Just finished looking through $ASST's Q3 filings. One thing I want to highlight is that the cash on the balance sheet, including the dividend reserve, isn't dead money. ~$490M of cash plus $50M of STRC should earn around $25M a year, covering a third of the company's running cost. The cash needs to be there anyway and it will keep growing. That means the interest from it will too. It'll be nice to reach the point where interest alone covers the company's entire operating cost. Just something I've been watching.

Over the next 10 years, your company is likely to be destroyed by Elon or one of the other AI giants. You can't compete in the long run. One day you'll wake up to an announcement that wipes out your business overnight. Store that value now. Just buy the Bitcoin bro.

Absolute bloodbath in the markets today. I thought Bitcoin going to $75k was bad but then I checked some of the AI stocks. $CIFR is down 14% today and 64% over the last month. Incredible.

I've watched $MSTR overcome every FUD narrative since it started buying Bitcoin 6 years ago. The latest was that STRC would never recover to par. It destroyed that one yesterday. Next up is the MSCI exclusion. Guess what? It will survive that too. There's a pattern here.

This is extremely unsettling. If you talk about stocks on X, please be careful about the parasocial relationships that can form. I once took a 0.26% stake in a Canadian Bitcoin company. I later sold it, after finding the company inadequate in more ways than one. I don't get every call right, but I stay nimble enough to pivot when the thesis changes. Screenshots of me being bullish on a company I'm no longer bullish on aren't the gotcha you think they are. I don't delete my posts, even if a prediction is wrong. As grown men, we should take personal responsibility and not blame others for our investment decisions. One shareholder of that Canadian company has been deeply fixated on me ever since. Grok Bot presented me with some troubling data... Be careful out there.

Pretty big deal for $ASST. SATA closed at $98 and all it took was for Bitcoin to cross $80,000. Better Bitcoin price = better credit = path back to par gets easier. Everything gets better in a Bitcoin bull market.

Metaplanet cancelled 131 million shares worth over $200 million from its management compensation pool. That followed the public pressure campaign Ragnar and I started. How are we repaid? Constant libel and lies. I'd do it again, every single time.

Trust the process. My post about $SATA went over a few heads. That's okay. It's now back above $97, without a penny spent on buybacks. The point is, the $ASST team can simply do nothing and wait for it to return to par. If that doesn't work, they have other options that don't involve buybacks. Bullish.

I am not worried at all about $SATA. It's spent almost a month below par but it's comfortably holding above $95. Before anyone brings up my posts on $STRC, it's important to understand the nuance here. Strive hasn't spent a single cent on buybacks. It has just launched another preferred, $SATS, which inevitably pulled some capital out of $SATA. Bitcoin's price action has also contributed to the move away from par. I don't think they should consider buybacks at this stage. Instead, they could do nothing and wait for Bitcoin to stabilise or move higher. Failing that they could raise the yield. It's a variable rate after all. $SATA has $1.4B of notional outstanding, so each 0.25% increase in the rate only costs $3.5M a year. I'd happily see it go to 13.25% or 13.5% to stimulate demand. Even 13.5% would only cost $7M a year in extra dividends. People worry about how hard it would be to bring the rate back down but that fear is overblown. It's a variable rate and holders should expect it to move. If a cut ever comes, it will be because demand for the product is very strong. Anyone who wants a fixed rate can buy $SATS.

@BritishHodl It appears you have misunderstood the model this entire time. It only makes sense to buy back shares below 1x mNAV. Please detail how it is possible to artificially engineer a mNAV above 1x by reducing the share float in a sustainable way. All ears.

@BritishHodl It appears you have misunderstood the model this entire time. It only makes sense to buy back shares below 1x mNAV. Please detail how it is possible to artificially engineer a mNAV above 1x by reducing the share float in a sustainable way. All ears.

Anyone who thinks $MSTR or $ASST should buy back their own shares above 1x mNAV doesn't understand the model. Buying back equity at a premium reduces net Bitcoin per share. It's also a terrible use of capital. At 1.5x mNAV, $1 spent on Bitcoin gets you $1 of Bitcoin. $1 spent buying back stock retires only $0.67 of Bitcoin-backed value. Why would you ever choose the second? "But the company thinks it should trade at 3x mNAV, so buying at 1.5x is accretive". No, it isn't. You can't force the market to give you a premium. mNAV is set by sentiment, which is driven above all by the performance of the underlying, Bitcoin. You can't compare Strategy and Strive to other companies. They have no meaningful cash flow. Selling Bitcoin to buy back shares trading at a premium is a non-starter. Funding buybacks with preferreds adds leverage and permanent dividends, while still lowering net Bitcoin per share and weakening the credit. Only below 1x mNAV does a buyback make sense because it adds net Bitcoin per share. Notice how people asking Strategy and Strive to engineer share scarcity above 1x mNAV never have a credible answer for how to actually do it. There is no sustainable way to artificially keep the share price above 1.5x mNAV, or at any premium. That's up to the market.

Why is $ASST trading down? Because Bitcoin is trading down. It's not that complicated. Amplified Bitcoin works both ways, on the way down as well as the way up. Volatility around the midterms is to be expected. It will mean nothing in the long run. Ignore the noise.

Looks like we might have $STRC back at par this week. The important thing is whether there is organic demand at $100. If there is, we are back in business. I'd expect $MSTR's price action to reflect it.