Adam Livingston

speaker

573 appearances 1 recordings 1 series first heard Jun 2026 last heard 24 Jun

Adam Livingston’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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What Bitcoin Did · Is Michael Saylor Trapped? STRC Explained | Adam Livingston · 24 Jun 2026 podcast

100%.

The total volume of Bitcoin is orders of magnitude higher.

The market would absorb that no problem, as evidenced by the fact that he bought 48 times as much Bitcoin the next week after he sold.

And the price probably went down.

So the market can absorb it no problem.

But we really need to look at their total optionality with the true MNAV.

People continue to look at the...

basic MNAV with the market cap in the numerator, the market cap, which is like the value of all the shares, you know, divided by the Bitcoin NAV.

That's not telling the entire story because that's not looking at the preferred stock and the outstanding preferred shares.

And then so strategy does a better job with enterprise value where it incorporates the overall, just a more cohesive picture of the capital structure.

But if you look at everything from

with the outstanding preferred stock and you essentially do like an algebraic look at the capital structure and find out what is the senior claim Bitcoin.

So like when they issue stretch and they use those proceeds to buy Bitcoin, you have to think of the residual, what's left over economically for the MSTR shareholders.

And what you'll find is that the residual value of

of balance sheet value that's backing the MSTR shareholders, it's not just the Bitcoin, it's also the cash.

Because as an equity holder, you are exposed economically to the total residual, not just the Bitcoin, which is why Bitcoin per share is incomplete.

But if you crunch that MNAV number right now, last time I ran the numbers, it was like a 1.2 X MNAV right now.

And so sailor has come out and corrected people online about this where if you look at the total Capital markets activity.

It is accreted to mstr shareholders.

So in terms of a lever to pull That would be my number one by far because the stock is still trading at a 15 to 20 true premium And I think that bitcoin is close to a bottom.

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