💥𝗡𝗘𝗪 𝗕𝗢𝗢𝗞 💥 I am very delighted to have published my new book called 𝗘𝘅𝗽𝗼𝗻𝗲𝗻𝘁𝗶𝗮𝗹 𝗚𝗼𝗹𝗱 which is now available on Amazon! With a foreword by @Excellion ! It still feels surreal but there it is. I am forever grateful to all the people who have contributed to this book including the guys at @KonsensusN 📚, especially Josefina, @edouard_knw , @OmniFinn and of course @joakimbook - the best editor for Bitcoin books that you could wish for! Special thanks to all the expert commentators who spent their free time to review the early draft of my book: @BradleyDukeBTC @JanWues Janina Vinklere @SvenHildebrandt Dr. Eduard Baitinger Daniel Bathe Ronny Lehmann, CIIA, CEFA @thlbr Bryan Allworthy Martin @jam_longas Norbert Gehrke Stefan Ruile Daniel Ziegler The book helps the reader understand the current transition to a new monetary standard, the innovation and utility of #Bitcoin, how to value Bitcoin, the macro factors influencing Bitcoin’s performance and how to implement Bitcoin into an asset allocation framework. If you're a professional / institutional investor, this book is for you! ! Get your copy now from Amazon ! 👇

It was never a productivity boom, it was an investment boom that was inflationary.

My personal base case is at least a 10%-20% repricing in global growth expectations - ie stock market correction - at this point… Just calling a spade a spade here.

WEAK BREADTH: For the first time since April 2000, over half the S&P 500 is below the 200-DMA with the index right at the highs. Keep in mind, this environment sustained for a few months... Months With at Least 1 Data Point: Apr-2000 Mar-2000 Jan-2000 Dec-1999 Nov-1999 Dec-1998 $SPY $SPX

BREAKING: OpenAI has notified "dozens" of organizations, including governments and universities, whose websites were hampered by visits from its AI models. The company says its AI models "acted in ways that went beyond their assigned tasks or intended methods." The announcement comes as several of the largest AI companies are calling for increased AI safety. OpenAI says they will continue to investigate these incidents.

This is the bond market's fear gauge. What are you noticing? ICE BofA MOVE Index - expected volatility in U.S. interest rates

T minus 7

Bonds are breaking. Bitcoin is rallying. And Strategy is going DAILY. So what exactly is the market trying to tell us? In Episode 3 of INSIDE THE WALLS, we go deep into: → Strategy $MSTR following Strive $ASST into daily dividends → The rise of Digital Credit $STRC $SATA → The mNAV debate and the ultimate Bitcoin Treasury KPI → How SmarterWeb $SWC nearly doubled its mNAV just by announcing Digital Credit $MORE → How high the US 10Y can go before something breaks → Why a bond crisis is bullish for Bitcoin → Why institutions barely sold during the 50% drawdown → Europe’s growing sovereign debt problem The old playbook isn’t just failing. The market may be starting to price a new one. With @AlexandreLaizet, @Andre_Dragosch & @YChoueifaty 00:00 Bitcoin Is Rallying While Bond Markets Break 02:44 Strategy Goes Daily: Is Digital Credit Taking Off? 07:46 Future Outlook and Innovations in Bitcoin 07:46 Smarter Web’s mNAV Explodes — What Changed? 15:35 What Really Drives mNAV Expansion? 17:59 Why Bitcoin Treasuries Are Becoming More Powerful 22:46 Will Investors Rotate From Preferreds Back to Common Stock? 28:15 Can Bitcoin Treasury Companies Become Too Complex? 32:38 STRF vs STRC vs SATA: What Institutional Investors Actually Care About 38:10 What Yield Could Break the S&P 500? 44:32 Did Institutions Sell Bitcoin During the 50% Crash? 47:25 Are We Entering a New Debasement Regime? 54:49 Europe’s Debt Problem — And Why Bitcoin Matters Full episode 👇

The future is near. 09/29/2026

JUST IN: $24 BILLION CIRCLE JUST ANNOUNCED THEY WILL SOON LAUNCH USDC ON #BITCOIN ONE OF THE WORLD'S MOST POPULAR STABLECOIN'S ON BTC THIS IS MASSIVE NEWS 🔥

Digital Credit should work every day. $STRF $STRC $STRK $STRD

Update: +50 bps over the past 20 days already

New fresh multi-decade high in the US 10yr yield. We might need a bigger balance sheet soon...

Tend to agree with this view. Although there has been a significant degree of multiple contraction in the S&P 500 already due to ongoing EPS growth, the quality of 'E' in P/E remains questionable in my view...

Hat er sich auf der FINANCE26 endgültig gegen Bitcoin positioniert? Co-Pierre Georg: "Das Kernproblem ist die Idee, dass Zahlungen anonym oder pseudonym sein können. Ich glaube, dass wir diesen Teil wegnehmen sollten." Die Cypherpunks wollten Privatsphäre, Freiheit und digitale Selbstbestimmung – ohne Staaten oder Institutionen vertrauen zu müssen. Aus dieser Denkschule ist Bitcoin entstanden. Co-Pierre Georg ist Kritiker der Cypherpunk-Bewegung, Kritiker von Bitcoin, Kritiker der Freiheit. Ich bin Kritiker von Co-Pierre Georg.

Almost every CEO tries to maximize $BTC Yield nowadays but... $𝗕𝗧𝗖 𝗬𝗶𝗲𝗹𝗱 𝗮𝗻𝗱 #𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗽𝗲𝗿 𝗦𝗵𝗮𝗿𝗲 𝗮𝗹𝗼𝗻𝗲 𝗮𝗿𝗲 𝘀𝗼𝗺𝗲𝘄𝗵𝗮𝘁 𝗺𝗶𝘀𝗹𝗲𝗮𝗱𝗶𝗻𝗴 𝗺𝗲𝘁𝗿𝗶𝗰𝘀 𝗶𝗻 𝗺𝘆 𝘃𝗶𝗲𝘄. Let me explain why … 🧵 👇 $BTC Yield & $BTC per Share are calculated based on common equity issued by the respective company. The formula is as follows: 𝗕𝗧𝗖 𝗬𝗶𝗲𝗹𝗱 = Δ (𝗕𝗧𝗖-𝗽𝗲𝗿-𝗦𝗵𝗮𝗿𝗲) However, major companies like $MSTR have pivoted away from issuing common equity to issuing hybrid capital like perpetual preferred equity. Note: although $MSTR does not dilute common equity shareholders, the claims on the underlying $BTC holdings are still rising. These securities are collateralized with those $BTC holdings as well. Converts & perpetual preferred equity have a more senior claim on $BTC holdings in case of default than common equity shareholders etc... Issuing non-common equity securities to acquire more #bitcoins creates the impression that $BTC-per-share is rising as $BTC holdings are rising while the supply of common equity stays constant. However, claims on underlying $BTC are still rising as well. 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗶𝗻𝗴 𝗕𝗧𝗖 𝗥𝗮𝘁𝗶𝗻𝗴 A more encompassing metric to assess the aggregate claims on the underlying $BTC holdings than just $BTC-per-share is to look at all outstanding debt & other hybrid capital instruments that ultimately securitize the underlying $BTC. In the context of $MSTR, these include: $BTC Rating can help you gauge how much higher the #bitcoin NAV of these holdings are relative to the company's liabilities. $BTC Rating is defined as followed: 𝗕𝗧𝗖 𝗥𝗮𝘁𝗶𝗻𝗴 = (𝗨𝗦𝗗 𝘃𝗮𝗹𝘂𝗲 𝗼𝗳 𝗕𝗧𝗖 𝗵𝗼𝗹𝗱𝗶𝗻𝗴𝘀 / 𝗡𝗼𝘁𝗶𝗼𝗻𝗮𝗹 𝘃𝗮𝗹𝘂𝗲 𝗼𝗳 𝗗𝗲𝗯𝘁 & 𝗵𝘆𝗯𝗿𝗶𝗱 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗹𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀) $BTC Rating across different BTCTCs (per Q1 2025): $MTPLF 11.8 $MSTR 4.4 $SMLR 3.3 Logic: You should generally favour those companies with a relatively higher $BTC Rating. They give you a larger buffer in case of #bitcoin price drawdowns. In addition, the delta of the $BTC Rating can be utilised in combination with $BTC Yield to assess whether a company is really managing to maximize $BTC holdings relative to underlying claims or whether it is just increasing claims on its $BTC holdings AT THE potential future EXPENSE of common equity shareholders. Consider the following $BTC Yields: (QoQ%, per Q1 2025): $MTPLF +81% $MSTR +11% $SMLR +15% Compare these to the change in $BTC Rating over the same time period: Change in $BTC Rating (per Q1 2025): $MTPLF +409% $MSTR -23% $SMLR -infinity In other words, Strategy increased $BTC-per-Share at the expense of rising liabilities on these bitcoins. Meanwhile, Metaplanet managed to increase their $BTC-per-Share while also reducing their liabilities! It is no surprise that the better execution of Metaplanet is reflected in their strong outperformance against its peers. A rough rule-of-thumb over any time frame could be: 1⃣ $BTC Yield < -delta $BTC Rating = „inefficient use of capital“ 2⃣ $BTC Yield >= -delta $BTC Rating = "liability-neutral increase in shareholder value" Note that common equity shareholders have the lowest seniority in the capital structure and are exposed the most risk with a falling $BTC Rating. Also note that $BTC Rating can fluctuate significantly with the varying performance of #bitcoin. Nonetheless, more efficient usage of funds and the underlying bitcoins - via lending, options writing etc - will clearly be reflected in higher $BTC Yield and higher $BTC Rating over time. Remember: It's not an art to increase debt and other non-common equity liabilities to acquire more #bitcoins to maximize $BTC Yield. The efficient use of capital is what separates the wheat from the chaff. I am convinced that those BTCTCs will do well during the next bear market and beyond that combine 𝗰𝗼𝗻𝘃𝗶𝗰𝘁𝗶𝗼𝗻 (maximize $BTC Yield) with 𝗰𝗼𝗻𝘀𝗲𝗿𝘃𝗮𝘁𝗶𝘀𝗺 (maximize $BTC Rating). BTCTCs can be a great investment. But you should know your risks and know what you own. BTCTCs are significantly more risky than direct #bitcoin investments and are a complete different asset class. As always DYOR. NFA. Hope you found these insights helpful. Follow me 👉 @Andre_Dragosch for more institutional #bitcoin & #macro insights. Stay humble and stack Sats, André

Bessent buying $6B of Treasuries to bring down the yield curve

In a matter of days: - Bitcoin privacy - USDT on Bitcoin - Bitcoin LN agentic payments