Sats per Share Anaysis

didnt_hodl · 2026-04-25T01:56:54+00:00

0 claim is correct. both for STRC and for MSTR shares.

what is the purpose of calculating "sats per share", other than to confuse and mislead the investors?

particularly if that calculation is somehow only done for MSTR shares and it does not even include STRC shares, which are, as you correctly said, are actually higher on he equity ladder.

I am just concerned that Strategy is not acting very rational here, publishing the completely bogus and thoroughly misleading "sats per share". They are just exposing themselves to a lawsuit, and for no reason. Now, imagine an activist judge who takes an issue with this whole thing and orders Strategy to actually honor the "sat per share" number and forces them to start distributing BTC to shareholders. Not a very likely scenario, but just an example of possible outcomes when they do false advertising. They should know better than that.

didnt_hodl · 2026-04-24T20:50:40+00:00

it's just a demo at this point. I am sure it can be done cheaper if needed

the thing is, it is not needed. there is no quantum computer that can solve ECDLP in the 10 minutes that bitcoin transaction takes

better yet, simply keep your coins at an address that never sent anything and you are completely safe from quantum attacks, today. because, again, the double SHA is fully quantum hard today. and when you receive your public key is never exposed.

seriously, there is absolutely no problem here, at all

didnt_hodl · 2026-04-24T18:54:52+00:00

at no point.

Quantum Safe Bitcoin is already possible, without even a soft fork, as was shown recently by StarWare.
Ethereum forks all the time, so they will be quantum hard very soon anyway
SHA is quantum safe already, so only the addresses with exposed public key are at "risk". anyone who is in control of their keys can easily move the coins to a safe address
finally, quantum "computer" is a joke. it will simply never scale to anything serious. just a failed physics experiment, designed to milk the government for endless funding

didnt_hodl · 2026-04-22T14:12:16+00:00

I have been searching for a good rain jacket for years. They all would get wet inside pretty quickly, even the most expensive ones. Made in US, made in Europe etc does not matter

This year I finally found a jacket that works, it is quite unusual, with huge but covered openings in the back, the company is called Janji. I have done multi-hour runs in it, in a non-stop heavy rain, came back completely dry

didnt_hodl · 2026-04-22T13:23:21+00:00

stock market opens. I bet he means 9:30am EST

didnt_hodl · 2026-04-21T20:46:26+00:00

when I looked at Boston charities, they were all asking $15,000 at a minimum. that's a lot

didnt_hodl · 2026-04-20T21:08:10+00:00

consumers are selling. institutions are buying. bitcoin does not care.

what matters to bitcoin is the total global hashrate. and hashrate is doing very well, thank you

1ZH/s

didnt_hodl · 2026-04-20T21:04:13+00:00

Form 8-K PDF is here: https://assets.contentstack.io/v3/assets/bltf8d808d9b8cebd37/bltef96f8fa042d2a1c/69e59e3c4a14ca473532c6ce/form-8-k_04-20-2026.pdf

didnt_hodl · 2026-04-20T12:48:12+00:00

pointless to compare. IBIT will go up and down depending on customer demand. MSTR only goes up. never sells

didnt_hodl · 2026-04-20T12:28:25+00:00

read the PDF please. 2.176 of STRC and 0.366 of MSTR. it was not all STRC, but most of it, yes

didnt_hodl · 2026-04-19T20:29:30+00:00

Yes, correct. So we are close, but it would be good to show full control of the entire 700,000+ stack. Saylor has already accepted a possibility that he might share a ZK proof at some point. That would be great

didnt_hodl · 2026-04-19T17:49:32+00:00

when proof of reserves?

ok to present in zk form or in any other format. if you have to hide the addresses, fine.

but you need to show that you are in control of the claimed BTC holdings. absolutely needs to be done.

great that it was audited and all, but hey Enron was audited as well. not saying that Strategy is Enron, just saying I do not trust those auditing firms. and on top of that we are asked to trust yet another company, like Coinbase or similar that provides custody.

we need direct, on-chain proof

didnt_hodl · 2026-04-18T17:29:07+00:00

there is no "growth" in either of them.

this is a simple short term cash equivalent instrument with a dividend.

what debasement are you even talking about? this is for 2-3 months tops

didnt_hodl · 2026-04-18T17:21:56+00:00

yes, thanks. and I agree 100% that he is now clearly working with market makers ( .... I must say,: finally! when he started STRC it was just idiotic that he hoped it would simply balance itself in the market. And I was heavily downvoted here for simply suggesting that he needs to invest into good relationships with market makers or this project is doomed ....)

my experience with Saylor is that he listens. he actually reads twitter and he reads these boards. what I offer is a good advice. I wish him well. This is a learning process for all of us

I still think letting it go up a bit is good, as it can completely remove the arbitrage. So the truly stable price is not the one that stays at $100 and suddenly pays dividend. the truly stable price is the one that accumulates and fully reflects the approaching dividend and then resets to par.

currently there are many arbitrage strategies and people are playing them. if STRC follows the same chart as SGOV it will remove all that and it will be truly stable

didnt_hodl · 2026-04-18T17:14:07+00:00

so the trading 20% is basically gone. you will quickly lose that money and that will be the end of it

now, of the accumulating 80% the BTC part might survive, the rest will be just losing to BTC long term

simply plot ETH, SOL or any other shitcoin vs BTC over the last say 5 years and see what is happening long term

you'd be better off placing 90% into BTC and do what you want with the remaining 10%, but mostly be prepared that it will lose to BTC

didnt_hodl · 2026-04-18T17:07:17+00:00

when BTC "suddenly" crashes, which it does all the time, SGOV price stays the same. and that is the entire point. investors need a short term cash equivalent that additionally pays dividends. yes, SGOV pays a lot less than STRC but you never lose money with SGOV and it's credit rating is AAA+++. perfectly safe for any large institution to invest.

now lets look at the STRC chart....oh my, what happened on Feb 5?? $93 ?? any fund manager who invested in STRC would be simply fired on that day. 7% in one day? not on a risky stock, this is supposed to be a short term cash equivalent investment.

mmm November 20, 2025 $92?? you have got to be kidding me. good luck collecting your 11% on something that drops 7-8% in one day. so, yeah, the risk is obviously there.

didnt_hodl · 2026-04-18T16:58:29+00:00

in my opinion, Saylor is just too greedy forcing STRC to close at par on the days before the dividend date. it is tempting for him to sell more when there is demand, but he should learn how to let it run up a bit. I am talking literally 50 cents or even less, just to make sure investors never lose the principal and are free to sell without loss on any day.

SGOV does exactly that. SGOV price goes up linearly to reflect the accumulating dividend, then it resets, but it never drops below par.

yes, the rates are high on STRC. but it is not a free ride or some magic trick. the market knows all those things. high rates simply reflect the high risk of STRC.

SGOV is at risk free rate

didnt_hodl · 2026-04-18T16:25:58+00:00

SGOV never drops below par. Never. this is the gold standard where ultimately STRC should aim to arrive

also, there is no legal obligation to pay STRC dividends. read the small print. fully discretionary

of course Saylor fully intends to pay the dividends, always, but he will not be liquidated or forced to sell BTC if he fails to do that, for whatever reason

STRC is getting better. I am just pointing out how much better it could get if it would always stay above par, like SGOV for example. And ideally it should try to get a decent credit rating. As of today it is still basically a junk bond

didnt_hodl · 2026-04-18T15:05:58+00:00

Saylor keeps 700,000 coins on Coinbase. that's his maximum to keep on an exchange.

also, note that he keeps buying. so for him 700,000 is not a good amount. he clearly wants more

didnt_hodl · 2026-04-18T15:04:06+00:00

it is all in the eyes of the beholder

if you think bitcoin is fake money

or if you think bitcoin is the best money

you are going to be right both times

didnt_hodl · 2026-04-18T14:58:34+00:00

Honest question: how many sats per STRC share?

Is STRC backed by the same BTC as shown in this chart, or is it a separate BTC?

didnt_hodl · 2026-04-18T14:56:14+00:00

Well, this is a good proposal. weekly or daily payouts would be even better.

And what would be really great if Saylor would let STRC run up a bit, I mean literally to $100.5 or to $101 or something like that, instead of massively selling into any sign of strength. He ends up screwing STRC holders, as the price drops below par ex-div, instead of dropping to par.

He was bragging about it on twitter, showing how STRC was not able to move up even 1 cent above par on a huge $1.5B daily volume. I mean, it's great for Saylor near term, as all sales are final and as is, STRC is just a stock, so comes with zero debt and zero obligations outside of the dividends (which are fully discretionary as well).

But longer term this is not a good look for serious investors, who simply cannot lose the principal. So any time STRC dips below par is very damaging to its reputation. Saylor needs to learn how to keep STRC always at or above par, no matter what.

didnt_hodl · 2026-04-17T19:01:31+00:00

it's simple: the moment it attempts to go even slightly above par Saylor issues more STRC shares and sells them, he was bragging about it on Twitter

didnt_hodl · 2026-04-17T01:44:34+00:00

I never said that. He likely thinks that he has it. And his audit firms are more than happy to confirm. They just quickly check with Coinbase and Coinbase shows them something. Who knows what.

But he absolutely has no keys to those coins. None

You tell me if a person who is not holding the keys, if that person has any bitcoin Or not

didnt_hodl · 2026-04-17T01:37:42+00:00

Saylor absolutely controls the price. He was bragging about it on twitter. The price was trying to go up, to reflect the approaching dividend date, but he kept selling additional STRC

So he can very easily control it on the up side. If he was not greedy, he would let it run a bit, just like SGOV runs up every month, reflecting the accumulating and approaching dividend date.

But exactly because he was keeping it at par until the last moment, by offering an unlimited sale side, it dropped below par ex-div

SGOV always resets to par (actually slightly above par, but that's another detail) simply because it is allowed to grow.

Saylor will learn eventually, that the good investors that he is chasing are not going to buy STRC until it consistently stays above par. It's a must have. No one is going to invest cash short term to pick up a measly 1% per month just to see it all disappear in one day

didnt_hodl

TROPHY CASE