LuxWire
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Bitcoin treasury news, and how to get paid from it. Lux Wire for breaking news and the trade behind it. Subscribers get options education.
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The money that used to go to federal taxes during the year went into Bitcoin instead. When the bill came, the IRS offered a payment plan with no loan officer, no credit check and no questions about the money.
What that plan really costs, and where doing it every year breaks. Lux Wire One Shot, out Thursday.
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The first thing I read on a new Bitcoin treasury company is its debt calendar. A company buying Bitcoin with cash it earned can sit through any drawdown. A company buying with borrowed money has to know exactly when each note comes due and what it will do if Bitcoin is down that month.
So I look for three things before I take one seriously: maturities spread out over years, no margin loans that can force a sale, and a way to pay the interest that doesn't depend on Bitcoin going up. If any of those is missing, I assume one bad month could force the company to sell, and I stay on the sidelines until it fixes that.
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Silvia is parting ways with its CFO, COO and Chief Legal Officer at once.
All three leave by Oct 21 by mutual agreement, with $500K severance each. The new interim CFO and new COO both come from Professional Capital Management, a firm tied to Pompliano, and a cost-cutting program is expected to save more than $10M a year from lower compute and personnel costs, vendor renegotiation and cheaper executive hires.
Source: Silvia 8-K, Oct 20, 2026
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$14.6B in revenue. $4.4B in profit. And the Bitcoin pile appears untouched.
SpaceX carried $1.57B in digital assets at Sep 30. It held 18,712 BTC as of June 30, per its last 10-Q, and the filing shows no sign of buys or sales this year.
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EARNINGS: SpaceX ($SPCX) reports $14.6 billion in third-quarter revenue, up 161% year-over-year, driven by growth in its AI and Starlink businesses.
The company also reported $4.4 billion in net income, compared with a $1.1 billion loss a year earlier.
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Scorecard for today, October 20, 2026
Bitcoin rose just 0.7%, yet Super League jumped 13.5%, Strive gained 6% and Strategy added 4.9%, with only 10 of 29 names on the board closing lower.
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Bitcoin flat and the board split. Strive up 6% and Super League up 7% on Superplanet day while Gemini lost almost 10%.
This needs to be taught in every high school.
Six layers. One stack. Here's where every piece of money sits, from the power grid up to BTC ETFs and government reserves.
Starting today, expect targeted 10-delta option alerts for selling MSTR covered calls and cash-secured puts every trading day.
As always, subscribers are welcome to reach out with any specific questions or if you’d like to learn more about this or other options strategies.
If you’re going to own the shares anyway, you may as well get paid while you wait.
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Six layers. One stack. Here's where every piece of money sits, from the power grid up to BTC ETFs and government reserves.
Tokyo was never going to be big enough for Metaplanet.
Super League ($SLE) holders voted yes. At closing it becomes Superplanet ($SUPA): a Nasdaq company about 95.7% owned by Metaplanet, holding 2,100 BTC, with Metaplanet's shares locked up for 5 years.
Metaplanet's own words: "Access to U.S. capital markets." Superplanet is its door into America's, the deepest on Earth.
This is the moment Metaplanet stops being a Japan story.
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First $SLE (future: SUPA), then $MPJPY.
Strive $ASST is now the unofficial 2nd largest BTC Treasury Company in the world.
Strive just closed a preferred raise of about $630M. 7,000,000 shares of 15% SATS at $90. About $157.5M of it, 18 months of dividends, is already set aside to pay holders.
Strive just closed a preferred raise of about $630M. 7,000,000 shares of 15% SATS at $90. About $157.5M of it, 18 months of dividends, is already set aside to pay holders.
Bitcoin Fact #15#: The first published Bitcoin exchange rate came from a site called New Liberty Standard on October 5, 2009, which priced $1 at 1,309.03 Bitcoin. There was no market yet, so the site worked out the price from the cost of the electricity needed to mine a coin. #BitcoinFactOfTheDay#
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Bitcoin Fact #14#: Bitcoin resets its mining difficulty every 2,016 blocks, but an off-by-one quirk in Satoshi's original code only measures 2,015 of the gaps between those blocks. The quirk has never been fixed, so blocks actually aim for a hair over 10 minutes on average, about 10 minutes and 0.3 seconds. #BitcoinFactOfTheDay#
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Benter didn't beat the track by guessing winners. He priced every horse better than the crowd and only bet when the odds paid more than the risk.
Options work the same way. Set the max loss before entering, trade the probabilities, and let the edge play out over hundreds of trades instead of one.
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In 1986 a guy got kicked out of every casino in Vegas for counting cards. So he flew to Hong Kong with $180,000 and started betting on horses instead.
He walked away with almost $900 million.
It was Bill Benter.
He realized horse racing was just another counting problem same math, more moving parts.
He and a partner built a computer model that estimated the true odds of each horse. If his numbers showed an edge, he bet. If not, he skipped it.
That’s the whole trick:
Expected value.
EV = p · b − (1 − p)
Only bet when the probability of winning × the potential payout is greater than the chance of losing.
What’s even crazier is that Benter once gave a 45-minute lecture explaining the math behind his system.
That recording was never supposed to become public.
And almost nobody knows it exists.
This is the lecture that professional bettors and hedge fund analysts studied.
The answer is in this video.
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Bitcoin flat and the board split. Strive up 6% and Super League up 7% on Superplanet day while Gemini lost almost 10%.
Bitcoin Fact #14#: Bitcoin resets its mining difficulty every 2,016 blocks, but an off-by-one quirk in Satoshi's original code only measures 2,015 of the gaps between those blocks. The quirk has never been fixed, so blocks actually aim for a hair over 10 minutes on average, about 10 minutes and 0.3 seconds. #BitcoinFactOfTheDay#
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Time to roll.
Bitcoin Fact #6#: Bitcoin blocks don't have to be timestamped in order. A block only needs a time later than the median of the 11 blocks before it and no more than 2 hours ahead of the checking node's clock, so it can show an earlier time than the block it builds on. #BitcoinFactOfTheDay#
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Rolling covered calls every Friday is its own payday.
Glad I waited to roll my $MSTR CCs. Today’s gonna be a good day to roll @HermesLux
$207.7 million left BlackRock's IBIT on Wednesday, more than the $122 million it took in the day before. US spot bitcoin ETFs flipped from a $118.8 million inflow on Tuesday to a $484.9 million outflow, the biggest since June 25. One session erased the $321.6 million October had built over its first four trading days. Same fund, opposite sign, and the month's early bid is gone.
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