Bitcoin24h $78,178.30-1.15%

Ethereum24h $2,179.98-1.78%

BNB24h $655.47-2.42%

XRP24h $1.41-1.46%

Solana24h $86.48-2.85%

TRON24h $0.3524+0.41%

Dogecoin24h $0.1095-1.63%

Hyperliquid24h $40.81-6.74%

Cardano24h $0.2557-0.88%

UNUS SED LEO24h $9.92-2.40%

CHART: Two years of Strategy investment narratives

Over the past two years, the dominant narratives that investors tell about BTC company Strategy have changed over a dozen times.

Strategy’s BTC Yield turns negative for first time in years

The BTC Yield of MSTR stock in Michael Saylor’s treasury company, Strategy, has turned negative this quarter for the first time in years.

Michael Saylor’s Strategy has slashed its EPS guidance and diluted its MSTR shareholders without purchasing BTC.

S&P Dow Jones Indices didn’t add Strategy to its S&P 500 Index in its November 24 announcement. The next possibility is December 5.

Jim Chanos profited by shorting the premium of MSTR to its BTC, but he missed out on the final, exceptionally profitable leg of that trade.