Pinned post
A simple strategy for @Strategy :
+ Don’t ATM MSTR common stock until mNAV exceeds 4X.
+ Aim for a 2X–4X mNAV range through disciplined capital allocation.
Now
+ Announce an opportunistic MSTR buyback program expiring December 31, 2026 with existing USD Cash.
+ Deploy buyback funds only when attractive; unused authorization would return to the $1B existing fund.
Going Forward
+ Since Digital Credit is the primary funding mechanism for Bitcoin purchases->
+ Expand preferred amplification beyond 20% when market conditions and payment capacity support it.
+ Allocate ~75% of new preferred proceeds to Bitcoin and retain ~25% as USD cash and USD Reserve.
Preparation for the next bear market
+ Build a $10–$20 billion USD Cash and USD Reserve during the bull market, sized to obligations and opportunities.
+ Enter the next bear market positioned to become the "Buyer of Last Resort of Bitcoin."
+ When MSTR mNAV contracts toward 1.5X, deploy cash toward whichever offers greater value per common share: $MSTR buybacks or Bitcoin purchases.
+ Don’t ATM MSTR common stock until mNAV exceeds 4X.
+ Aim for a 2X–4X mNAV range through disciplined capital allocation.
Now
+ Announce an opportunistic MSTR buyback program expiring December 31, 2026 with existing USD Cash.
+ Deploy buyback funds only when attractive; unused authorization would return to the $1B existing fund.
Going Forward
+ Since Digital Credit is the primary funding mechanism for Bitcoin purchases->
+ Expand preferred amplification beyond 20% when market conditions and payment capacity support it.
+ Allocate ~75% of new preferred proceeds to Bitcoin and retain ~25% as USD cash and USD Reserve.
Preparation for the next bear market
+ Build a $10–$20 billion USD Cash and USD Reserve during the bull market, sized to obligations and opportunities.
+ Enter the next bear market positioned to become the "Buyer of Last Resort of Bitcoin."
+ When MSTR mNAV contracts toward 1.5X, deploy cash toward whichever offers greater value per common share: $MSTR buybacks or Bitcoin purchases.
