MSTR added 3,273 btc today - not likely to hit any headlines given the last couple of weeks, but it’s still approaching 0.5% increase and a huge amount if annualised at that level. Taken through the lens of the preference share tracker, this latest buy would extend the runway on the dividend coverage output, but makes no difference of course to the general prefs P/L, which in my view holds the ultimate destiny for the company. Bitcoin outperforms the prefs on a very long time frame, and MSTR wins hands down. If it fails to, the common equity bleeds, as shown over the last 12 months. For the tracker see - https://mstr.rip #mstr #strategy #saylor #strc

Keen to hear feedback on this MSTR / Strategy preference share tracker I’ve just created. https://mstr.rip It looks at the performance of MSTR’s prefs vs the Bitcoin they bought at the time of each issuance. Which of course is not the whole story as the Bitcoin is not tethered to it in any way, but over the long term it is surely key to equity performance to outperform the dividends. It allows you to adjust Bitcoin price, date and STRC interest rate to see outcomes. At present they are about $2.4bn down on pref issuance - which of course is reflected by the share price movement in last 12 months.

Thanks to for putting out an abridged version of my article on the BBC’s Moneybox “Understanding Crypto” episode, which can be seen here https://bitcoinpolicyuk.substack.com/p/the-bbcs-moneybox-understanding-crypto Original (much longer, with transcripts from the episode) can be seen at bitcoinactuary.co.uk