We bought 26 MSTR shares this week. New Totals MSTR: 4,402 (+26) STRK: 500 Thank you for your support. BitStrategy Team

When SATA was at 10-20% of STRC volume, we warned that if Saylor continues promoting Strive, we will see SATA volume continue to climb relative to STRC. The reason was not complicated. Saylor has 5.2 million followers. STRC and SATA are majority retail owned products. If Saylor posts about Strive products… Retail will buy Strive products. We asked at what point we should begin to be worried. When SATA is 40% of STRC dollar volume? 50%, maybe? 60%? We didn’t receive an answer. Not only was our question ignored, it was indirectly mocked and condemned. We now see SATA at 71% of STRC organic volume (once we strip out the buybacks). Seventy-one percent. We’ve seen the industry shrink week after week, while being told multiple issuers is essential to grow the industry. Even die hard supporters of management, like Zaid, an influential Canadian analyst, are now admitting they feel some disappointment when they look at the data. We get the coopetition hypothesis (we really do), but does the evidence thus far support it? Did Strategy anticipate the falling STRC volume as we approach par? Did Strategy anticipate that they would need to ramp buy backs as we approach par? If so, why were we told the opposite? Was the plan really to take once step back, to later take two steps forward? How much ground do we need to concede before enough is enough? The definition of insanity is to keep doing the same thing, while expecting a different result. Strategy are expecting volume to pick up once we hit par, despite volume dropping off as we approach par. If we wanted hope, we’d buy Bitcoin. We don’t want hope. We want Strategy.

We are at the middle of the Digital Credit ecosystem. And we're quite important in that there are companies who've built on top of us. There are people who have put their careers, and their livelihoods, and their family, you know, on top of us. Not just owning our equity, but literally have built companies on top of us. We have to think about all the different constituents when we make decisions. Phong Le President & CEO Strategy $MSTR

We are all on Team Strategy. $MSTR

Here's how the data looks if we take the period from May 26 instead. This was the week following Saylor's announcement that SATA was the most interesting story in Bitcoin and the material reduction in Strategy's cash reserve. This was before the major STRC price dislocation and ongoing recovery to par. As you can see, it tells a very different story to the data presented by Adrian from True North (a Strive subsidiary), which uses a longer period and therefore paints a more favorable picture for STRC.

In my view, the main analytical error is a failure to distinguish between 1) the product and 2) the distribution. Analysis tends to focus on the product, as though all market participants are aware of both products, their relative features and benefits, and are somewhat well informed. This thinking is a derivation of the Efficient Market Hypothesis which assumes all information is “priced in”. My analysis focuses on distribution. You can have the best product in the world, if no one hears about it, they won’t buy it. The distribution advantage of having Saylor / Strategy tell their investor base that the Strive structure is “optimal” or that SATA is the “most interesting” story in Bitcoin cannot be overstated. If Saylor thinks the competitor structure is optimal, why would a rational investor choose to invest in a sub-optimal structure?

Some things are above Saylor’s pay grade.

The first million is the hardest.

Bitcoin is the Strategy. B I T Strategy. BitStrategy.

We bought 7 MSTR shares and 20 STRK shares this week. New Totals MSTR: 4,200 (+7) STRK: 500 (+20) Thank you for your support. BitStrategy Team

We bought 28 MSTR shares this week. New Totals MSTR: 4,193 (+28) STRK: 480 Thank you for your support. BitStrategy Team

Strategy and Strive management claim STRC and SATA are not in competition with each other The market does not agree. If you fill up your shelf with Pepsi, don’t be surprised when you can’t sell as many Cokes.