RT Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat)🧵1/On DAT* and BTC/ETH Treasuries*post has consent from @saylorCASE STUDY: $MSTR created the template for crypto treasury.- since 2020 start of $BTC strategy, @MicroStrategy- stock gain from $13 to $455QUESTION?How much is due to BTC rise vs treasury strategy$BMNR @BitMNR ...

Cryptocurrency Market - Microstrategy ($MSTR) sets the standard for treasuries [1] - BMNR aims to become the Microstrategy of Ethereum ($ETH) [1] Company Strategy - Michael Saylor is mentioned in relation to Microstrategy ($MSTR) [1]

Company Performance - MicroStrategy (MSTR) closed at $451.34, down 1% from the previous trading session, underperforming the S&P 500 which gained 0.54% [1] - Over the past month, MicroStrategy's shares increased by 23.54%, outperforming the Computer and Technology sector's gain of 5.77% and the S&P 500's gain of 4.2% [1] Upcoming Earnings - The upcoming earnings report for MicroStrategy is scheduled for July 31, 2025, with an expected EPS of -$0.12, representing an 84.21% improvement from the prior-year quarter [2] - Revenue is projected to be $112.15 million, reflecting a 0.64% increase from the prior-year quarter [2] Fiscal Year Estimates - For the entire fiscal year, the Zacks Consensus Estimates predict an EPS of -$15.73 and revenue of $466.5 million, indicating changes of -134.08% and +0.66% respectively from the previous year [3] - Recent adjustments to analyst estimates are important as they reflect near-term business trends, with positive revisions indicating a favorable business outlook [3][4] Valuation Metrics - MicroStrategy's current Forward P/E ratio is 62.45, which is a premium compared to the industry average Forward P/E of 26.54 [6] - The Computer - Software industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 33, placing it in the top 14% of over 250 industries [6] Zacks Rank - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks MicroStrategy at 3 (Hold) [5] - The consensus EPS projection for MicroStrategy has remained stagnant over the past 30 days [5]

Bitcoin Strategy & Corporate Finance - Discusses the first priority as Director of Bitcoin Strategy [1] - Explores a new theory of Bitcoin corporate finance [1] - Suggests copying MSTR's approach, arguing it benefits everyone [1] Bitcoin vs Traditional Assets - Compares long-term Compound Annual Growth Rate (CAGR) for Bitcoin vs S&P 500 [1] - Argues Bitcoin has fewer risks than stocks [1] - Positions Bitcoin as a global index with no counterparty risk [1] Bitcoin Adoption & Capital - Explores why Bitcoin companies magnetize capital [1] - Discusses unlocking passive capital for Bitcoin [1] - Examines which companies should adopt Bitcoin and which won't [1] Credit & Financial Instruments - Discusses structuring credit and BTC Ratings [1] - Explores why MSTR is going all-in on preferreds [1] - Argues preferreds are better than convertibles [1]

Core Insights - Bitcoin prices have reached new highs, prompting TD Cowen analyst Lance Vitanza to raise the price target for MicroStrategy shares to $680 from $590, highlighting the company's competitive cost of capital advantage [1][2] Company Overview - MicroStrategy has strategically utilized a diverse range of securities to fund its Bitcoin acquisitions, currently holding over 600,000 bitcoins valued at more than $70 billion [2] - The company has resumed Bitcoin purchases as prices continue to rise [2] Market Trends - The bullish outlook from TD Cowen is based on expectations of ongoing Bitcoin price increases and MicroStrategy's aggressive Bitcoin accumulation strategy [3] - Bitcoin recently reached an all-time high of $123,000, driven by strong inflows into Bitcoin ETFs, although it has slightly dipped to $120,437.06 [3] Stock Performance - MicroStrategy shares have increased approximately 54% year-to-date, reflecting heightened investor confidence in its crypto-centric strategy [4] - Prior to the price target increase, the average price target for MicroStrategy was $534.77, with forecasts ranging from $175.00 to $650.00, representing a 23.05% increase from the last closing price of $434.58 [4] - The stock surged by 3.1% on July 15, 2025 [4] ETFs Related to MicroStrategy - T-Rex 2X Long MSTR Daily Target ETF (MSTU) aims for 200% of the daily performance of MSTR, charging 105 bps in fees [6] - Grayscale Bitcoin Adopters ETF (BCOR) includes MSTR stock at 21.34% and charges 59 bps in fees [7] - First Trust SkyBridge Crypto Industry & Digital Economy ETF (CRPT) has MSTR stock at 20.49% and charges 85 bps in fees [8] - Bitwise Bitcoin Standard Corporations ETF (OWNB) includes MSTR stock at 19.19% and charges 85 bps in fees [9]

Core Viewpoint - The emergence of new Bitcoin treasury companies aims to replicate the success of Strategy, which has significantly outperformed Bitcoin in recent years [1][2]. Group 1: Performance Comparison - Strategy's stock has increased by 50% this year, while Bitcoin has risen by 30% [2]. - Over the past five years, Strategy has surged by 3,422%, compared to Bitcoin's increase of 940% [5]. - The performance gap suggests that investing in companies like Strategy could potentially accelerate wealth accumulation [2][5]. Group 2: Investment Strategy - Companies like Strategy utilize a combination of debt and leverage to achieve higher returns than Bitcoin [8]. - The current market conditions, including a rising Bitcoin price and relatively low interest rates, favor this leveraged investment approach [9][10]. - The ability to raise capital for further Bitcoin purchases is contingent on the continued appreciation of Bitcoin's price [11]. Group 3: Market Sentiment and Risks - There is a growing concern that the influx of capital into Bitcoin treasury companies may indicate a bubble, as many new companies are rapidly emerging to invest in Bitcoin [12]. - Some companies with struggling business models are pivoting to become hybrid Bitcoin treasury companies, driven by shareholder pressure [14]. - Analysts have drawn parallels between the current Bitcoin mania and the dot-com bubble, highlighting potential risks in the market [15]. Group 4: Investment Considerations - Investors are advised to be cautious when considering investments in Bitcoin treasury companies, emphasizing the importance of understanding associated risks [16]. - Companies with strong cash reserves and minimal debt are viewed as more favorable investments in this volatile market [16]. - While short-term investments in treasury companies may yield quick returns, holding Bitcoin directly is suggested as a more stable long-term strategy [17].

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Strategy Incorporated (NASDAQ:MSTR) due to a class action complaint alleging breaches of fiduciary duties by the board of directors during the specified class period [1][2]. Group 1: Legal Investigation - The law firm is encouraging long-term stockholders of Strategy who suffered losses between April 30, 2024, and April 4, 2025, to discuss their legal rights [1]. - A class action complaint was filed on May 16, 2025, concerning the alleged misleading statements made by the company's management regarding its business and operations [2]. Group 2: Allegations Against Management - The complaint claims that the anticipated profitability of Strategy's bitcoin-focused investment strategy was overstated [2]. - It is alleged that the risks associated with bitcoin's volatility and potential losses on digital assets were understated, leading to materially false and misleading public statements [2]. Group 3: Contact Information - Long-term stockholders with information or questions regarding the claims can contact the law firm directly via phone or email [3][6].

Cryptocurrency Trading - A new MSTR/USDT v4 pool is available on Uniswap for 24/7/365 trading [1] - The pool facilitates the trading of MSTR, potentially MicroStrategy stock, against USDT (Tether) [1]

$MSTR just closed at an all-time high market cap. https://t.co/2MtLBczzzu ...

Core Viewpoint - Tidal Investments LLC has announced a halt on the STKd 100% MSTR & 100% COIN ETF (Ticker: APED) to reassess the accuracy of its Net Asset Values (NAVs) for July 15, 2025, resulting in a restatement of the NAV from $31.66 per share to $37.47 per share [1] Group 1 - Tidal Investments LLC is evaluating the accuracy of the NAVs published for the APED ETF [1] - The NAV for APED was restated significantly, indicating a change of approximately 18.5% from the original value [1]