MSTR Today: Michael Saylor’s Bitcoin Warning, Don’t Miss This

Añadido: 2026-05-23

[00:00:01]Welcome to MSTR today in the Treasury Titans. Nothing in this video is financial advice, but it's JLD here. It is Saturday. It is May 23rd. Happy Memorial Day weekend to those who celebrate. And Michael Saylor wants us to brave the dragon. And I will be honest, it feels like a fire-breathing dragon is after us right now. I was just complaining yesterday about how we were stuck between 761 and 779 for what seemed like weeks and weeks and weeks. Well, now that we're in the 74s, I kind of feel like 76,100 sounds pretty nice. But again, we're not traders. We are holders. We are long-term hodlers. This price action means little in the long term. Of course, it doesn't feel good day-to-day.

[00:00:50]Nobody wants this kind of price action, but it is the reality. It is the volatility. We'll be getting into that in a little bit here because there's, believe it or not, some good things going on. And Michael Saylor wants us to know that the most interesting story in Bitcoin right now is the rise of Saylor in the credit markets and the embrace of ASST by the equity capital markets. Both are being embraced. Both are on the rise, and I am glad that I am a shareholder of that Treasury Titan company known as Strive. And Chris says, "Strategy buying Bitcoin is no longer the interesting part about the MSTR thesis. The interesting part now is how efficiently Strategy can grow Bitcoin per share. Again, that's the focus.

[00:01:35]Strategy is always going to be accumulating Bitcoin. They will always be net accumulators. But now they're going to do what it what it takes to become increasers of Bitcoin yield. That is the focus. Is this increasing Bitcoin yield? Is this increasing the MSTR MSTR shareholders' um Bitcoins per share? And guess what? We will be seeing some Bitcoin being sold in the future if Bitcoin price action turns against us because it will make the most sense for Michael Saylor to do that, for Phong Le to do that because again, it is just math.

[00:02:09]Moving on to Phong Le who wants us to know that in 10 months stretch stretch went from zero to 10.5 billion in market cap, more than doubling the size of the second largest preferred in the world. And I mean, stretch is the largest traded preferred in the world, and it's not even close.

[00:02:27]Look at Wells Fargo, a distant second.

[00:02:29]And this um absolute differentiator in size here of these two candles is going to continue to increase until you just see these little green slivers in the future. And this light blue is going to absolutely be a skyscraper of magnitudes. In fact, they're going to have to start stop showing charts like this cuz it's just not going to make sense because stretch is going to be so much bigger than every other one. And actually, I can't wait for the day for Saeta to be number two on this list.

[00:03:00]That's coming. Um you know, listen, stretch did not do a ton in volume in the first six or seven months. It's been in the last two or three months that things have absolutely taken off, and the same thing is going to happen with Saeta, especially if Bitcoin can just uh cooperate for once. Goodness. James says, "Seeing people give up all over this timeline the third bear market, and nothing changes with human greed and behavior. You just have people refreshing, refreshing, refreshing, being terrified." And guess what? I know it can be scary to see your {quote} net worth decrease, to see the dollars in your bank account and your investment accounts go down. I get that. But at the end of the day, if you believe in the thesis, if you understand the thesis, you just ride this out like we've ridden out everything else. And Adam says, "If you get Saeta at price going down, you are a high time preference little rat."

[00:03:55]Bitcoin's 2-year moving average year-by-year, look at this. And this is These are all pluses, except for one minus. So, when I don't say plus, I mean plus. It's 1,300% 240% 10% 6% 442% 154% 29% 24% 216% 29% Here's the one negative, 2023 -25%.

[00:04:18]Of course, that was in the wake of FTX collapse and all the other crazy collapses. 2024 +66% 2025 +77% One negative year in a decade and a half.

[00:04:30]The volatility is the toll. Up into the right is the road. And you just look at this 2-year moving average. Look at This is going all the way from 2012.

[00:04:41]Tell me, what does it look like is happening?

[00:04:44]Up into the right. Are there times where it plateaus a little bit? Maybe dips for a couple seconds, but then guess what?

[00:04:52]It's on the rise. Okay, now it kind of plateaus off a little bit.

[00:04:56]Going to go ahead and skip forward here, cuz you know, we understand where this is going. Up into the right. Happy, happy days. Let's go. Okay, let's move on over to Dan Held, who says, "MSTR and ASST will perform at multiples of Bitcoin over the next 15 years."

[00:05:13]The Bitcoin bottom was 60K. Strategy as the Bank of England's. ASST is 150 to 200X with a 2.6X Bitcoin per share the current implication over 15 years.

[00:05:24]MSTR's 150X with a 2.2X Bitcoin per share current implication over the next 15 years.

[00:05:30]Pre-market trading on shares ex-dividend dates when all the selling happens. Lots of say to pre-market trade volume. And this is an 18-minute video by Dan. Those are the highlights. I highly recommend a listen if you so choose. Joe says, "Bitcoin was available at 7,500 until it wasn't. Bitcoin is available at 75,000 until it won't be. Bitcoin will be available at $750,000 until it won't be and we'll all be around for those days, believe me. Uh Ragnar says Theta raised 250 Bitcoin today volume at almost 40 million, which is very impressive. Four more trading days to go until the last monthly ex-dividend day and look at this, four more days of this kind of accumulation, good for you, Theta. Very cool, very very cool. And Dan wants us to know that the market is giving a premium to AST for increasing amplification means that there's demand for leverage Bitcoin exposure. People want amplified Bitcoin. People want leveraged Bitcoin exposure. The market has spoken. Now we just sit back and let the market thesis play out and we have a great clip from Michael Saylor coming up when we get back from thanking our sponsor. Enjoy your weekend, my friends.

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[00:09:14]All right, this next question comes from Jerry. If strategy sells Bitcoin to fund stretch distributions, does that shift the tax treatment from return of capital to ordinary income since the gains would be realized?

[00:09:30]The short answer on that is no.

[00:09:32]We stated that we're going to be able to have rock dividends for stretch and for all of our preferreds for the foreseeable future likely the next 10 years.

[00:09:44]The reason selling Bitcoin doesn't result in a threat to that or it is primarily because we have cost bases of Bitcoin everywhere from $10,000 to $125,000.

[00:10:02]So we're able to sell Bitcoin at a high cost basis and take a tax loss which we can keep on our balance sheet for a while.

[00:10:13]That's positive and it doesn't affect our rock dividends.

[00:10:17]Well, since I know decisions could be made second to second, you probably want to pay dividends as quickly as possible and a couple folks asked if you could react to strives announcement of the daily dividends. And then can you walk us through what shareholders are being asked to vote on specifically with strategy and why semi-monthly is the right move right now? Why can't it be daily?

[00:10:39]Um I'm really excited and impressed by what strive has accomplished. I'm I'm thrilled to see them bringing a daily dividend digital credit instrument to market. Um I'm also impressed at how rapidly they did it. I think it's it's quite an extraordinary thing for the space.

[00:10:58]Um I believe it's actually great for them.

[00:11:03]It's great for the digital credit space.

[00:11:05]It's great for Bitcoin. It's it's great for us that they're able to bring that instrument to market. It's obviously working very very well right now.

[00:11:14]They've been sitting around par for the for the last week or so and so that it's working in the market. Um I don't feel like we need to steal their thunder. I actually wouldn't mind seeing them get 10x bigger than they are right now as they actually uh use um use SEDA as the engine to drive growth at Strive.

[00:11:42]And uh you know, I think we're all in a cooperative relationship there. We um we're a Delaware company, they're a Nevada company. Uh we have different corporate governance requirements um than they have. We're also 100x bigger in terms of scale. And so I think it behooves us uh to move forward deliberately. And right now for us going from monthly to semi-monthly is a bold and I thought think a very progressive step. I think that that uh that will play out over the course of the next 4 weeks. We have a shareholder vote coming up in early June.

[00:12:23]I think that will dramatically improve the performance of STRC.

[00:12:28]Um once we've gotten to semi-monthly, then I think the market will have a daily credit instrument from Strive and a semi-monthly credit instrument from Strategy.

[00:12:40]I think it's it's quite possible that the market will benefit by having the two different frequencies. Um I'm humble enough to know what I don't know and I'm I'm looking forward to seeing how the market trades STRC, how it trades SEDA. If uh if both of them reach their full potential, that's great.

[00:13:04]Um we'll watch that performance and and over time if it turns out that there's overwhelming demand from our own shareholders to go to daily, then that's something we'll consider. But I don't really think that we need uh to copy what they've done. I almost would rather have them be the only instrument in the world doing that because that's insanely good publicity for them, insanely good publicity for digital credit, and and for those people that absolutely need that, that's that's going to be a great a great market expanding innovation.

[00:13:44]What's the second best? There is no second best.