Strategy is attracting some of the world's largest fund managers because they want Bitcoin exposure. Their buying supports the bullish case for MSTR as a listed vehicle for institutional Bitcoin demand. x.com 

Strategy is early below 1.5x its bitcoin net asset value, and the crowded short-Strategy, long-bitcoin trade is about to blow up, setting off short covering. Upcoming catalysts include STRC trading back at par, an Iran resolution with no rate hikes, and a momentum rotation into crypto after its underperformance relative to overpriced and crowded AI and software stocks. x.com 

Strategy's latest share sale sets up another bitcoin bid but keeps diluting MSTR holders until buying restarts. It sold 18.26M MSTR shares for about $2B: $136M to buy back STRC, $300M to the dividend reserve and $1.59B to a flexible cash pool that can buy bitcoin. Its BTC sale near $64K repaired the financing machine after STRC fell below $100; it was not a bearish call. Meanwhile more shares chase the same 840,447 BTC. Watch STRC reclaiming $100 (now $97) and where the $1.59B goes. x.com 

Strategy is building kinetic energy by using its STRC preferred as gunpowder to corner the marginal demand for scarce bitcoin, and it seems to be working. The divergence between MSTR and bitcoin since STRC launched on July 30, 2025, highlighted in a post the author replies to, is no surprise: the two securities will never move linearly or in tandem. x.com 

Heavy inflows could lift Strive's mNAV above Strategy's for periods because they have more impact on the smaller company. Strive could do even better than 6x versus Strategy's 4x, as investors seek the faster Bitcoin treasury stock. x.com  x.com  x.com 

STRC, the preferred stock tied to Strategy, is a Ponzi-like structure that will be Strategy's downfall unless it is shut down. The structural problem cannot be fixed while it exists, and management's stubbornness risks a massive loss of confidence in Strategy. If Strategy sells bitcoin to cope, lower bitcoin prices could follow in a vicious cycle. As long as STRC exists, believers in bitcoin should just own bitcoin. x.com  x.com  x.com 

Strive's common ATM can lift long-run returns by funding bitcoin purchases at a share premium. Bitcoin is historically cheap; stacking in a bear market or before the bull market begins drives the biggest gains later. But too much weekly issuance can blunt upside, exhaust investors and cap mNAV expansion; share scarcity matters. The ATM is crucial, but caution is preferable. Cole Macro said preferreds should help keep dilution below Strategy's levels on the way up. x.com  x.com  x.com 

Strategy is undervalued because Bitcoin is here to stay regardless of price swings, and the stock resembles closed-end funds that fell 90% in the 1929 crash yet made patient buyers' families rich. Peter Schiff notes its $29.54B market cap sits below its roughly $50B of Bitcoin holdings. x.com 

Strategy's STRC preferred was never as safe as a money market fund, and if both STRC and MSTR share dilution fail, the only way left to pay dividends is selling bitcoin. Believing STRC would stay at par forever while paying a junk-like 12% was financial illiteracy; per @betirement, it has now fallen below $90. Strategy says its bitcoin reserve gives it 32 years of dividend coverage. x.com  x.com 

Strategy and bitcoin could squeeze hard if Michael Saylor sells $5B or more of BTC over the counter to buy back and retire STRC. The sale would likely spark panic and capitulation, possibly marking the bottom, but once it's announced BTC and MSTR should bounce, giving him room to sell more to pay down STRC. Strategy should then stick to zero-coupon converts and issuing MSTR at a premium, since digital credit at 11% makes little sense when individuals can borrow far cheaper to buy BTC. x.com  … Show more