It’s been a whirlwind few days.  In my most optimistic projections, I was hoping to have every seat filled by August 15th when we do our public launch of the platform. I even thought “well we can always call it the Founding 20 if no one wants it.” Well we are currently at 90 seats filled.  There are only 10 spots left.  If you want to try a frictionless way to hire sign up here:  waitlist.pavago.co As a Founding 100 member, all we are asking is that you give us feedback, complete 1 hire in the first 90 days and help us change hiring for everyone.  In exchange, you get half off hiring forever and 2x referral fees to help spread the word. I have hired hundreds of people personally and our recruitment has helped hundreds of companies hire hundreds more.  Hiring sucks.  Candidates hate job searches, Businesses hate finding candidates. It has been exactly the same for 30 years.  No changes.  We are going to fix that. @HirePavago going to make it better for everyone. We want your help.

This is cool.

Taxation is theft. Inflation is theft. Inflation is taxation.

20M down, 1M to go.

I cross the border with more than 70k in bitcoin regularly😎

The US should announce the seizure of the Satoshi wallets. They’d have their 1M BTC and they could keep the “keys” at Fort Knox with the “gold”

That’s some pretty hard coping. What an utter lack of self-awareness. You were wrong and you said something dumb, just admit it and move on.

Give me some tokenized STRC and USDT can get f*cked.

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

The amount of electricity required to mine a single bitcoin is enough to drive a Tesla Model 3…. 3,200,000 miles 🤯

So STRC pretty much makes savings accounts obsolete… STRF and STRD and making sovereign debt obsolete… I wonder what Strategy is going to make obsolete next? MSTR isn’t the GOAT because they have the biggest stack, it’s the GOAT because they have the most diverse toolbox.

CBDC’s will be the final nail in the coffin for central banks. They are digging their own graves.

Will all of people complaining about MSTR price movement go ahead and sell their shares already? I will be happy to take them off of your hands at a lower price point.

**Bitcoin’s Scarcity Rewires Your Mind** Bitcoin’s fixed supply of 21 million coins isn’t just a rule—it’s a mindset shift. In a fiat world, abundance is the default: central banks print money, inflating your savings away at 7-10% annually. Bitcoin forces you to think in terms of scarcity, where every satoshi matters. This rewires how you value time, labor, and wealth. Saving becomes strategic; spending becomes deliberate. Volatility, far from a flaw, is the market grappling with an asset that can’t be diluted. As Bitcoin’s absorption rate grows, it’s not just wealth it’s capturing—its minds. People are waking up to a system that respects their effort, not one that punishes it. The question is whether you’ll let Bitcoin reframe your financial reality or keep chasing a currency that’s designed to evaporate. Are you ready to think scarce, or stay trapped in fiat’s abundance illusion?

At what scale will $MSTY start to have challenges with the size of the options market of $MSTR? We can’t all roll our distributions in forever without the numbers getting a little weird.

**Bitcoin’s Volatility is Freedom’s Price** Bitcoin’s price swings—sometimes 20% in a week—scare off the timid. But volatility isn’t a bug; it’s the price of freedom. As the most liquid asset, tradable 24/7/365 with a fixed supply of 21 million coins, Bitcoin’s market reflects raw demand in a world of manipulated currencies. Fiat’s “stability” comes from central banks printing money to smooth crashes, diluting your savings at 7-10% annually. Bitcoin refuses that compromise. Its volatility is the market discovering an asset that can’t be inflated or controlled. As adoption grows, swings may lessen, but the truth won’t: Bitcoin’s value lies in its sovereignty. Its absorption rate is pulling in those who see past the noise. The question isn’t whether Bitcoin is too volatile—it’s whether you value freedom enough to endure the ride. Are you stacking sats for the long haul, or chasing fiat’s false calm?

It must be opposites day. $MSTY

Trust in fiat is eroding—central banks print money to cover debts, diluting your savings at 7-10% per year. Governments freeze accounts to enforce compliance. Bitcoin offers money you can trust. Its fixed supply of 21 million coins is enforced by a decentralized network, immune to manipulation. Its blockchain ensures every transaction is verifiable, with no middleman to betray you. This trust isn’t blind—it’s built on code, math, and incentives. Bitcoin’s volatility, often criticized, is just the market pricing an asset that can’t be faked. As fiat’s promises crumble under $300 trillion in global debt, Bitcoin’s absorption rate surges, pulling in those who seek reliability. The question isn’t whether Bitcoin is trustworthy—it’s whether you’re ready to trust a system that doesn’t require your faith. Are you stacking sats to secure your future, or betting on fiat’s empty vows?