ERIC PLAYBOOK TO OLYMPUS (2035)
Core identity: MSTR ≈ (BTC per share) × (BTC price) × (premium to NAV).
- Latest footing: ~638,460 BTC on the balance sheet.
- Post-split structure (10-for-1 on Aug 8, 2024) with updated share tables the company publishes—~286.5M basic shares recently.
- Management runs multi-line fuel (ATMs/convertible & perpetual preferred), including a $21B STRK ATM to scale coins in strength.
- Premium (“mNAV”) is a feature—commonly >1×, sometimes much higher in manias.
- Branding momentum: MicroStrategy → Strategy Inc (Aug 2025)—narrative tailwind for a pure Bitcoin-treasury identity.
Your Olympus triggers (act when these lights go green)
BTC Bands → Playbook
- $120k–$150k: Accumulate selectively; issue only into strength if mNAV ≥1.3×; keep BTC/Share >2.3 mBTC (trend up, never down).
- $200k–$300k: Step-function issuance; push BTC/Share ≥2.8–3.1 mBTC; keep powder for breakout days.
- $500k–$1M: Sprint to 1.0–1.25M BTC; defend mNAV 1.5–2.5×; avoid over-issuance if mNAV <1.2×.
- $2M–$3M: OLYMPUS WINDOW—stretch toward 1.5M BTC; hold BTC/Share ≥3.3 mBTC; let premium spike (2.5–3.0×) do work.
Issuance cadence (feed the rocket)
- Run common ATM + converts + perpetual preferred; ladder strikes/maturities to reload during up-days.
- Only sell into green tape; pause when premium compresses or BTC slumps; KPI every quarter: BTC-per-share ↑ (“BTC Yield” positive).
Premium guardrails (mNAV)
- Go: ≥1.4×
- Neutral: 1.2–1.4×
- Caution: <1.2× (focus on software/AI narrative and customer wins to re-inflate).
Optionality that keeps multiples sticky
- Keep the AI/BI platform in the story; ship customer proof points on BTC-up days.
Headline targets (Eric-scale)
Using the simple model Price = BPS × BTC × Premium and scenarios that scale the stack faster than dilution:
- Hyper Bull: 1.0M BTC, 330M sh, BTC=$1M, prem=2.0× → **$6,060/sh**
- GOD MODE: 1.25M BTC, 380M sh, BTC=$2M, prem=2.5× → **$16,447/sh**
- OLYMPUS: 1.5M BTC, 440M sh, BTC=$3M, prem=3.0× → **$30,682/sh**
Grab the one-pager & grid
- Download the PDF cheat-sheet: ERIC_MSTR_Olympus_Playbook.pdf
- CSV (headline targets): Eric_Scale_MSTR_Headline_Targets.csv
Want me to spin a wall-poster version with your brand mark and a giant “OLYMPUS” banner for the gym/office?