$Strategy(MSTR)$ BTC.XMSTR's execution of its business model changes has been spot on, a textbook case. As Bitcoin moves, they adapt.

First, they were selling convertible debt, most of which converted to stock. The remaining $6.7b is far out of the money. They've retired a lot through preferred sales, which reduces the threat.

Second, they sold a pile of preferreds and used the proceeds to buy back debt and acquire more coins, even as Bitcoin fell further.

Third, the new plan addresses retiring common shares and preferreds at huge discounts to the coin's value. It's not necessarily the plan they wanted, but it's classic capital structure management.

It's all textbook, nothing new, but the speed of their adaptation is remarkable, in my view. I've seen hedge funds help firms with this kind of thing, and most management teams were clueless, only caring about their own stock holdings rather than the firm's future.

That's why I'm impressed with this team. Adam Aron is another super sharp capital manager. We have an 8-bagger on AMC bonds, and I appreciate his work.