Tether is the only payments company with a sensible crypto gameplan. While everyone else is making their own corporate blockchain, Tether is placing $USDT on Bitcoin L2s like Lightning (via Taproot Assets) and RGB. Before you get confused, this isn't a Bitcoin Maxi rant. It's

Corporations were never meant to be asset accumulation vehicles. This is why bitcoin treasury companies are so confusing. Corporations offer liability protection and risk pooling. This was their original purpose. It's why corporate finance is so obsessed with returning cash to

The @Strategy universe is full of uncorrelated alpha for those who know where to look. $STRD and $STRF can be pair traded against each other as opportunities arise. Synthetic STRK vs real STRK is another long-short trade. You also have $STRK covered calls boosted with $MSTR risk

By 2032 we'll have bitcoin-backed yield curves for different fiat currencies via variable-rate perpetual preferred equity like $STRC. Metaplanet will lock down the yen BBYC. Strategy has the dollar BBYC. Either could target a euro BBYC if none of the European companies become a

Bitcoin is finally trading like hard money (again). Normally bitcoin moves like high beta equities. Since Labor Day, $IBIT has been moving with $GLD and $SLV, and moving against $SPY and $QQQ.

Raging debate going on about filters and Core vs Knots. For Bitcoiners and especially investors, this is starting to become something of material importance. My findings and thoughts🧵 Background: Mempool filters are used to ensure certain txs don't get into the mempool.

The bottom line is that @Strategy is the most successful DeFi protocol ever created. $MSTR market cap would be #7 on @CoinMarketCap, just below @solana. Everything above it besides $USDT are L1 gas tokens: $BNB, $XRP, $ETH, $BTC. However, Strategy is not an L1. $MSTR is not a

The effective yield on $STRD is 12.6%. A Bitcoin backed loan on @Strike is 13%. Just so we're keeping score: Which is more attractive to the lender/ investor? $STRD is 4.7x overcollateralized, representing a 21% LTV. A Strike loan is a 50% LTV. > STRD wins on better

If you're yield farming stablecoin pools on various lending/ DEX protocols like @aave @ethena_labs @MorphoLabs @KaminoFinance ... you're earning 5-15% APY and probably doing much DD and rotating. You should check out $STRC from @Strategy . Simply open an @IBKR account, type in

A simple explanation for a premium to NAV is that you cannot buy 3% of the supply without moving the price up by n%. The floor mNAV is therefore 1 + n/100 where n = market depth of offers totaling 3% of supply This is also why mNAV should grow with stack size, after a certain

The largest force in macro is "nothing stops this train". The dollar's relevance as an objective measure of value is diminishing. Gold will begin to fill that role again. Bitcoin still trades like equities, not as hard money. Too many people remain skeptical of bitcoin, for now.

The recent rallies in $IREN and $WULF have forced me into self reflection. My investments are almost entirely $MSTR with some minor exposure to $HUT. I dislike the idea of investing in companies that don't hold bitcoin, so I never bought IREN or WULF, even though I did think they

$STRK should not be thought of as a convertible bond at all. It's not even a series of convertible bonds that roll over perpetually. It certainly isn't a convertible bond with stretched out premium and maturity. STRK is simply 0.1 MSTR and an $8 dividend. Better yet, think of

This would actually be a bad idea. If your equity outperforms bitcoin, then you should obviously buy back your equity. $AAPL $MSFT and others should buy bitcoin, but NVDA is correct to buy their own stock. Remember, bitcoin is the hurdle rate. NVDA by and large stands alone in

Heads up to anyone making their own $STRF (crown jewel, most senior investment grade fixed income) If you structure it as a perpetual bond instead of a perpetual preferred stock, the "dividends" are now interest. Interest is tax deductible, dividend is not. Get 21% off on your

Metaplanet really doesn't get enough credit - Japan's financial repression is deeper -> lower cost of capital and higher yield hunger - 3350 is the best bitcoin exposure in Japan thanks to dumb laws - International offerings dramatically expands its TAM - They're good traders

No one talks about running STRK covered calls. $STRK is 1/10 $MSTR shares. Thus 1000 STRK shares represents 100 MSTR shares and is full collateral for a single MSTR covered call. (Note: your broker likely won’t see it that way so the short MSTR call will be margined as though

A highly insightful video by @mattkratter

Trump fires a Fed governor as Fed quiet pivots from the inflation part of its dual mandate. Yes, this is the fiat system unravelling. Yes, your banks are safe. Yes, you can keep ignoring bitcoin. No, I did not catch the game last night.

Investor Translation: The TAM for Lightning-sourced Bitcoin Yield scales quadratically with the number of sources of Bitcoin Yield. You’re not bullish enough on Lightning.