Novacula Occami @OccamiCrypto

Tether didn't make $1.5B of "net operating profit" in the 2Q as their press release proclaims. THEY LOST $4.2 billion - it's right there in their attestation But they didn't want to make that obvious so they shifted to the "liar, liar, pants of fire" school of disclosure. For years Tether's "profit" reported in their release was the sum of their interest income on their treasury portfolio and their mark to market (mostly BTC and Gold) on their other reserve assets. Not this quarter. That would have been inconvenient. What they have decided to do is only include the interest they earn from their Treasury portfolio as "operating profit." Mark to market on BTC, Gold and other assets....that's no longer "operating" and thus not included in the headline of the press release. But it's in the attestation. The "change in net equity" on page 1 of the financial report shows this. Looking back at Q1, the "net financial result" in "net change in equity" was a positive $1.040 billion. However, in 2Q the 1H26 "net financial result" was a loss of $3.171 billion. That means Tether's Q2 financial results was a loss of $4.2 billion. But that makes for a bad headline for a company that tried to sell a slug of their equity at a $500B valuation, and failed. But that's also the benefit of being unaudited....no bothersome independent accountant looking over your shoulder when preparing public "financials". @tether tether.io/news/tether-po…

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$STRC , Saylor's dream "digital credit instrument" just keeps struggling despite the Strategy twitter army constantly describing it as the perfect retirement asset (yeah, right) From upping the STRC ATM from the original $4.2B in July '25 to a new eyepopping $21 billion STRC ATM back in March, upping the yield, @saylor is now trying a buyback (of $25M STRC). It's great corporate finance 101 to buy back pref equity at a discount...but it again shows MSTR's capital alchemy dream keeps failing to produce any BTC gold.

Another DAT bites the dust. Shares in Satsuma are down a mere 99% from their June '25 peak

BitcoinTreasuries.NET @BTCtreasuries

2 weeks ago

JUST IN: Shareholders of Mark Moss-backed British #Bitcoin treasury company Satsuma Technology ($SATS) have voted to sell all of its remaining 668 BTC, return capital to shareholders, and shut down the company.

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And then there’s the empty walk in closet background?? I never figured that one out! 🤣

4 minute plus video from @jackmallers to describe fundamental disagreements with the Board leading to his departure. But 3 minutes of this video is him touting is BTC maximalism. No mention of the 92% plus drop in XXI shares from their peak while he was CEO. Did he take any responsibility for being a public company CEO and failing in a key part of that job which is creating shareholder value....nah? But investors who bought his b.s. were naive. Consider the XXI's latest income statement literally has zero revenues. Just 1.3M of interest expense and an $848M mark down on its BTC. Not a business model. Just a confidence scheme.

Jack Mallers @jackmallers

2 weeks ago

I've decided to step down as CEO of Twenty One. This wasn't an easy decision, but it was the right one. This experience brought tremendous clarity about who I am and what I want to build. My life's work remains Bitcoin. My Bitcoin company is @Strike. The work continues.

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The orange-pilled MSTR faithful love @saylor's invented "digital credit" platform. The truth is, nothing @MicroStrategy is doing is "digital credit" STRC and the other prefs are just that, preferred equity. Not credit and certainly not "digital" credit as they have zero claim on Strategy's assets. The more interesting question is why @saylor doesn't create a BTC-backed digital credit product. He prefers to mislead and tweet about it, but not actually do it.

Zaid 🟧 @zaidlikesmstr

2 weeks ago

$MSTR I believe Phong’s interview with Bloomberg this afternoon gave us one of the clearest previews yet of what to expect heading into the July 30th earnings call. Three things stood out to me. 1. The USD Reserve still has room to grow. During the interview, Phong mentioned

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And exactly how does this help the shareholders? It will distract the MSTR zombie faithful, but do f#ck all to help MSTR’s underperformance. More flooding the zone with irrelevant 💩

Phong Le @phongle

3 weeks ago

Introducing the Bitcoin Bank Adoption Index. Adoption of Bitcoin and the related digital asset ecosystem across major banks and financial institutions is accelerating, but still early at 32%. Methodology and updates to follow. Institutions with questions, corrections, or

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Just under half of billion dollars of incremental dilution for MSTR common holders last week. All to build cash reserves to fund the pref coupons and prep for the converts that will likely be put back (the first $1B is puttable by investors Sept of next year) And the favorite pref STRC isn't coming to the rescue as it is still trading well below par at 87, despite the coupon boost to 12%. MSTR's market cap is just 67% of its BTC holdings. That's a pretty massive discount and it tells you the market is expecting dilutive common issue to continue and remain a headwind.

Wu Blockchain @WuBlockchain

3 weeks ago

Strategy Sells $466.7M in MSTR Shares, Makes No Bitcoin Purchases According to a July 13 SEC filing, Strategy sold 4.82 million MSTR shares for $466.7 million in net proceeds between July 6 and July 12. The company made no Bitcoin purchases during the week, leaving its

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Tether's CIO to sell a 1.26% stake in Tether. The sale is reportedly being coordinated by PJT Partners - a top-tier boutique investment bank. One thing for certain, it won't be at a $500B valuation, which Tether tried to get and failed. bloomberg.com/news/articles/…

@saylor announcing the sale of $216M BTC to fund his dividends won't be the last. It's an other example of common holders of $MSTR transferring value to pref holders (currently running at an annual dividend obligation of $1.7B). The WSJ highlights the math trap they're in...

The Wall Street Journal @WSJ

4 weeks ago

Heard on the Street: Strategy, the bitcoin-hoarding company led by Michael Saylor, is caught in a math trap of its own making on.wsj.com/3T0xAKo

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Tether’s reporting is sketchy as it doesn’t comply with basic accounting principles. But you have to believe that both BDO and Cantor are criminally conspiring to commit fraud on behalf of Tether if you thinks it’s all made up. Cantor and Howard Lutnick wouldn’t lift a finger for Tether if they weren’t making shit tons of money off Paolo and team.

With 2Q now in the rear view mirror, time to ponder Tether's results. Survey says - "Record Loss" Their 1Q Attestation disclosed risk positions including: - $19.8B of Gold - $6.6B of BTC - $3.4B of "public equities" with "indirect gold, BTC and other exposure." Gold and BTC are both down ~14% in Q2 and the public equities (we have no detail) likely were down to given the gold and BTC exposure they hinted at. If they didn't change these positions, then they'll have a mark-to-market loss of ~3.7B on the gold and BTC. Add in whatever the equities did and you're probably looking at something close to $4B of MTM loss. That will more than offset the ~$1.4B they probably earned off their Treasury/Money Market holdings. #Tether

The Coinbase/Circle "partnership" is perhaps the most interesting aspect of the Open USD consortium that was announced this morning. $COIN has a sweetheart deal (in perpetuity) with $CRCL with COIN earning the majority of USDC's revenues (and with a higher margins on those same revenues than Circle can produce). Yet rather than defend that deal, @brian_armstrong has decided to go all in on Open USD and compete with USDC while also benefitting from it. Maybe it's a strategic hedge, but it's flipping the middle finger at Circle (or at a minimum not showing huge confidence). What we do know is tdhe COIN/CRCL relationship isn't going to improve after this....🍿🍿🍿🍿🍿

Brian Armstrong @brian_armstrong

a month ago

Excited to advance the adoption of stablecoins! Let’s update the financial system.

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Well, yesterday's $MSTR's pop from the ostentatiously named "Digital Capital Framework" didn't last very long. The problem for Strategy is shoring up the balance sheet and liquidity (rational steps by the Board) by planning to sell BTC immediately pressures BTC's price given the outsized role Strategy plays in perceptions around BTC. It's like two drunks leaning on each other to keep standing...

The Open USD will be an interesting test of the resiliency of an existing stablecoin's network effect. USDT and USDC continue to dominate because their competitive advantage is circulation. Sharing more yield, which is the thesis many are citing around Open USD, has been tried time and time again. It hasn't worked. Just ask Tether, who dominate stablecoin circulation and share zero revenues. The more interesting thing about Open USD is the financial behemoths behind it. Circle and Tether have the circulation, but Stripe, Visa, Mastercard have all the heft to drive volumes through Open USD.....let's see if they do. Whatever happens, it's not going to be quick.

Open Standard @openstandard

a month ago

Introducing Open USD: a stablecoin built for the internet economy, designed by the businesses growing it. joinopenstandard.com/blog/introduci…

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@saylor describes $STRC as uniquely attractive digital capital and the engine of MSTR's ability to buy more BTC But it's just a preferred equity - and the preferred market relies not on tweets but assessments of risk and cash flow. And the $STRC price action is telling you that assessment isn't looking very good.

All the ongoing debates around will MSTR blow up or not really miss the point. The only question that should be asked is does owning MSTR outperform just owning BTC or a BTC ETF. That outperformance worked when #MSTR was had a mNAV premium (on a common basis) to BTC. That's hasn't been the case since Nov of last year, and #MSTR has underperformed ever since. And saddling the company with $1.7B of annual dividends that can only be met by selling common, further makes any dream of outperformance just that...a dream

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Parker @TheOtherParker_

a month ago

What a day for $STRC. When it rains it pours. When panic is setting in, it helps to revisit the fundamentals of why you made the investment in the first place. The main thing to focus on is that STRC is designed as a "bend, not break" instrument. Or, better yet, a "Stretch, not

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Let's recap on @MicroStrategy as I've not posted in a while - #MSTR is down 70% in the last year, underperforming BTC by ~3800bps ~ #MSTR market cap of $39.3B is at a 27% discount to its BTC holdings ~@saylor continues to issue common to pay his preferred dividends, but his $1.4B "USD Reserve" covers less than 10 months of dividends ~his #STRC is trading at 89.....and again, people, pref investors like cash flow/dividend coverage If you love BTC, own BTC. If you want to underperform BTC, own #MSTR -- @saylor will thank you for it

When you spend six months trying to sell a couple percent of your Tether equity at a ridiculous $500b valuation with Cantor and can’t….. You shift to hawking your stock to retail with some shitty little investment bank nobody has heard of…..

Cory 🦢 Real Bitcoin @ Swan.com @CorySwan

4 months ago

Top 6 Questions for @tether at tonight's investor pitch in Miami: 1) Why does Tether pretend Paolo @paoloardoino runs the company, when Giancarlo Devasini controls it unilaterally? 2) Is this a growth round, or a liquidity event for insiders? Whose shares are being sold and

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@BitcoinJuicy Yep. @saylor has issued about 9x more $MSTR common that STRC. MSTR still trades at a discount to its BTC. If you love BTC, own it. Not MSTR