MSTR's Q2 Earnings: A Bitcoin Milestone

• MicroStrategy’s new Stretch preferred equity product raised $2.5B—5x oversubscribed—marking the largest U.S. equity IPO in 2025 so far
• Stretch offers a 9% yield, targeting fixed-income investors, and positions MicroStrategy to tap into trillions in money market capital
• Discussion of the growing trend of Bitcoin Treasury companies, with over 160 firms now holding BTC on their balance sheets
• Alex and John caution investors to treat Bitcoin-related equities as high-risk—spot Bitcoin should remain the core holding
• Ray Dalio now recommends a 15% allocation to Bitcoin or gold, signaling growing institutional acceptance of Bitcoin as digital gold
• The IMF’s energy FUD was debunked, with Daniel Batten and Lynn Alden praised for educating on Bitcoin’s use of stranded/wasted energy
• U.S. government reaffirms the right to self-custody Bitcoin; however, progress on establishing a strategic Bitcoin reserve remains stalled
• Coinbase quietly added 2,500 BTC in Q2—its largest quarterly accumulation yet—but is still criticized for its crypto-first strategy
• Galaxy Digital’s $9B sale of 80K BTC had limited impact, showing Bitcoin’s market depth and growing institutional demand
• Tucker Carlson’s discussion of central banks funding perpetual war is a sign Bitcoin-aligned ideas are entering mainstream discourse

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