MSTR Today: Saylor's Bitcoin Accumulation Plan: The Marathon Continues

0:00Disney Plus wants to know, are you ready? Yeah! For Marvel Studios Thunderbolts, the new Avengers, now streaming on Disney Plus. Let's do this. One of the best Marvel movies of all time is now streaming on Disney Plus. Hey, you weren't listening to me. I said Thunderbolts, the new Avengers, is now streaming on Disney Plus. Meet the new Avengers. That's cool, then. Marvel Studios Thunderbolts, the new Avengers, rated PG-13. Now streaming on, you guessed it, Disney Plus. It's March 1st, JLD here. And welcome to MSTR today in the Treasury Titans. Nothing in this video is financial advice. But listen, Michael Sailor is here for the long haul. He is here for the marathon. He is here for 21 million Bitcoin. He wants all of them. Of course, we'll never get all of them, because a lot of them are lost and locked up in Satoshi's Wallet. But you get the picture. He is number 21 for a reason. Michael Sailor is a long-term thinker.

1:00And by the way, the mode is already built. The game is already one. We're just waiting for the thesis to play out. And by the way, I did wait around to see if Michael Sailor gave a dot-day announcement. He definitely bought some Bitcoin last week because the stretch ATM did go burr a little bit. Probably wasn't much, but we'll see. But nothing happens by this time. So I figured I got to get the video out because I know a lot of you are looking for great content as you're going for your walks or your runs or your drives or whatever. So thank you again for your comments, for your likes. They're all very meaningful as we continue to, I would just say, crab through these crabby times, which is this sideways market we're in. Although, I mean, come on, how bullish is it that we had a war breakouts in the Middle East. And Bitcoin did drop a few percent, but then immediately recovered. And as we're speaking today, it's actually at 66,000 in change. You got up to 68,000 last night. We'll see what happens this coming week.

2:00But to me, man, looking pretty good for a weekend situation. And Michael Sailor says stretch dividend rate increased by 25 bips to 11.5 for March of 2026. And again, I call this yesterday and the day before I said, he is going to make this announcement. That is my thoughts. That is my belief because what Michael Sailor wants is to keep raising this 0.25 bips every single month until stretch goes burr for at least 10 to 15 to eventually, hopefully, 20 trading days every single month. That's the goal. And believe me, he's going to keep on raising raise until we get there. Rob says, we are about to witness the most epic short squeeze off one of the most, most oversold, excessive fear positions in Bitcoin's history. Rob, I agree with you 100%. Let's go. And Brian says, hire. My guess is stretch tops out at 12 to 13% before the Bitcoin bear market ends. And I think so too. Like I think he's going to keep raising it over the next few months because there's just opportunity that's being lost.

3:03And there's opportunity cost. Every single day, the stretch ATM is not burying at 100 to 150 to 200 million in volume. The stretch should be burying. The stretch ATM should be burying every single day possible. So Michael seller, his keger, his base case is 30% Bitcoin. That's, you know, over the next 10 years. So guess what? What's 11% to 12% to 13% these are all rounding errors. We just want the stretch ATM to go burr. Hunter says, people are going to be stunned this year. The world's largest institutions and corporates are coming fully into crypto buckle up. And this is from the Bitcoin magazine who said, Justin Morgan suddenly applies for national trust big charter to allow the Wall Street bank to custody Bitcoin and crypto assets. And that's from Bloomberg. Mike says March through mid July. So guess what? March 1st. Happy March everybody. So we're March March through mid July is setting up to be one of the most bullish periods for risk assets of this cycle. And possibly one of the most bullish periods in our lifetimes.

4:03I want this to be true. I believe this could be true. You know, Mike Alfred is the permabull. He is the ultimate bull. But he's also a very sharp guy. So time will tell. I guess we'll see if Mike's right. I'm rooting for it. James says over the last 24 hours, Bitcoin is up on bad news. This environment is nothing like 2022. I think that's what happened in 2023 and 2024. Higher Joe says, my time horizon is 10 times longer than yours. And my volatility tolerance is 100 times higher than yours. I prefer my Bitcoin amplified in my income digital. We are not the same. And of course, he's referring to MSTR and stretch. Joe, your time horizon is not 10 times longer than mine. It's probably the same as mine because mine is basically forever. You know, maybe your tolerance to volatility is a little higher than mine. I mean, 100x is pretty crazy. Maybe you're two or three X. But we're pretty close, Joe. But you know, for most people, obviously, Joe is right. Rob says insane. With 10-year treasuries dropping and sub 4% yield,

5:06stretch is 7.5% greater than the risk rate. And it's return of capital dividends. So no, not capital gains. And guess what? Not paying taxes for the next 10 years. Defer taxes. Sailor is ruthless raising the dividend with stretch and closing the month of par. He doesn't want to stretch sometimes at par. He wants it there permanently. And that's what I'm saying this whole time. Michael still doesn't care that he's going to be paying 0.25%, 0.5%, 1% yield more. He wants people to be winning at the highest level. He wants to be taking all of their money, all their fiat, and turn in Bitcoin. That's what Michael still wants. He is ruthless. He sees the field clearly. And Joe says, it's okay if you don't see it yet. But one day you will. And of course, what he's referring to is that this is the chart. But this is where we're going. 700,000 plus. Obviously, it's just a matter of when, not if. Rob says Bitcoin only down 1% on the Rammword development is striking pun intended. Sellers appear to be exhausted.

6:07It shows how little leverage is left in Bitcoin and shifted to hotlers. After five months of down only endless liquidations is anyone left to sell relief rallying sites, WDWT. What do you think? And by the way, at the time of me writing this, Bitcoin is actually up a little bit on the news, which is pretty nuts. So Chris says, literally what a time to be a lover now. You get front row seats to the greatest technological transformation in human history. Yes. Thank you, Michael Seller, turning Dirty Fiat into digital gold into Bitcoin. MSGR has now gone eight consecutive months with negative performance. Can you just say brutal, brutal, brutal, brutal? A one, a two, a three, a four, a five, a six, a seven, and eight. What's it going to look like for this stretch here? Only time will tell. But I think we're due for some green. What do you think? And by the way, we're due for some green. We're also due for a great clip from Michael Seller. As soon as we get back from thinking our sponsor.

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8:12and start building something amazing. Get more with Northwest registered agents at www.northwestregisteredagent.com, slash JLD free. And that takes us to the question of, well, what's the performance of this stuff anyway? Well, since the all-time high, four and a half months ago, Bitcoin's fallen 45%. That's the capital investment. If you're a capital investor, you got no dividends and you lost 45% of your wealth. Just wait for 10 years, you'll be fine. I'm okay with it, but your three-year-olds not okay with it. On the other hand, look at STRC, right? STRC is for everybody else. It's actually lost 0% of its value. It's paid 4.5% in dividends through a very bad big capital market drawdown. Since the beginning of the year, same story.

9:12STRC holds its value and pays a dividend, Bitcoin's down 25%. The people want this stuff? Well, it's trading 130X more liquid than the average preferred stock, and 1,000 times more liquid than the over-the-counter preferred. This is, in fact, the most successful, most liquid preferred stock, probably in the entire century. This is six months old, right? And I would love to tell you we know what we were doing, but what I just showed you was, we were running from risk, from credit risk, until we got to press, and then we were chasing after the ideal product until we got to stretch. And so at the end of our journey after trying 10 different things, we found the 11th thing, and then the market told us they liked this. We didn't know that they liked this. Stretch is seasoning. The health keeps improving. Here, what you can see is that each month that goes by, it spends more and more time in its target range. The volatility strips off.

10:14It holds its principal value much higher. And so what are we competing against here? You're competing against a multi-trillion-dollar universe of credit instruments. Most of them yield three, four percent. Most of them have long duration. The world of credit hasn't changed much in 50 years. You're trapped in the 20th century. Most credit instruments are created by issuers. Whose objective is to pay you the least amount they can with the worst tax treatment, right? When a conventional credit issuers use credit, they're keeping the tax benefit to themself. They're minimizing what they pay you. And the irony is when it's over the counter, it's illegal for you to buy it. Huh? Say that again. Most credit. It's manufactured to be awful, very taxed and efficient, and it's illegal for you to buy it. Why does that even happen? That's just the way the world was 30, 40, 50 years ago. What we've done is flipped it's on his head.

11:16And our view is, well, we actually want to pay you the highest possible dividend, make it tax deferred, and make it easy for you to buy it, right? That is the credit revolution. So why do you have to wait 10 years to find out if you could pay back? I mean, you strip the duration down to a much shorter amount, increase the dividend, and then make it easy for the individual. So what's the tax equivalent yield on this? If you're a company, well, let's just start with the number. It's 11.3%. If you're a company, that's the same as getting paid 14.3% because you don't have to pay corporate income tax on this. If you're an individual in Miami, and you are able to defer the 37% federal income tax rate, it's like a tax equivalent yield of almost 18%. How does it compare to everything else? Well, you can see it's anywhere from 50% to four times better than all the other credit in the world, right?

12:19The next best thing is like private credit, which is sort of illiquid, and it's half as good for a taxpayer, and it's 60% as good for a non-tax payer just on the basis of yield. What if you're lucky enough to be an individual living in New York City? Okay, digital credit is like a bank, the page you 23.3%. If you live in San Francisco, it's like a bank account, the page you 22.6%. Okay, so as you can see, this is four or five times better. Okay, what else did we discover? Well, when you create an instrument like this, it's return a capital, it means that you collect a dividend, you defer the tax on the dividend, you reduce your basis in the instrument, and after 10 years, you've reduced your basis from $100 down to zero. If then you die and pass this on to your heir, they get a step up in the basis,

13:19and it steps up to $100, and they can start the same depreciation again. So you actually get the benefit of shielding your 10 years of dividends, and then your heir gets to shield another 10 years of dividends. Now, I'm not suggesting that you run this on 10-year cycles. But what I am suggesting, more to the point is the difference between investing $100 in a T-bill and holding at 20 years, versus investing $100 in stretch and giving it to your heir and them holding at 20 years, is at the end of the 20 years, your heir has $922 of stretch, and their income each year is a hundred bucks, versus $3.75. You literally have 25 times as much income after 20 years. If you're interested in generational wealth transfer, this is an incredibly powerful vehicle, right? It's so powerful, it kind of makes you sick

14:20to think you might pursue the alternative. And if you're a company, you can see that your choices collect 3.6% from a money market, or the equivalent of a digital bank, the page of 17% in New York City. What's the second best? There is no second best.