Just finished the @saylor case study topic update.
13 chapters now and growing with time when something happens ^^
the unbiased "truth", both sides, source checked and referenced.
ch 12 maps the full capital stack @Strategy (5 preferreds, $1.12B/yr cash burden, 33% amplification ratio).
ch 13 walks the $10M endgame, the $70B capital path to 1M BTC, and 15 voices across bulls + bears + data analysts β each one primary-sourced, nothing paraphrased at scale.
section 6 is the one i wanted to write for a while.
Michael Saylor lands in Bitcoin history as one of two things:
-the man who legitimized
#bitcoin for institutions,
or
-the man who front-ran its accumulation from the individuals bitcoin was originally designed for.
Either way, the mechanical effect is the same.
~40% of MSTR common shareholders are retail. ~80% of STRC is retail (per @coinbureau ).
The people Bitcoin was built for didn't disappear, but the wholecoiner idea pretty much did.
Much of their demand got routed through MSTR/STRC β leveraged proxy β instead of direct spot BTC.
The quiet 21-year accumulation window got compressed by years.
no moral judgment. structural observation.
Bitcoin doesn't care about motive; the ledger records effect, not intent.
The good and the bad, both honest:
The corporate treasury framework he pioneered will outlive him = real contribution.
The accumulation compression for individuals = real cost. both true at once.
bulls and bears side by side. Every quote is attributed. Every number re-derived from SEC EDGAR and strategy .com. all numbers in the topic are set to auto update, to maintain accuracy.
The topic itself is a perpetual one that will grow with addenda.
Now, it's 40 minutes read π
You make of it is yours.
"Table of Contents :
1-The Most Costly Tweet in History
2-The Rise and Fall of a Dot-Com King
3-Twenty Years in the Wilderness
4-The Melting Ice Cube
5-250 Million Reasons
6-The Bitcoin Acquisition Machine
7-The Playbook
8-The Ripple Effect
9-The Bear Case
10-The Long Game
11-The Machine Under Pressure
12-The Full Stack (April 2026)
13-The Endgame (April 2026)
https://youbuybitcoin.com/education/saylor-case-studyπ 40 minute read time, the good and the bad