As BTC-TCs, both @Strategy | @Strive rely on robust capital markets access to scale the Treasury Model. Through Digital Credit, they’ve opened additional capital-raising channels and, in my view, created a new asset class. The resulting preferred securities now trade as their own cohort | block in a secondary market, adjacent to $BTC and their “parent equities”, not separate from them. My research at True North examines $STRC through that lens: buybacks, market structure, and the transmission channels connecting the offering to the wider complex. This connection shows up in the data - the following results are from a broader analysis of all five preferred offerings: $STRK | $STRF | $STRD | $STRC | $SATA - using their price histories since inception and rolling attribution models built on matched trading sessions. The results below are from a 9-4-26 snapshot of that larger analysis: a 60-session window spanning 6-11-26 through 9-4-26, covering the selloff, the pre-buyback rebound, and the buyback execution period. Within that window, a model built on orthogonal (uncorrelated) factors explained 74.65% of daily price return variance in $STRC. The three largest allocations, expressed as shares of that explained variance, were: a] Other (Non-STRC) Preferreds: ~44.7% b] MSTR (ex-BTC): ~39.2% c] BTC: ~15.7% Read the full analysis here: tnorth.com/research/strc-buy…

My TL is full of people experiencing sticker shock re: the cost of an @Apple M5 Ultra with 512GB of RAM. But with the global memory shortage, these prices dont surprise me. Clustering 4 @nvidia DGX Sparks into 512GB will run at least 28 bands, so its either you want to be on the bleeding edge of A.I. or you dont. 99.9% of people wont need this; me on the other hand...

Accurate. Co-Pilot is objectively garbage. It's supposed to be an orchestration | productivity layer but leave it to @Microsoft to find a way to add so much bloatware and "security" that it's almost unusable.

$BTC: A Lingua Franca For Money This morning @saylor said dismissing $BTC because anyone can create a cryptocurrency is like dismissing English because anyone can invent a language. On reflection, the analogy is even more apropos than I first thought. TL/DR: $BTC doesn't need to replace the dollar to win; it only needs to become the agreed upon "monetary language" everyone settles in. [1] A lingua franca doesn't replace native languages: Latin, French, and English each became a shared language of trade and diplomacy at different points in history, while people kept speaking their own at home. That's the realistic path for $BTC. Dollars, pounds, euros, and yen stay local, and $BTC becomes the neutral layer they settle on, one of the base layers of a future economy. [2] Languages win by network effect and adoption, not by design alone: English is the most widely spoken language in the world because of historical, economic, and cultural adoption. Coins | Tokens | Iatrogenic Protocols are the same. Anyone can launch one, but that doesn't mean people will want to adopt it, or converse in it monetarily. [3] Nobody owns $BTC: History shows a shared language works best when it gives no one an advantage; $BTC is open source and free to learn, with no issuer, no central bank, and no board. Any country, company, or person can "speak" it on equal terms. [4] The grammar can't be rewritten: Fiat is a language whose dictionary keeps changing. There's always more supply, and so less meaning (value) per "word". With $BTC its word is its bond, and its rules are enforced by the network. 21M is 21M. [5] Translators are evolving: Most income investors don't "speak" $BTC yet, but Digital Credit (STRC | $SATA) translates $BTC into something people already understand: dollar yield, backed by $BTC. Coming back to this morning's point, the question isn't whether another coin can be created, but whether it will represent a language people want to adopt. So far, the market is fluent in Bitcoin.

I agree with @saylor. $BTC is the lingua franca for the base layer of a future economy. ~22,500 cryptos tracked | $BTC dominance: ~60% The market is fluent in Bitcoin.

Sorry to say it, but a lot of what people get out of A.I. and LLMs is user dependent; the limits of the output still largely depends on the quality of the input:

STRC | Buybacks vs Trading Activity (Updated) According to today’s 8-K, Strategy repurchased 2,068,459 $STRC shares for $204.9M between 10-19 and 10-25, at an implied average cost of ~$99.06 per share. Matched against the trading week (10-19 to 10-23): [1] Repurchase Spending: $204.9M [+6.11%] [2] Shares Repurchased: 2.068M [+6.69%] [3] Repurchases vs. Dollar Turnover: 27.60% vs. 19.49% [4] Repurchases vs. Share Turnover: 27.58% vs. 19.46% TL/DR: Strategy bought more while overall $STRC trading declined. Across 14 reporting periods beginning 7-20 and ending 10-25, Strategy has spent $2.043B repurchasing 20.98M shares; equivalent to 20.63% of dollar turnover and 20.45% of share turnover across matched trading sessions. The Digital Credit Securities Repurchase Program has $956.8M in remaining authorization.

Big $BTC buy for the team at @Strive ₿6,182 Acquired | ₿43,000 Total ₿40K milestone passed, ₿50K in sight.

Alright, we turn green for Monday.

All that $ASST "warrant wall" talk seems kinda silly now huh? Now we have $SATS to add more orange fuel to the fire. Big $BTC buy on deck

Is the A.I. "bubble" popping? What does that mean for $BTC?

$BTC: OK, which one of you did it?

Soon, I'll be able to crop dust the people I love from anywhere in the world.

$MSTR | $ASST | $STRC | $SATA: Now almost 6 months since it was recorded, but @coffeebreak_YT still hasn't released the @PunterJeff episode on his channel.

$SATS is on @Roxom and they are paying dividends in $BTC. The adoption | spread of Digital Credit continues.

Going LIVE with @millercole to discuss $STRC, $SATA, and other potentially MORE interesting topics: