Bitcoin Per Share is DEAD for me as an evaluation tool of which Co I want to buy and it's not because of the Bitcoin. It's the Share Float that killed the usefulness of the metric. And the only way to make it useful again is engineer a compression in the stock float into a bull market after you engineer an expansion into a bear market. Bear Market = expand stock float through ATM to grab Bitcoin. Bull Market = compress stock float to allow massive stock price outperformance to the Bitcoin. Absolute Scarcity (Bitcoin) 🤝 Artificial Scarcity (Stock Float). And after the numerous conversations I've had in the last few days on BPS - with people I perceived as smart - I believe the BPS cope army is relying on some hopeful future mNAV expansion to hide the bad mathematics on the Share Float. I prefer valuation on book value of nominal Bitcoin assets - just to simplify it for myself for analysis. Here's the question that matters - if they ATM our stock to buy 1,000 Bitcoin - how many of those 1,000 Bitcoin do you think should "accrete" down to our stock? Call me old fashioned - but if you dilute my stock to buy 1,000 Bitcoin - I want all 1,000 Bitcoin of value added to my stock. Are you with me on that? Well what if I told you only 350 of every 1,000 Bitcoin were actually value added to our stock - so now every $1 that Bitcoin goes up - only $0.35 of value was being added to the common stock? How would that make you feel - if I was right?

Why can’t my @Strategy and @Strive stock be as scarce as my Bitcoin? I want my MSRT/ASST stock as responsive to liquidity as Bitcoin is at the margin of the supply - especially now there’s another way to buy the Bitcoin… Don’t you? Vote:

So… Let the common stock value rise so that you can sell more Digital Credit to buy Bitcoin…huh? “INTERESTING” @Strategy 🤝 Bitcoin. Well done team ❤️

"THE PRIMARY WAY TO BUY BITCOIN IS THE DIGITAL CREDIT" - BIG @PHONGLE on MSTR Q3 earnings call just now. 🤝

NOBODY IS GETTING CLOSE TO 10% OF @STRATEGY'S BITCOIN STACK AFTER TODAY'S EARNINGS CALL SHIFTS.

When it comes to your Bitcoin Treasury Company holdings (@strategy/@strive/@smarterwebuk) - what is most important to you for the Executive Team (@saylor/@ColeMacro/@asjwebley) to optimise for you for the purpose of you holding the stock? For me - it's engineering Total Stock Return - and I absolutely judge a company based on stock price performance vs Bitcoin as my hurdle rate and how they MAXIMISE that return for me while holding my money. This means I expect them to buy as much Bitcoin as possible during a bear market using every possible method and I expect them to engineer absolutely the max total returns into a bull market - using every possible method. Ideal is engineering a perfect blend of both (of-course) - but if you had to pick ONE on this poll by @GrainofSaltSF - what do you care about MOST when holding these stocks in your portfolio:

I give up. How can a Bitcoin-er - or any investor in general - not use share price as measure of performance of a stock investment. Why do we use price as a measure of Bitcoin success then? What is happening in this space - and I’m someone who thinks @ZynxBTC is smart - what am I missing in my mindset? Sure mNAV is a function of euphoria but NOT using stock price as a way to judge performance of an investment is a new level of higher thinking that I’m not privy to after investing for 19 years. I have a feeling all of this time preference rhetoric is being used as COPE. Everyone I know and have verified has money agrees that they buy stocks for the price to go up. Why is this such a novel concept in Bitcoin?

STRC CLOSED AT 99.99

My wish-list for @Strategy earnings call tomorrow: 1. STRC back to $100 par. 2. Announcement that future STRC ATM's will be split 50% Bitcoin buys and 50% MSTR common stock buybacks. Either way, I'll be live discussing the earnings call after with @GrainofSaltSF and @TylerCompiler.

Great chat with @RobinSeyr on why I think @Strategy (MSTR) could outperform @Strive (ASST) for the common stock holder and while I understood why @saylor had to grab the Bitcoin with the ATM in the last cycle - I had no idea how big his vision for Digital Credit was and how essential it was to GRAB THE BITCOIN!