2027: 42 + 42 billion
Fixed income
$21B ATM program
.
Accretive, value accretive
Disciplined leverage
$84B
BTC GAIN
$5.8B BTC dollar gain
.
BTC YIELD 25% increase
$10B–>$15b
Scale of our strategy
.
Never stop purchasing (Bitcoin)!
Big idea,,, because in the past, having more physical stuff meant more physical stress. Now,,, because cyber capital weighs nothing,,, more is always better!
More bitcoin is always more better!
.
Tremendous unlock!
Most liquid. High performing
Permanent capital
No collateral
BMAX
.
High performance MSTR bitcoin leverage
.
Michael got a haircut!
13,000 institutions holding MSTR
vanguard, black rock, fidelity
NPS Korea
814,000 retail accounts
Norway sovereign wealth fund
Norges bank
55 million beneficiaries
.
More mega ambitious!!!
1000 + 1000
Without share holder dilution
BTC ARR
BTC RISK
.
Hurdle rates. Break even rates
Just barbell it!
Skeptic
Trader 10%
Investor : 20%
Maximalist: 30%
Double maxi : 40%
Triple maxi: 50%!
.
29% ARR on average for 21 years
Next 5-10 years … 40% gain
50% ARR possible! ***
.
MSTR RATE
Volatility HIGHER than SP, BTC
.
just sell that volatility!
MSTR RATE **-> simple annualized rate, sell call options, 103% simple annual yield
.
Nasdaq 100: QQQ
.
Magnetic
Tax free, offshore vol trader,,, zero income tax environment, Dubai… can get into 200% or more annual yield! –> globally interesting to traders
Credibility
Volatile yet DURABLE business!
.
Why strip away the volatility?
Volatility engine .,, furnace, reactor, power plant !
Bitcoin crypto power plant , nuclear power plant last long time!
.
50% spread, accretive
BTC GAIN
$100M, 526 bitcoin gain , $50M bitcoin
.
STRF: leverage getting greater!
STRF: $100M Not diluting common stock
$100M, 1,053 Bitcoin
.19% yield
Think 10 years
30% ARR forecast,
Year 10–> create lots of income !
10 years
BTC $ income
Create new metrics
How much value is created?
$689M gain from $100 M investment
50% ARR
BTC TORQUE
.
6.9x return on capital
Torque is LEVERAGE
how to outperform?
501kg, 502kg, 503kg?
.
BTC Multiple : total BTC net asset value
$100M equity –> $50M is gain
.
13x in 10 years!
.
Degree of impact
.
Drive up the price of MSTR
outperform BTC
INCREASE THE MNAV
.
Raising Capital at high spread at FASTEST POSSIBLE RATE
BTC Torque or 8.9x
How to increase the torque?
PLAID TORQUE!
Weight lifting TORQUE
.
STRK: 10.4x BTC Torque
How to increase your BTC torque?
4.1x BTC multiple, mnav
.
Why women cannot make earth shattering investors or maximalists
.
STRF: 12.8x BTC Torque.. 13.8x BTC Multiple
STRIFE IS GREAT!
No strife no life? ***
.
1.3B gain from
1x mNAV, no torque!
How to generate torque?
.
Get the engine going, STRF, 56.7x triple maxi!
.
3x mnav
Increase the mnav good idea!
38.4x, MSTR equity ATM
Convertible notes. 43.9x
Women are not greedy, man is.
.
Strife doesn’t really care
Strike. Strife as children
Hurdle rate
.
The most interesting thing in the financial universe?
.
5x mnav
De-risk company with MORE mnav! ***
.
De- risk!
New lenses, for investing!
It’s all an investment decision?
Laser eyes!
.
Compliance
Not allowed to buy BTC
CANNOT buy ETF
UK: can buy MSTR not BTC
Compliance —> ! Can
.
Credit advantage
Margin loans on BTC.?
Margin loan on MSTR —> margin credit ***
Margin? Trading on margin?
No cash down, $100M Of MSTR, borrow against it, margin it…
.
Borrow money on left,,, Fannie Mae
Cash on right side,,, offer less 20 years to get the cash!
.
Finance a Bitcoin
BTC Not being financed ?
.
Higher MSTR rate, deeper richer option market
Why 60%, 100%!
.
Volatility —> option markets —> attracts capital
MSTY, iMST—> sell the volatility , annual yields —> monetize
3.1B$ in MSTY, $40M for iMST
Attracting capital flows!
MSTU..
Monetize volatility
Emerging ecosystem
Most DURABLE, most CREDIBLE!volatile liquid
Delta hedged
Sell the covered calls?
New class of arbitragers
If you’re unique, you got a differentiator!
BTC commodity
BMAX—> ETF, access MSTR converts
Bitcoin backed BONDS
.
80% exposure to MSTR convertible bonds
.
Uniqueness,
$100,000
Passive Capital flows
.
Look FAR AWAY ,,, far away from the screen!
MSTR BRAND recognition & scale
Obligated to buy securities
History of commodities not good, gold not good.
Slow dead asset
.
My prime broker
Easily marginable
Dominos pizza —> send pizza
.
Attention span
Impedance.
Strongest capital market , safest USA
BMAX
.
PERPETUAL DIVIDEND, 10% dividend forever!
.
Timing ***
.
Extremely accretive!
.
$2M in Bitcoin
$700k + 700k ($1.4M)
,
BTC yield into PERPETUITY
$3.4M—>
.
Keep levering up?
10x over collateralized?
.
Reasonably doing this FOREVER
USD YIELD $
.
Always swap BTC yield, for USD yield, capture the spread!
.
Long term BTC YIELD
Drive up the stock price to the max
20 year Amazon
Full potential
Seek the mnav UP!
Attract capital from different places?
.
Winning is driving up the price of MSTR!
.
What’s the best environment for investors?
0% ,,, BTC RISK
Credit HURDLE rate
.
If I had myopia forever no glasses… how would I have pleasure in life?
BTC is collateral! ***
Investment grade