Meme Strategy price

Alt season is cancelled. This week at Bitcoin Prague I talked with @saylor and other billionaires, and I finally understand the MicroStrategy, Metaplanet, and SharpLink Gaming playbooks. They are borrowing dollars from tomorrow to buy Bitcoin today. Let me explain: Retail still thinks: "How much Bitcoin can I buy with the dollars I have?" Meaning, you view the chart like this: Institutions realized that the endgame is Bitcoin, but they hold dollars. They think: "How many dollars can I borrow to buy as much Bitcoin as possible?" They know the dollar is going to zero. Smart money views the chart like this: Rather than borrowing money directly, Bitcoin treasury companies issue shares, raising tax-free dollars that they can immediately sell for BTC. There are a few other strategies these companies are pursuing, such as Bitcoin Bonds and dollar-denominated yield accounts funded by Bitcoin appreciation. These appeal to institutions like pension funds and endowments which prefer low-risk, high-yield returns. Is this risky? Leverage multiplies your profits, and your losses. However, this strategy is more nuanced than margined leverage. First of all, the fixed-income products like $STRD, $STRF, and $STRK (all yield-bearing products of @Strategy) have varying levels of seniority. This means that in the event of bankruptcy, these preferred stocks and bonds are more likely to remain whole. What about the common equity, $MSTR? If traders sell Bitcoin, they will also sell Microstrategy. While both will drawdown, the assets should be correlated. In a bear market, Saylor can always sell BTC to defend the stock. The share structure allows conversion into Bitcoin, meaning in the worst-case scenario, $MSTR holders can acquire a corresponding amount of $BTC, accounting for the premium. The premium to net asset value, mNAV, measures the ratio of the corporate market cap to Bitcoin holdings. $MSTR's mNAV is around 1.9 today. This means that $1 of $MSTR owns roughly $0.53 of $BTC. Why would anyone buy Strategy over Bitcoin? The argument is that new buys of $MSTR will come in, resulting in real bitcoin yield for prior holders. This is slightly ponzinomic, but it is worth mentioning that while subsequent traders will get diluted, the hypothetical floor here is an mNAV of 1.0, not 0. More Treasury Companies! While Strategy sits at around 1.9 mNAV, Metaplanet, a Japanese Bitcoin Treasury company, trades at 6-10 mNAV. This is for two reasons: 1) For complicated structural reasons, they can cover their Bitcoin yield faster, thus trading at a higher multiple. 2) The Japanese tax system is set up so that crypto is taxed higher than stock gains. There are also non-Bitcoin treasury companies, like the legendary @ethereumJoseph's $SBET for Ethereum. There are many more like DFDV with Solana and hundreds more springing up across the world. Conclusion First of all, this is not financial advice but is merely my takeaway after Bitcoin Prague. I am still learning here, so if I made any inaccuracies please let me know. I went in skeptical about the longevity of these companies, but I now believe that some legitimate treasury companies will survive and thrive. However, with any gold rush, I am also confident that many will blow up spectacularly. I find this topic super fascinating largely because most of this is completely new to me, but also because very smart and very rich people are taking it seriously. The way I think about it is that this is not a rush to Bitcoin, but a rush away from dollars. I'm considering writing a full article on this topic, so if you're interested let me know! I'm also curious to hear what my followers think. Is this a scam or a 1,000 IQ play? On a personal note, last week VDEX became the first exchange to list $MSTR perps, so if you have a strong opinion on the rise of treasury companies, come take your pick at longing or shorting 🦈.

If you understand what a short and a long position are, this guy is actually the biggest short in the crypto space right now. Moreover, the average price is 70,000, and the holding performance is really poor.

#strategy @MicroStrategy acquires 245 Bitcoin at $105,856.

$MSTR bought another 245 $BTC at a cost of $26 million at a unit price of $105,856, and MSTR holds a total of 592,345 bitcoins at an average price of $70,681 so far.

.@saylor and corporations loading up their treasury with Bitcoin be like... old reliable... every monday, what a chad.