We bought 121 MSTR shares last week. New Totals MSTR: 4,376 (+121) STRK: 500 Thank you for your support. BitStrategy Team

Introducing David Barlow. Barlow is an Australian professional basketball player, a 2x Olympian and 5x NBL champion. He has played against the USA national team… and won. Alongside his coaching duties for Melbourne United, he is the Executive Director and Co-Founder of BitStrategy. Together, we are on a mission to become a major Strategy shareholder. Stick to math, Mike. The real ballers work at BitStrategy.

No questions off-limits. No topics shared in advance. No edits after recording. Unfiltered alpha for investors who want to understand not just their investments, but the people and thinking behind them. YouTube: piped.video/cCnvVTbfDC8?is=e8J_…

What does $STRC mean for $MSTR holders? We capture a spread between $BTC ARR and our cost of credit. And our objective is to double Bitcoin Per Share (BPS) over 7 years.

That only makes $STRD more attractive. Daily dividends in 2027. Until then it could be a great opportunity to dca in at lower prices. $STRD has 1.8x asset coverage on $SATS. I do expect this coverage spread to shrink in the near future, however.

“Inflation is made by government and no one else.” - Milton Friedman I enjoyed prescribing to Mr. Friedman’s theory as it absolved me of any sin regarding my (past) involvement in property investment. I now see Mr. Friedman’s statement as false. While government borrowing does indeed increase the quantity of money in circulation, our (the people’s) own addiction to borrowing plays a significant part. I don’t want to participate in this immoral societal ill (non PPR, leveraged property investment) that steals from the working/saving class. Part of my motivation for wanting to grow the BitStrategy movement.

Reckon I’d prefer Strategy buys Bitcoin, rather than ASST…

Digital Credit is in its sophomore year. $STRC

Strategy should buy 1/3 of $ASST, or as much as possible outside the 1-year minimum of cash reserves. They’re the only real competition to $MSTR. Let’s face it. It’s a dog-eat-dog world.

Either could have Strategic value. If you think of Strategy as a central bank of bitcoin (which, yes, causes many bitcoiners anaphylactic shock, and I understand that), holding SATA would provide optionality as a trading vehicle for when STRC trades weakly relative to SATA. Strive already owns STRC, of course, but has not used it like this or explicitly acknowledged this optionality (that I’m aware of) yet. It is one of those things that looks cooperative on the surface, but also creates a dependency. That dependency can also be a vulnerability.

I feel we already diverged from the simple BTC accumulation story when we created the USD cash reserve. I haven’t seen Strive’s purchase of $50m STRC causing any problems. While not common equity, it’s still equity in another company. Given a $100m purchase would represent a tiny fraction of Strategy’s treasury, far smaller that Strive’s allocation to STRC, I don’t think it would be material in terms of the narrative. The upside for Strategy shareholders, however, could well be significant.

They own STRC we own ASST and it starts to look like the AI trade

I’d like to see Strategy take a position in $ASST. If we’re going to promote them, why don’t we take a slice of the upside too? Doesn’t have to be crazy. $100m maybe? Less than a week’s worth of buybacks. Strive for Bitcoin. You know it makes sense.

Clearly seeing some $STRD sell pressure as people rotate to $SATS.

Latest interview with @Saylor schwabnetwork.com/video/mich…

It's going up forever, Laura.

Stay humble, stack $SATS.

Saylor just gave a masterclass on Digital Credit at ParaFi's Investor Day and shared what Strategy learned in year one. The most surprising lesson? The market would rather see Strategy hold 3 years of dollars than 30 years of Bitcoin. That explains STRC’s product evolution, a $4.8B cash reserve, and today’s $1B buyback expansion. Key takeaways + an IR read on each: A 🧵

One of the most impressive things about Mr. Michael J. @saylor isn’t just what he’s built. It’s how he celebrates others building alongside him. 🟠 He calls Strive’s daily dividend strategy “brilliant.” 🟠 He predicts @Strive ($ASST) could become one of the fastest-growing companies in U.S. markets over the next decade. Has publicly praised Mr. Matt Cole and team @ColeMacro. 🟠 He predicts @Metaplanet ($MJPY/$MTPLF) could become the most valuable company in Japanese history within 10–20 years. 🟠 Today, he’s congratulating Mr. Simon @gerovich on Superplanet. Think about that. The man who pioneered Bitcoin-backed digital credit with $MSTR and $STRC isn’t afraid of competition. He welcomes it. He encourages it. He celebrates it. And he applauds it. 👏 @saylor and @Strategy helped open the doors of traditional finance to Bitcoin building bridges through publicly traded equities, convertible bonds, preferred securities, and multiple innovative credit products. And now he’s cheering as others walk through those doors. Great leaders build companies. Extraordinary leaders build industries. Competition isn’t the enemy of success. It’s the engine of progress. Here’s what Saylor understands that so many people miss: 8 billion people aren’t going to embrace a highly volatile asset like Bitcoin through self-custody overnight. Adoption requires bridges. Bridges between Bitcoin and Wall Street. Between traditional finance and digital capital. Between the financial system we inherited and the one we’re building. So he builds those bridges. And rather than guarding them, he encourages others to build their own. Different companies. Different strategies. Different paths. But ultimately, we’re all working toward the same destination: Financial sovereignty. I’ve never witnessed anything quite like it in financial markets. Class act, Mr. @saylor. 🧡🙏

The real test is whether organic demand can keep $STRC near $100 once Strategy stops buying shares. We need strong volume at par to move the needle for a BTC balance sheet the size of $MSTR's. I remain cautiously optimistic.

Strategy says it’s fine for investors to allocate to multiple different Treasury Companies if they want to. Well, we don’t want to. Why sell the winner to buy the loser, anyway? I’m sure I’ve heard that before somewhere. We just want to invest in Strategy, thanks Strategy. We like the stock. Regards Saylorians and Strategy Maximalists