Lyn Alden

@YBhutwala @GrainofSaltSF @saylor https://t.co/kSWyiIsNEz

Private equity generally aims to buy businesses, cut costs, and flip them in 4-7 years for a profit. As an alternative, we started a company to buy and hold businesses, and back them up with a bitcoin treasury: https://t.co/VtfnMTn0g7

@toocryptotoquit @stephanlivera @Excellion I don’t think anyone should touch MSTR if they don’t feel the execs aren’t building for long-term stability. I’ve been long since 2020 at $14/share. I don’t mind when I’m diluted when I feel it strengthens the company. Quite the contrary.

@toocryptotoquit @stephanlivera @Excellion Longterm, MSTR benefits when there is demand and confidence in its preferreds, which includes maintaining a USD reserve within prior guidance by the company. Especially STRC, since dividends ratchet up the longer it trades far below par, which are paid by MSTR.

@toocryptotoquit @stephanlivera @Excellion Longterm, MSTR benefits when there is demand and confidence in its preferreds, which includes maintaining a USD reserve within prior guidance by the company. Especially STRC, since dividends ratchet up the longer it trades far below par, which are paid by MSTR.

@BitPaine @CanadianSatoshi @Strategy People ask why MSTR should have a premium. Maintaining a USD reserve, and a number of highly liquid capital market tools (common stock, BTC holdings, preferreds, debt) and being willing to do counter-cyclical things with those tools, is the good-optics answer to that question.

I think optics would be to the upside. -If they maintain an average 30 month dividend USD reserve (at the midpoint of their previously-guided 24-36 year range), then spending 3-6 months of the reserve to buy STRC during a 10%+ liquidation event would be accretive. Maintaining a USD reserve is dilutive as a baseline, but it builds confidence and resilience, and it can be accretive if it is built during good times and (partially) deployed during rough times. And how good would MSTR and STRC investors feel on days like today if there was a 24-36 month USD reserve as previously guided vs a 7 month one? It gives more optionality for these days. -Monitoring the space for leverage and products built on top of STRC (which is not easy since part of it is opaque) may help management determine certain variables like how big of a reserve to have, how likely the risk of some sort of liquidation event seems to be, what their intended response would be, etc. And understanding how much leverage does exist or could exist on STRC can also help when it comes to management communicating about STRC's expected volatility. If you've got a big reserve and assess there to be minimal leverage on STRC, then there's a lot of firepower relative to the risk surface to keep it semi-stable. If you've got a small reserve at a time when leverage is building up on STRC, then the risk of a confidence-harming volatility event rises. It's why I paired both questions together: https://t.co/Q8iW1xouI6

I think optics would be to the upside. -If they maintain an average 30 month dividend USD reserve (at the midpoint of their previously-guided 24-36 year range), then spending 3-6 months of the reserve to buy STRC during a 10%+ liquidation event would be accretive. Maintaining a USD reserve is dilutive as a baseline, but it builds confidence and resilience, and it can be accretive if it is built during good times and (partially) deployed during rough times. And how good would MSTR and STRC investors feel on days like today if there was a 24-36 month USD reserve as previously guided vs a 7 month one? It gives more optionality for these days. -Monitoring the space for leverage and products built on top of STRC (which is not easy since part of it is opaque) may help management determine certain variables like how big of a reserve to have, how likely the risk of some sort of liquidation event seems to be, what their intended response would be, etc. And understanding how much leverage does exist or could exist on STRC can also help when it comes to management communicating about STRC's expected volatility. If you've got a big reserve and assess there to be minimal leverage on STRC, then there's a lot of firepower relative to the risk surface to keep it semi-stable. If you've got a small reserve at a time when leverage is building up on STRC, then the risk of a confidence-harming volatility event rises. It's why I paired both questions together: https://t.co/Q8iW1xouI6

If Bitcoin can’t survive. it should die. https://t.co/dMzH5CSuqS

@BITC_minimalist It’s only timely because it’s what people are talking about. I don’t think @saylor is doing anything wrong by directing his company and engaging his shareholders to buy bitcoin. If people are mad that they are buying too much, they should step up their game.