* MSTR Substack Directory *
2/16/21 - Re: MSTR-GOAT or Goat?
Re: MSTR-GOAT or Goat?
Here is a compilation of early Tweets I wrote about MSTR levering up to buy BTC: 2/16/21:Kaoboy Musings is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. I know the Lord of Cyber Hornets is a genius, but at some point I predict that someone is going BK by levering up to buy a hyper-be…
4/23/21 - Re: MSTR-A Real Options Analysis.
Re: MSTR-A Real Options Analysis.
Some definitions first. In this debate, I differentiate REAL options from FINANCIAL options in this way: capital structure confers real optionality on a firm’s enterprise value, whereas financial options are the equity derivatives we all know and love.
4/29/21 - Re: MSTR-More Real Options Thoughts.
Re: MSTR-More Real Options Thoughts.
Here is the question: If the bond investor is “short a put” and the equity investor is “long a call," isn’t the company/issuer “long a put” and “short the call"? Technically, the answer is “Yes,” but practically speaking, the company is 99.9% incentivized the same way as investors.
5/19/21 - Re: MSTR-Painting Targets & The Negative Gamma Cascade.
Re: MSTR-Painting Targets & The Negative Gamma Cascade.
Quoth he his AM: Except as a steward of publicly traded company along with a board of directors charged with the same fiduciary duties to shareholders/creditors, the decision to HODL a 100%+ vol asset might be wrested out of his hands at the most inopportune moment.
1/30/22 - Re: $BTC/Oil/USD/$MSTR-Tying It All Together & The “Ummwut” Umwelt.
Re: BTC/Oil/USD/MSTR-Tying It All Together & The “Ummwut” Umwelt.
Last year I got captivated by octopuses (these things happen) and read several books on cephalopod consciousness, and an interesting word caught my eye: “Umwelt.” “Umwelt”: “the world as it is experienced by a particular organism.” For instance, it is hard for us vertebrates to envisage the umwelt of an octopus that has invertebrate, distributed intellig…
5/3/22 - Re: MSTR-The Tail Wagging The BTC Dog?
Re: MSTR-The Tail Wagging The BTC Dog?
MSTR just reported Q1'22. Here’s an updated capital structure: Debt: Silvergate SOFR+3.7% due 3/23/25 -- $205 mm Senior Secured 6.125% due 6/15/28 -- $500 mm Convert 0.75% due 12/15/25 -- $650 mm Convert 0% due 2/15/27 -- $1050 mm TEV: Total Debt -- $2405 mm
5/16/22 - Re: BTC/Crypto: The Beginning of the End of the Liquidity Lottery.
Re: $BTC/Crypto: The Beginning of the End of the Liquidity Lottery.
I’ve already written at length about BTC/Crypto valuation in several threads. You can find a directory of them here:
11/2/22 - Re: MSTR-Capital Structure Update.
Re: MSTR-Capital Structure Update.
Here’s an updated capital structure: Debt: Silvergate SOFR+3.7% due 3/23/25 -- $205 mm Senior Secured 6.125% due 6/15/28 -- $489 mm Convert 0.75% due 12/15/25 -- $640 mm Convert 0% due 2/15/27 -- $1032 mm Other — $11 mm
Good call here...
https://www.cnbc.com/2023/12/26/microstrategys-bitcoin-bet-produces-300percent-gain-for-investors-in-2023.html