MSTR News: Not Bullish, But Far Less Bearish Than the Market Reaction

Discussed in today’s video:

• Today’s move was sparked by macro drivers (yields, JPY rally, risk lower) but amplified by concerns tied to MSTR and increasingly skittish bulls.
• MSTR shifted its narrative by openly entertaining BTC sales for the first time, something previously viewed as off-limits, even though it was always implicitly possible given their collateralization framework.
• Despite this apparent willingness to sell BTC, investors seem to be overreacting, considering the company has already raised roughly 21 months of preferred dividends.
• What concerns me more is the return of the “low upside beta, high downside beta” dynamic, coupled with BTC getting rejected as forcefully as it did near a key level.
• The good news is that today had the makings of a possible MSTR capitulation.

Tickers in this video: BTC 0.37% MSTR -1.93%