Bitcoin Magazine Podcast ANALYSIS: MSTR Q3 Earnings Call | The "BTC Refinery" Model
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Nov 4, 2025 Dive into the Q3 earnings of a leading Bitcoin treasury company and discover the significance of their new "BTC Refinery Model". The hosts break down a surprising dividend increase to 10.5% amid economic changes, exploring its implications for investors. They clarify key concepts like leverage versus amplification and dive into the firm's credit rating by S&P. The discussion also touches on how macro trends could shape Bitcoin's future and Saylor's lofty vision for a digital credit franchise.
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Volatility Is Reallocated, Not Eliminated
- MicroStrategy converted Bitcoin volatility into tailored credit products that reallocate volatility to common equity.
- The company strips volatility into perpetual preferreds to offer fixed-like yields while the equity captures upside risk.
Experiment Before You Scale Preferreds
- Run measured marketing experiments to find high-ROI channels before scaling preferred offerings.
- Optimize customer acquisition cost for preferred investors like a SaaS growth funnel.
Preferreds Offer Certainty, Equity Gets Amplification
- Perpetual preferreds provide stated yields and lower volatility for investors seeking certainty.
- Equity investors still receive amplified volatility and potential upside as the products damp risk.