Strategy Treasury Company • https://xitter.cf/t.co/ZFhTWLyR9w
Australia
Joined May 2024
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Strive is a great company with a great team, imo.
My only concern is the prioritisation of the promotion ahead of the immediate return of STRC to par, given there is a substitute effect between the products offered by the two firms.
2.1B in STRC retired matching almost exactly (99.76%) to the 2.1B SATA + SATS notional outstanding is rather compelling evidence of the substitution effect in action, imo.
If anything, I would have expected them to stop while STRC is below par (given you would expect STRC going to par should take priority over promotion of other issuers).
You may be right though, time will tell.
On SATA, it’s no longer the most interesting story in Bitcoin: we have SATS now!
Yes I’d describe the support for Metaplanet as Tier 2 (mild collegiality) in contrast to the systematic Tier 1 support for Strive (continuous promotion).
BitStrategy retweeted
It’s possible for Strategy to have less Bitcoin and still have superior stock price performance than it would otherwise have if Strive’s position in the market results in a high enough Bitcoin price to offset any lost yield or premium.
Stock price = Bitcoin per share * price of Bitcoin * mNAV
Of course, the more Bitcoin we forgo, the higher the Bitcoin price / premium necessary to compensate for the difference.
It’s possible for Strategy to have less Bitcoin and still have superior stock price performance than it would otherwise have if Strive’s position in the market results in a high enough Bitcoin price to offset any lost yield or premium.
Stock price = Bitcoin per share * price of Bitcoin * mNAV
Of course, the more Bitcoin we forgo, the higher the Bitcoin price / premium necessary to compensate for the difference.
BitStrategy retweeted
Will be interesting to see what the missed opportunity cost of these buybacks is over time and whether STRC above par provides more or less value.
~$2b of buybacks could have purchased ~₿25k.
Time will tell…
Strategy has repurchased $205M of $STRC. As of 10/25/26, we hold 848,517 $BTC and $5.1B of USD Assets. $MSTR strategy.com/press/strategy-…
