{"id":29407,"date":"2025-05-30T09:47:12","date_gmt":"2025-05-30T09:47:12","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=29407"},"modified":"2025-05-30T09:47:12","modified_gmt":"2025-05-30T09:47:12","slug":"michael-saylor-outlines-strategys-bear-market-playbook-at-bitcoin-vegas","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=29407","title":{"rendered":"Michael Saylor Outlines Strategy\u2019s Bear Market Playbook at Bitcoin Vegas"},"content":{"rendered":"<div>\n<p><strong><em>Disclaimer: The analyst who wrote this piece owns shares of Strategy (MSTR)<\/em><\/strong><\/p>\n<p>At the <a href=\"https:\/\/x.com\/BritishHodl\/status\/1928315005830832352\">Bitcoin conference in Las Vegas<\/a>, Strategy (MSTR) Executive Chairman Michael Saylor was asked how the company would respond if its multiple to net asset value (mNAV) fell below 1, as it did during the previous bear market. <\/p>\n<p>In response, Saylor drew an analogy to the Grayscale Bitcoin Trust (GBTC), stating, \u201cGBTC is a closed-end trust\u2026 a corporate entity that has no operational flexibility to manage its capital structure.\u201d <\/p>\n<p>He emphasized that unlike GBTC, Strategy is an operating business with the ability to take on debt and manage its capital dynamically. Saylor argued that \u201cfor any company to fall down to below 1 mNAV, the shareholders have lost faith in the management structure of the business.\u201d <\/p>\n<p>If Strategy\u2019s stock \u201cwent to $1 tomorrow,\u201d he said, the company would respond by selling its preferred stock or fixed income instruments STRK and STRF and use the proceeds to repurchase common stock, thereby recapitalizing the company.<\/p>\n<p>Highlighting the importance of flexibility, Saylor stated, \u201cTo create value, you need to create option value to generate as much optionality as possible. The more options, the greater the value.\u201d <\/p>\n<p>He concluded by asserting, \u201cThe thing that makes our company a monster is having multiple at-the-market offerings (ATMs) in multiple capital markets,\u201d underscoring Strategy\u2019s multi-channel access to liquidity and financial resilience.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The analyst who wrote this piece owns shares of Strategy (MSTR) At the Bitcoin conference in Las Vegas, Strategy (MSTR) Executive Chairman Michael Saylor was asked how the company would respond if its multiple to net asset value (mNAV) fell below 1, as it did during the previous bear market. In response, Saylor drew [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-29407","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/29407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29407"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/29407\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}