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Money vs Property?
Interesting idea — what if you no longer need money, but just care to own property — Bitcoin
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56 times
Bitcoin refinery
Exposure to macro and crypto economies, securities
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Strike, new capital structure
Lower volatility, lower leverage –> fixed income
Fixed debt instrument
Oil refinery
Take crude capital, high performing products
High performing and volatile stock price
112% up a year, past 4 years…. almost double Bitcoin!
Outperform Bitcoin with more bitcoin! ***
2x performance Bitcoin
63% a year, bitcoin
Outperform the Bitcoin ***
2000% percent, 2x over Nvidia
The most volatile stock in SP500 universe!
High volatility, black sholes,,, fed options market
New type of investor interested in MSTR
NOVELTY, #6 most optioned stock
6 most liquid stock
1 most optioned stock, as percent of market cap, #1 most liquid stock in SP 500 universe!
Drives open interest, attract new investors
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Largest option interest market
Option volume
20x larger
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Just being a good dad is my new goal!
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Volatility drives liquidity
$81B size of options market!
29x bigger than MARA
MARA,, only $3b
Optionality
MSTR is the benchmark
Strike is a convertible preferred stock
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MSTR, the most common stock with the most exposure to BTC
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preferred equity, preferred convertible equity, built on BTC
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STRK
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High performance levered bitcoin
8% fixed dividend, perpetual uncapped call
Perpetual dividend
1000$ strike call on call option, on MSTR
anti dilution protection
STRK –> traded
Strike (STRK), microstrategy oriented investors
Security, less sensitive on upside and downside of BTC
MSTR , more volatility, more leverage
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MSTR. $100b market cap, 684% return, volatility 117%!
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How to calculate volatility?
Volatility vs Risk
You can calculate volatility. Not risk?
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Things which last forever, high durability but low quality or not useful?
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The point of life is adventure,
Buy the dip!
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Fixed income investors
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6-7% yield
High yield corporate bonds
Strike , have the yield but upside, crypto curious, want exposure or MSTR
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hybrid instrument! ***
Complementary to convertible bonds
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Convertible bond to capital market , 4 letter ticker, STRK
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STARK
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225%, 154%. 113%…
160%, 79%,
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STRK
uncapped call option. $1,000 up forever!
Uncapped ***
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Don’t we always want to be uncapped?
Strike instrument
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STRK vs MSTR convertibles
Dividend, 8%,
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I love performance!
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Superior MSTR participation, dividends, liquidity and investor access
Long term !
MSTR stock price –>
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Convertible notes
Tenor ***
4-8 years
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Hundreds of dollars, $1,000
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$50B bitcoin holdings
Debt coverage
$105,000 per Bitcoin
$233 , trade down to be out of the money
17x coverage!
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$20M dividend obligation
Pro Forma Value ***
Strike dividends
Annual STRK Dividends
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315 years of strike dividends
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Pro Forma Capital Structure
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Equity cushion ***
Meet liabilities and obligation
Bitcoin cushion, equity cushion
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Bare skin
Valuation Framework
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8% perpetual dividend, perpetual call option on MSTR
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key value drivers
BTC coverage, volatility, MSTR price
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Forecast for MSTR stock price, volatility
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The future of Bitcoin, Bitcoin volatility
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Strategic part of capital structure
Convertible bond strategy
Complementary ***
Create more intelligent leverage
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Expand access to capital structure to entire Bitcoin ecosystem
Another source of intelligent leverage for MSTR
sell additional shares of STRK. via ATM–> interesting option
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Optionality
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Grow asset
Price and finalize Thursday
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Too hot! Too much winning!
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STRK THOUGHTS
STRIKE THOUGHTS
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$50B bitcoin holdings
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56 announcements
Part of the master plan!
Adjust leverage, fund potential dividends
MSTX, MSTU
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MSTR OPTIONS?
High volatility, high leverage
MSTR Equity
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Creating a new ecosystem into yourself?
Energy company
Oil company
Bitcoin is the new oil!
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More refined, less refined
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Firm yet flexible
Prospect & drill
More refined, less refined
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High performing, high volatility
112% , 63% BTC
MAT 7, 30%,
Double double double
Intelligently lever our bitcoin
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How to lever, leverage your bitcoin?
63% a year
Outperform the Bitcoin ***
27x, 4x.
777% NVIDIA, 7x
2,761% MSTR, 27x
777% BTC, 4 years
palantir
Estée Lauder
Factset
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Volatility, novelty.
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Daily trading volume
8.5b, more than Amazon, alphabet, Netflix.
Bitcoin entertainment > Netflix?***
Bitcoin entertainment is the future?
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Bitcoin-powered entertainment, streaming
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100% vs 32%
0.5% vs 5.2%
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Signs?