So last week a OG bitcoin whale sold 80,000 BTC, Strategy bought 0 BTC, and bitcoin is still at $117,500? Incredible demand for bitcoin here.

Bitcoin unlocking the ~$300T+ fixed income market is not priced in.

Wall Street needs bitcoin. Bitcoin doesn’t need Wall Street. Those who hold the coins inherit the world.

Wall Street needs bitcoin. Bitcoin doesn’t need Wall Street. Those who hold the coins inherent the world.

If it’s never too late to buy bitcoin, then it’s also never too late to issue long duration fixed income liabilities and buy bitcoin. We need thousands of bitcoin treasury companies. And they all can win because they’re powered by bitcoin itself.

The smartest people I know are using intelligent leverage for bitcoin accumulation to execute a speculative attack on the dollar at scale.

Wall Street is going to create an astronomical amount of value from borrowing dollars to buy bitcoin. That’s why they’re going to do it.

At a wedding. $1M bitcoin is still cheap.

$BTC is now the biggest fee generator for Wall Street. The incentives have shifted.

$MSTR | $STRK | $STRF | $STRD | $STRC - I want to speak on mNAV quickly and the constant chatter around it. Case in point "@Strategy needs to stop the ATM to let the mNAV run". Here's a piece of the mNAV puzzle and why that approach | claim just doesn't make sense. Despite the fact that mNAV is sentiment and thus not a lever you can control, or an "effect" you can create "cause" for, this is a simplified example that shows how the entire @Strategy model is a reflexive cycle: High Sentiment → High mNAV → ATM Execution → More BTC Acquired → Proof of Strategy → Reinforced High Sentiment Sentiment is first cause IMO no matter what anyone says. So the suggestion to "lay off the ATM" would actually break this reflexive cycle and thus risks the creation of a recursive cycle instead: Stop ATM → Market Questions Strategy → Sentiment Fades → mNAV Erodes → Company Loses Ability to Accrete Value → Proves Premium was Unjustified → Further mNAV Erosion In conclusion, @Strategy pausing its ATM for months is not a recipe for a higher mNAV; it is a recipe | signal of strategic failure. That is mistaking the engine of the strategy for a brake and would risk destroying the very market confidence that created the premium in the first place. ATM Equity Offerings aren't suppressing mNAV they are essentially a result | function of mNAV.