next steps are comparing against other variables: Working with @LizardWizardBTC to fold this into the $MSTR tracker to compare against mNAV, PE, Sats/Share, etc. The coiled spring looks VERY compressed. Keep an eye out for large Late Feb / March convertible debt / straight debt issuances 🟩👆

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Bitcoin is everything breaks insurance $MSTR is the Credit Default insurance on the demise of 20th-century assets too slow to adapt to the new paradigm (Mag7, SPY, Non BTC equities, CRE, RE, Bonds, Currency, etc) Both seem pretty cheap if you ask me $MSTR #Bitcoin 🟩👆

Michael Saylor @saylor

2 years ago

$MSTR is a credit default swap on $100+ trillion in 20th-century assets.

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$MSTR now ranked 117th largest US company by market cap ($87.2B) Paint has re-entered the chat $MSTR Climbed past 3 companies today, and crawled past 1 this week Day 242 in a row of qualifying for S&P 500 market cap threshold 11th largest publicly traded equity by volume Cheers to the weekend y’all 🍻 🟩👆🏼

Jeff Walton @PunterJeff

2 years ago

$MSTR now ranked 120th largest US company by market cap ($83.89B) Stumbled 2 companies today. Just ahead of locked up shampoo convenience stores. Day 241 in a row of qualifying for S&P 500 market cap threshold 17th largest publicly traded equity by volume (lowest ranking since

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“Traditional financial service companies, they WANT to transact in Bitcoin…”

enigma @xnigmvtic

2 years ago

"...it's a slow steady process, but eventually there's gonna be a CFTC chair who says 'you know what? Bitcoin is a financial asset and we're gonna treat it as such'..." - United States Secretary of Commerce Nominee Howard Lutnick on Bitcoin and tradfi Originally uploaded

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The world of Bitcoin backed LOC’s is about to explode

$MSTR now ranked 120th largest US company by market cap ($83.89B) Stumbled 2 companies today. Just ahead of locked up shampoo convenience stores. Day 241 in a row of qualifying for S&P 500 market cap threshold 17th largest publicly traded equity by volume (lowest ranking since October 30th, 2024)

Jeff Walton @PunterJeff

2 years ago

$MSTR now ranked 118th largest US company by market cap ($84.38B) Climbed 3 companies today. Edging out overpriced food Ubers Day 240 in a row of qualifying for S&P 500 market cap threshold 10th largest publicly traded equity by volume today

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