perry

perry

1,299 Twitter followers

Follow

When Reddit isn’t enough | Research @TheBlock__

Posts

🚨NEW: Drift Protocol exploit for $220M makes it the largest exploit on Solana and 10th largest so far

If all $21B in STRC is filled, Saylor is on the hook for an additional ~$2.415B/year in new incremental dividend obligation Plus the current ~$1B a year, the cash reserve would only cover 8 months of dividends

Strategy announces new $21 Billion $STRC ATM Program and new $21 Billion $MSTR ATM Program. https://strategy.com/press/strategy-announces-21-billion-strc-atm-program-and-21-billion-mstr-atm-program_03-23-2026…

For every $1 of $STRC ATM issuance, $MSTR gains $0.115/yr in perpetual dividend obligations The ATM funds itself but grows the burn MSTR's $2B cash reserve covers about 2y worth of dividends But dividends are also growing, ATM program still have 63% across equity and STRx twitter.com/perry8888_/status/...

Why does @MicroStrategy need so many instruments? Each targets a different risk profile: ▫️STRF/STRE → Senior Preferred. Lowest risk ▫️STRK/STRC → Mid Preferred. Yield play ▫️STRD → Junior Preferred. More risk and reward ▫️MSTR Common → Equity. Max convexity The complexity is the product. More instruments = more capital formation pathways = more BTC. twitter.com/perry8888_/status/...

Reminder that preferred dividends are the dominant cash drain (~$796M/yr) STRC alone consumes ~$391M/yr and is still growing All preferred yields come from cash that must be raised via MSTR ATM issuance or the cash reserve twitter.com/perry8888_/status/...

$MSTR Capital Structure Risk Map ■ Converts: $8.2B ■ Preferred: $7.7B = $15.9B total obligations ■ Annual cash burn: ~$831M twitter.com/perry8888_/status/...

1/ What is $STRC and how it fuels the $MSTR rocket 🧵 With mNAV is compressed, Saylor found a way to raise money without diluting shareholders twitter.com/perry8888_/status/...

🚨NEW: Canada pilots bond issuance onchain. I remember when they were talking about this literally a DECADE ago "Samara built on findings from the BoC’s Jasper project, launched in 2016" We're still so early

Q4 had 231 deals totaling $7.3B DeFi and Crypto Financial Services made up roughly half of all deal count But the trend is changing: deal count is down 60% from 2024 while dollars are up Capital is concentrating. Fewer deals, much bigger cheques

Loading..