— Michael Saylor, MicroStrategy
Strategy earnings puts tiny STRC front and center
Strategy released its Q3 earnings yesterday, spending vast amounts of time on its newest, (and relatively small) preferred stock, STRC.
Results for Strategy
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— Michael Saylor, MicroStrategy
What to expect on Strategy’s Q3 earnings call today
Strategy is reporting earnings today after the market close. Here are the top seven things investors expect to learn.
CHART: mNAV down across bitcoin treasury companies
The premium that investors are paying for BTC treasury companies continues to decline. In other words, mNAV compression is real.
CHART: Strategy’s BTC growth slows to multi-year low
Strategy has been adding BTC to its treasury at its slowest rate in five years. Worse, its mNAV is also falling.
Strategy’s mNAV falls to 19-month low as BTC outperforms
Strategy common shares have fallen to a 19-month low multiple-to-Net Asset Value. The basic mNAV of MSTR is now just 1.21x.
— Michael Saylor, MicroStrategy
Strategy hasn’t sold any STRC through ATM since July
Michael Saylor has been particularly optimistic about expanding STRC domestically and abroad, yet his STRC ATM sales to date are $0.
Strategy gains $8B in market cap after IRS waiver
The IRS said that Strategy can disregard unrealized gains and losses on digital asset holdings when computing income subject to the 15% CAMT.
Why Saylor’s STRC isn’t really a money market or bank account
Speaking about STRC, Saylor said, "Everybody in the world would love to have a high yield bank account that yielded 10%."
94% of Strategy’s bitcoin buys since August were from diluting MSTR
Since Strategy removed a ban on ATM share sales between 1-2.5x mNAV six weeks ago, MSTR dilution has paid for 94% of its BTC purchases.
MSTR down $8B this quarter despite inflows from global institutions
Despite persistent purchases and tens of billions of dollars worth of institutional ownership, MSTR is nowhere close to an all-time high.