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 · last 12 months

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

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So essentially, it won't go to zero because there's kind of an embedded call option where, hey, maybe Bitcoin will go up again one day.

And obviously, you know, price is sentiment and people will look for those opportunities.

The stock was trading at a 0.7 XM NAV.

That invites the

The opportunity for people to snipe that leverage Bitcoin is such a low price because your return is just higher.

So it's impaired in the sense where the residual is calculated at zero.

But like in terms of MSTR going to zero, I just don't see that happening at all.

When you actually run the math, it's about...

2022, they had minus 14,400 sats per share at the bottom in terms of Bitcoin exposure for MSTR shareholders.

And now it's 145,000 today.

So it's a huge gulf.

Like the capital structure is so much healthier.

So like if we go to 25K, I don't think that it will.

Like that's a crazy level of oversold.

But yeah, MSTR doesn't go to zero when that happens.

It's just the residual calculation.

Yeah, yeah.

2022 is way worse for strategy, like crazy negative exposure.

And I think the stock was a bottom like $11.

So yeah, it's quite a different story than today.

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