My wife would have no idea how to access our BTC if something happened to me. This inheritance problem alone challenges the self-custody purist position. Here's a different approach to custody that accounts for human and systemic risks that everyone should at least consider:.

Look at me, I'm Saylor's portrait maker now.

The last bitcoin mining difficulty adjustment was a massive -7.48%. But just how massive was it?. It was in the top 10 biggest downward adjustments of the last 10 years (see the chart below for the others 👇🏼)

What's the difference between the 20th and the 50th company printing shares to buy bitcoin?. It's all pure financial engineering that can be replicated across multiple companies with no competitive advantage or moat.

RT @TomasGreif: MSTY is a fund that markets a 89% yield by selling options on MSTR stock. You will never find a clearer example of financi….

If you enjoyed this thread:. 1. Follow me @TomasGreif - I'm the Chief of Product and Strategy at @BraiinsMining, for more tweets about bitcoin and mining. 2. Retweet this thread so others can learn about how MSTY works.

If you want exposure to strategy, buy MSTR. If you want bitcoin, buy BTC. If you want 5% safe yield, buy T-bills. If you want to pay fees and (more) taxes for the pleasure of having your capital returned to you while thinking you're earning passive income, buy MSTY.

On the face of it, MSTY offers what sounds like a sophisticated strategy. This attracts the financially illiterate who don't know any better but to believe that 90%+ annual passive income returns are real. It's always those types of people who get fleeced.

So who buys this?. 1. People chasing yield.2. People chasing "passive income".3. People who don’t realize their own capital is being slowly handed back to them as a distribution. This product exists because people want to believe they can earn passive income.

Meanwhile, the fund charges you a 0.99% annual management fee for the pleasure. And that's just the explicit cost. The opportunity cost is bigger: You give up MSTR’s upside but keep full downside. They've built a product with uncapped downside, capped upside, and crappy yield.

And don't get me started on the tax implications of holding MSTY. Because every dividend is a taxable event. Even if it’s just your money being handed back. Compare that to holding MSTR where you only pay tax on any capital gains when you sell.

Worse still, MSTY has started underperforming even Bitcoin in 2025. Despite being a leveraged MSTR proxy. Why?. Because volatility is down, premiums are weaker, and NAV decay is accelerating as the fund keeps handing out “income.”.

Here's how MSTY is performing vs MSTR:. When MSTR pumped 500% in Q4 2024, MSTY captured only a fraction of the gains. Any investor interested in MSTR would be better off owning the shares outright.

And lately the MSTY strategy is breaking down because MSTR's volatility has collapsed since the beginning of the year. That means option premiums have dried up, and MSTY has to rely even more on returning capital to keep up appearances.

As an example, one recent payout was:. - 97.4% return of capital.- 2.6% actual yield. Total actual yield since inception has been $16.56, so investors who bought at inception, or got a decent entry price after, have done well.

MSTY’s “dividends” are skewing how the average investor perceives the fund's yield. Since inception, ~55% of all distributions have been returns of capital rather than yield produced by the fund's options strategy.

MSTY uses a three-pronged synthetic strategy to generate income:. - Synthetic long exposure (long call + short put).- Short-dated call selling (0–15% out-of-the-money, 1-month or shorter expirations).- Holds US treasuries. But here’s what's hidden in the small print. .

MSTY is a fund that markets a 89% yield by selling options on MSTR stock. You will never find a clearer example of financial engineering fooling people. This thread is going to piss a lot of people off (but it's true). 🧵👇.

Will MicroStrategy be included in the S&P500 during the next eligibility window?. Who's got the best case for/against?.

How to retire with bitcoin in months (not decades) guaranteed!. This is a new and improved version of Saylor's "take a $1m loan" advice at BTC Prague.

Operational excellence throughout the year is what separates wannabe mining tourists from professional companies.