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How Morgan Stanley Courted Dodgy Customers to Build a Wealth-Management Empire - The Wall Street Journal apple.news/ADDq7yUkRTdWrw…
Meanwhile, effectively zero bitcoin transactions in the real economy. Seems it has found its use case…..
BITSANITY: Let's try $70b in volume today for The Bitcoin Industrial Complex, crushing yesterday's record.. About $50b of that was from $MSTR and its 2x friends (all of which dropped records). $IBIT no slouch tho at $5b, its second biggest day ever. $MSTZ w its first $1b day.
Everyone going to yell but this is the exact same trade that @saylor is doing....selling $MSTR and buying $BTC. Citron creating their own "BTC Yield"
$MSTR - CITRON RESEARCH- WHILE CITRON REMAINS BULLISH ON BITCOIN, WE’VE HEDGED WITH A SHORT MICROSTRATEGY POSITION
MicroStrategy is operating a magical bitcoin buying machine and using some very unusual math wsj.com/finance/invest… by @JonathanWeil $MSTR
If you did a $100b offering at $500/shr and purchased BTC at $94k, your (silly) BTC Yield YTD would be approx 235%, but the BTC NAV/share would only rise from $121 to $287/shr. In fact, even if you did a trillion+, you could never get back to $500. @saylor comment?
Year to date, $MSTR's treasury operations delivered a BTC Yield of 41.8%, providing a net benefit of ~79,130 BTC to our shareholders. This equates to ~246 BTC per day, acquired without the cost, energy consumption, or capital expenditures typically associated with Bitcoin mining.
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