Strategy Sold 32 Bitcoin. Strive Bought 2,000+

追加: 2026-06-02

[00:00:00]The last two weeks were so successful for Saylor. Maybe the 2,000 plus Bitcoin that they bought last last week through Saylor alone. If they added some common stock ATM to that, it will be more. Also crazy how it's trading today. We're we're taping this on the ex-dividend date of Saylor and the the price is almost back to par already, which is super impressive, especially as today we see Bitcoin is tanking.

[00:00:27]ASST is tanking. The whole market is tanking, but Saylor is almost back up to par the day of ex-dividend. It's it's crazy to see and it really shows that this daily dividend announcement made it made a big difference for for that product and probably will continue to be be successful. And just to put in perspective, if really they bought 2,000 Bitcoin or more, that's more than 10% of their total stack in in a week.

[00:00:55]>> How many shares are you sitting on right now?

[00:00:58]>> Hello everyone and welcome to One Chain.

[00:01:01]None of what you will hear is financial advice and this podcast is for entertainment and educational purposes only.

[00:01:09]So today we don't have any Bitcoin buys to discuss from strategy, but there is a lot to talk about because we actually have the first sale of Bitcoin from strategy in a very long time. The first time since 2022. They announced that last week they sold 32 Bitcoin.

[00:01:28]Which is 0.0038% of their total stack.

[00:01:34]So basically nothing, but the way the Bitcoin bears and the market is interpreting it is is not nothing at all.

[00:01:43]>> Yeah, it's quite crazy that we're talking about such a small amount and every single bear that you can think of Jim Cramer, Peter Schiff and many others came out and said, "Oh, strategy is now selling." Although Saylor already mentioned it in in their quarterly earnings that they would be selling, right? And I think everybody expected a a much bigger sale than than 32 Bitcoin. So, so yeah, quite quite interesting the dynamics right now on X.

[00:02:12]>> Yeah, I think the reactions are super interesting, but also also telling, right? Because it seems to be there is there seems to be a lot of confusion out there. There's also a lot of questions being asked on X, why did they sell, right? And if you if you follow the the company a bit, if you listen to their earnings call, uh I mean, they announced it uh weeks in advance that that's exactly what they would be doing, right? The one the thing that surprises me is how little they sold, but uh they they probably as as Saylor put it, want to inoculate the market, right? To show that they are willing to sell Bitcoin. I mean, those 2.5 million that they raised this uh it was basically insignificant, right?

[00:02:56]So, also just last week they at the same time that they raised those 2.5 million by selling Bitcoin, they also raised 128 million issuing the common stock, right?

[00:03:06]So, so you can see it's it's on a such a small scale and it's more of a sign that the company is giving that, "Hey, look, we we are willing to to sell Bitcoin."

[00:03:15]And yeah, it it looks like nobody understands it or at least that the bears are very happy to to report on it and uh say, "I told you so." But it's actually uh Saylor that told them that he was going to sell. So, I don't understand the the confusion here and uh yeah, I think it will be interesting to see how it continues. Is that was that it or are they going to continue to to sell Bitcoin? Because one thing that surprised me over the last weeks is that the way they retired their convertible notes, right? They they paid back 1.38 billion worth of their 2028 converts and they use their cash reserve to do that.

[00:03:56]And which means they don't have a lot of runway now with on on on their cash to pay or to potentially pay the the the dividends on the preferred. So the preferred theoretically got got a bit more risky. I'm not sure they should keep it there because we also see that the STR C has not been performing very well here over the last weeks. I don't know if it's just a market sentiment in general or say to success or or what it is but probably the the lower cash reserves don't help there, right? So I could see them selling more Bitcoin to to refill their cash reserves. I don't know if if that will happen but basically that those 32 Bitcoin are insignificant and it's just uh them giving a sign to the market that they're willing to sell and and that's it for now.

[00:04:45]>> Yeah, no those are are good points and I mean we see basically that since the the reserve got drained to to buy back these uh convertible notes that um the preferreds have been trading at a lower uh price, right? So so definitely the market is is uh looking at it and uh just coming back again to to all the people that are exactly coming uh and pointing out to the the the sale. I I just think in general there's a lot of of still misconceptions. There's a lot of people that do not do um all the research that they should and they're just talking uh without having all the the the proper facts and and knowledge on on strategy just in general.

[00:05:27]So so yeah it's it's still a very misunderstood stock in my opinion. And uh STR C is also interesting, right?

[00:05:34]Because it hasn't traded at par for quite some time. And to that topic, right? Saylor and strategy have left the dividend unchanged so it still it still sits at 11 and a half percent dividend rate for S T R C which was also quite quite interesting.

[00:05:52]Yeah, I mean they're just implementing their own rules with keeping the the rate at 11 5 because the the V up was was in the target range. So it didn't didn't trigger a dividend rate increase even though many would like to to see the increase right because many are comparing S T R C to to say to say to say that 13% will go to daily dividends.

[00:06:17]So what can strategy do to make S T R C more and more attractive again? One way would be to increase the the interest rate right but they're basically just following the their own rule book and I think that's a good thing because it it shows to the market that they're actually doing what what they said that they would do and if they want to to raise it they should probably change their guidance first and maybe decide to increase it anyway. I think it will depend on the way it trades now going into the ex-dividend date mid of of the month. Because again if if they're able to raise a 2 billion dollars worth for the last couple of days before the ex-dividend date then it it's still a successful product. It's it's not necessarily trading at 100 for the whole month but it always gets back there and allows them to buy a lot of Bitcoin.

[00:07:06]So yeah, I think it will depend on how it trades now in the next two weeks especially now going into mid mid June and I'm I'm going to watch that closely because I could see a scenario where it does it's it's not as successful as the last few months and they're not able to raise a lot this month but let's see.

[00:07:26]That's the thing to watch over the the the next couple of weeks and although I think it's good that they followed their their guidance they they might need to to see if if if this guidance is the right thing right because potentially they they might have to to change this guidance if if SCRC doesn't get back to par or gets back to par, but they're not able to accumulate as much Bitcoin as they they could. And again, going back to to one thing that we mentioned in a in a previous episode is I don't think it's such a bad thing if they have to increase by 25 bips or 50 bips because when you think about the price that you're paying for all the Bitcoin that you would be able to get, I think it's a small price to pay at the end of the day, right? And to to just be able to accumulate so much more Bitcoin, especially at those prices. I would expect that they might change the guidance if if we see as you pointed out potentially a a month where um it's not as successful as they as we've seen in the past or as they would have hoped for.

[00:08:31]And uh and speaking of uh of SCRC, I think the the the other product that that we've been following through like uh Eagles is uh Theta from from Strive.

[00:08:43]And uh right now we don't have all the numbers on on last week's um Bitcoin accumulation from from Strive. But um one thing that was uh um estimated is that they could have bought about or just over 2,000 uh Bitcoin last week according to some uh trackers.

[00:09:04]And uh the other uh news that came out this morning was that they're going to be uh renewing their ATMs for both the the perpetual preferred share for uh 2.1 billion each. So, that's going to be also interesting to to see.

[00:09:25]>> Yeah, I think it's a great sign. It shows that they're confident that they will be able to issue a lot of uh of Theta and and AAS ST going in into the the the the rest of the year here.

[00:09:36]and it's uh it's showing, right? The the last 2 weeks were so successful for Seita.

[00:09:43]As you mentioned, maybe 2,000-plus Bitcoin that they bought last last week through Seita alone. If they added some common stock ATM to that, it it will be more.

[00:09:53]And uh it also crazy how it's trading today. We're we're taping this on the the day of ex-dividend date of Seita, and uh the uh the the price is almost back to par already.

[00:10:07]Uh which is uh which is super impressive, especially as today we see Bitcoin is tanking, uh ASST is tanking, the whole market is tanking, but Seita is almost back up to par the day of ex-dividend. So, uh yeah, it's uh it's crazy to see, and uh it really shows that this daily dividend uh announcement uh made it made a big difference for for that product, and probably will continue to be be successful. And uh just to put in this perspective, if really they bought 2,000 Bitcoin or more, uh that's more than 10% of their self-custody stack in in a week, right? So, it the scale is is crazy. The the way that they're able to accumulate Bitcoin right now is uh is just super impressive.

[00:10:53]And uh it also shows that uh the the reaction today of the market we don't know, right? Why Bitcoin is going down that much or or strategy is going down that much. Is it just following the overall market, or is it because of the the announcement of the the sale of 32 Bitcoin? We don't know that, right? But I assume part of it is this announcement because there's it it makes a lot of noise, uh right? On on X, we have Jim Cramer, we have uh Peter Schiff discussing it, and and Peter Schiff's talking about Bitcoin being in trouble, right? Because now the the biggest buyer is is gone.

[00:11:28]Uh they sold 32 Bitcoin. Yeah, 2 weeks ago they bought right? So uh they bought 500x what they sold this week and uh and ASST probably bought 50x what what Strategy sold, right? So it's yeah, it's just irrelevant and and it's crazy how how well Saita is is performing and and Strive is is doing.

[00:11:56]I think people are not ready for what Strive can can do.

[00:12:00]Uh I mean when you put it into perspective again and and you mentioned the the 10%. I mean basically we're seeing what Metaplanet did last year in my opinion in in some extent except that they're doing it not during a Bitcoin bull market, they're doing it while it's basically in a bear market or a a choppy market. Either way, it shouldn't be a a good catalyst for for these Bitcoin treasuries, but Strive is is proving the the reverse and and to some extent Strategy as well. They've been accumulating so so much Bitcoin this year and all of that again, not during a bull market. So so yeah, having having Strive uh gobble up this amount for their for their respective size is is quite quite amazing and yeah, I I would see a scenario within 1 year so by June 2027 when they potentially get close to 100,000 or even more at this rate, right? Because Saita is is really getting traction in one one hand, but also potentially we we might get to see um price appreciation on on Bitcoin eventually later this year or or hopefully early next year and and when that happens, I think Strive is is really going to um outperform all their peers meaning if a Metaplanet doesn't move by by then, they they might be left behind by by Strive actually. So so yeah, it's going to be interesting to see how how that evolves.

[00:13:30]>> Yeah, it makes you wonder, right? If they can be so successful in a bear market.

[00:13:35]Also with the last 2 weeks, right? Where Bitcoin has been going down again.

[00:13:40]>> Yeah, it's an interesting one to to watch. I think all eyes are on on Strike, by the way, right now. I mean, we we despite all the in in-fights between Bitcoiners and and and then there's the strategy maxis as well. I think there there is still a lot of eyes that are that are watching closely Strike because they've been the the story over the last month, basically, right? They they're the ones who have brought some pretty interesting innovation with the daily dividends and they've been executing flawlessly since the beginning of the year, right? With with all their achievements.

[00:14:17]>> Yeah, and maybe one more thing to to mention, I think it was in the Hurdle, right? That they they mentioned it in the last episode, is that you also need to look at upside scenarios, right? And and take that into account when you you make some investment decisions. And so the downside is being talked a lot, right? What if Bitcoin goes down 50% from here and what will happen and and we know that those companies, MSTR and SST, they they of course that their share price will will suffer a lot, but they they won't get liquidated. They won't get into into bigger troubles as long as Bitcoin comes back after that, right?

[00:14:56]So so we know the downside is it's kind of measurable in a way. And but what what happens to the upside? What if Bitcoin doubles from here, right? Because it's so successful already. And so yeah, something to think about as well.

[00:15:09]>> That's that's a very good point. I think they always point out to the the risks.

[00:15:14]And and one of the risks that that you see as a Bitcoiner and potential as well as a as a shareholder of Bitcoin Treasuries is is the the miss of of the opportunity of the upside, right? That's also a risk that you need to to factor in. It's very easily overlooked. So, so yeah, maybe that's something to keep in mind.

[00:15:33]All right. Then, on other news in the Bitcoin Treasury space, we had another two sellers uh in the last uh last few weeks. So, uh ProCap, Anthony Pompliano's uh company has sold 52 Bitcoin as well last week to repurchase uh 2 million shares at a 50% discount to NAV, right? So, that they are kind of playing the strategy that we've we've been talking about is selling Bitcoin to repurchase your share to increase your Bitcoin per share if you're well below book book value, right? What are your thoughts on on this one?

[00:16:08]>> Yeah, I mean, we haven't heard much from ProCap in in general. Interesting news coming out from them because yeah, there there hasn't been much going on and uh the the question now is whether the the narrative falls, right? Because that's something we've discussed quite a few times is obviously, it's mathematically it makes sense to to sell Bitcoin to buy buy buy back your shares at a discount.

[00:16:34]But then the the narrative to some extent also falls apart because you're not no longer accumulating Bitcoin.

[00:16:40]And uh obviously, probably Strategy is the only one again that is able to do this because they have so many levers, right? And uh even if they sale sell 32 Bitcoin potentially next week, they're back buying 20,000 or more Bitcoin.

[00:16:54]So, overall, it's it's fine.

[00:16:57]However, for the for ProCap, they they don't even have a product or anything like this. So, um what's to uh let the the rest of the uh shareholders keep dumping their their shares as soon as they see an increase of of price.

[00:17:12]And uh and then they would sell more Bitcoin. And then you have the basically the reverse flywheel, right? Where they're selling always more Bitcoin and then there's all always more shareholders selling their shares because this this is the price appreciation. So So yeah, I think it's a dangerous move, but I guess they they had to to try something.

[00:17:34]So yeah, let's see how how the next few weeks fares for for for ProShares and speaking of of sellers, I think we had a a second seller last week which was Sequence, right? They sold 456 Bitcoin and they also announced that they would drop the Bitcoin treasury strategy. So really leaving the the space there.

[00:17:58]And to be honest, I'm not surprised considering how how they've been doing it, right?

[00:18:02]They've been selling Bitcoin throughout the last few months. They had actually some some bad deals made in my opinion.

[00:18:10]And uh they they didn't have the conviction at the end of the day. So So clearly seen in their interactions. Interesting because they bought Bitcoin high and then they're selling low. So uh really not a good time to do, but it is what it is. Let's see how the the market reacts for for Sequence.

[00:18:31]Yeah, I think this is one of the the companies that started their Bitcoin treasury journey during the hype of last year trying to jump on on that that train and yeah, now getting off means that they didn't have a very high conviction in the first place, right? So Yeah, that's the the thing with bear market, right? It It weeds out the market participants that don't that don't have the highest conviction and you only have the the true believers remaining and this makes makes for a stronger base again.

[00:19:05]That's okay. The the Bitcoins that ProShares and Sequence sold are are being transferred to the diamond hands. Uh potentially strive is the one that bought them all. So, uh I think it overall it's uh it's a net positive for the for the space. And uh yeah, it's going to be interesting to see if there are more uh treasuries or ex-treasuries that come out saying that they they're giving up on on the playbook. So, uh so yeah, sequence probably the the first one here uh coming out with this decision. All right, this is all we had for you today on the Bitcoin treasury front. Uh still a lot a lot going on. Super interesting uh movements all over. And uh actually have a new favorite uh phrase from Brian Brookshire. Uh a tweet that that he put out a few days ago about Schrödinger's BTC.

[00:19:57]Uh basically explaining how hardcore Bitcoin believers, maximalists, uh who believe Bitcoin will be very successful and at the same time believe that uh companies like strategy won't be successful.

[00:20:10]Uh so yeah, that's uh I think it's it's an interesting way to look at it because I really um I mean I'm not saying I'm 100% convinced uh strategy will will be successful because obviously it depends on on Bitcoin.

[00:20:24]Right? But what I'm pretty sure about is if Bitcoin is successful, strategy will be as well.

[00:20:30]Yeah, that's uh that was a great tweet from uh from Brian. I think I also had a a good laugh.

[00:20:37]Um I think the the one thing that that would have for the the the Bitcoiners that think that strategy and the Bitcoin treasuries might fail is basically through these like long yeah, the long tail risks that remain, right? So, you're talking about custody risk in in general, counterparty risk, the confiscation of Bitcoin by by governments and and things like this.

[00:20:59]But I think the probability of these risks is is rather on the low side. And I think the the Bitcoiners that really do believe that strategy is going to fail because of that attribute too high probability to to these risks. And And that's the the only thing or angle I would see from coming from them where where that is true.

[00:21:20]So, to your point, I think if if Bitcoin is successful, I do believe strategy will be successful. And um >> [snorts] >> And the same goes for the the other Bitcoin treasuries that actually managed to to have a a successful product because at the end of the day as you pointed out at the beginning of the episode we're all Bitcoiners. We're all on the same team. It's just slightly different adoptions of how you adopt Bitcoin.

[00:21:44]And um whether you like it or not, Bitcoin is for everyone. I think instead of trying to fight each other, we should try to focus on on exactly If you If you want to see Bitcoiners self-custody adopt nodes, then that's how you should focus your energy.

[00:22:04]You shouldn't focus your energy on other Bitcoiners or or other kinds of Bitcoiners failing. It drives me a bit crazy to see um this kind of nonsense on X constantly. And And it's been um getting actually worse over the last couple of weeks.

[00:22:21]But uh coming back to the the the Bitcoin treasuries and and what we've talked about Strike specifically, I think and I I am extremely bullish when I see how uh Saylor has been has been trading uh lately and how how it's faring. Um again, I think it's a it's a it's a signal to how these products will trade in the future.

[00:22:44]And um how Strike Strategy and potentially MicroStrategy having those digital credits will be successful. Um I think this is just the beginning. So, uh I I hope everybody holds on to their seat because uh I think we're We're to have some wild rides ahead.

[00:23:02]And uh yeah, it's um um It's going to be super interesting to see tomorrow I think the numbers coming from Theta because that's again going to give you another point on on how things are going to be looking for potentially the rest of the year when we have the daily dividends come out for Theta. So I'm super excited that's coming in in about 15 days. I think we're going to have some some pretty cool surprises.

[00:23:24]And we have the shareholder vote coming up for stretch going to uh bi-monthly dividends, right? Which also might make the product more more successful here in in the short term because they would implement that quite quickly, right?

[00:23:41]And yeah, let's see tomorrow what what they say about this about Strive's buys. If they were able to hit the ATM on the common aggressively as well last week then they might buy 100 times more than a strategy sold. So let's see about that.

[00:24:00]Yeah, that's a good perspective to to have. And if you want to hear all about that, we'll be going live tomorrow on the bitcointreasuries.net account at 12:00 p.m. Eastern time we'll be with Tyler and Chase talking everything Bitcoin Treasuries related, so don't miss that. And last quick announcement, I'll also be going to Prague to the to the main event. So just feel free to to come and say hi or if you want to talk Bitcoin Treasuries, I'll be happy to talk uh Bitcoin Treasuries all day long with you guys.

[00:24:40]All right.

[00:24:41]That's all we had for you today. Thanks a lot for listening and see you on the next one.

[00:24:46]Bye-bye everybody. I'll see you next time.

[00:24:48]>> How many shares are you sitting on right now?