As promised, I am doing my diligence on IREN.

Per Frans' suggestion, I started with a Peter McCormack's episode with Daniel Roberts, Co-CEO of IREN.

If you are a fellow IREN virgin, here's everything you need to know (with my added commentary).

A 🧵: 1/ Meet the Co-CEOs

Daniel and Will Roberts are the co-CEO brothers behind IREN (Iris Energy), a Bitcoin mining and AI infrastructure company powered by 100% renewable energy.

Dan brings 20+ years of experience in infrastructure, renewables, and finance, with previous roles at Macquarie Capital and Palisade Investment Partners, a multi-billion AUM infrastructure fund.

Will’s background is in commodities, mining, and digital assets, spending over a decade at Macquarie Group where he co-founded their digital assets team.

Together, the Roberts brothers founded IREN in 2018 after discovering Bitcoin in 2013.

Their edge?

Deep infrastructure expertise and a vision to solve energy grid challenges while scaling Bitcoin and AI compute.

Dylan LeClair just hopped onto Spaces to explain Metaplanet's new 555 (AKA "Go Go Go" Plan).

But this hour of alpha wasn’t just him reading off the slides.

Here's everything you missed (and why you need to listen to it ASAP).

A 🧵: 1/ 210,000 Bitcoin

Let's start with a rather shocking yet realistic goal.

Metaplanet is targeting 1% of the total Bitcoin supply by 2027.

The best part?

"This new plan frankly is conservative" - Dylan LeClair

But before we dive in, it's important to understand the context first.

Michael Saylor just joined Jordan Peterson's show to prophesize the collapse of the U.S. dollar while offering Bitcoin as the solution.

But this wasn’t your typical Saylor interview.

Here’s what made it different (and why you need to watch it):

A 🧵: 2/ The Perfect Interviewer

Peterson is often criticized for interrupting his guests.

But in Saylor’s case, it worked beautifully.

As a clinical psychologist, Jordan's probing questions are designed to uncover the why, not just the what.

This type a pattern interrupt reveals the guest’s underlying psychology, forcing them to present ideas from fresh and unexpected angles.

For example, even though Saylor earned an engineering degree from MIT, he said he would’ve preferred to study history at Yale (but ROTC would not have covered the tuition).

But it is through his exact love of history, combined with a childhood spent immersed in science fiction, that gave Saylor the ability to bridge the past with the future.

💡Bitcoin Treasury Companies 101: Lesson #2💡

How to Weaponize Your Balance Sheet w/ mNAV & Accretive Dilution

What if stock dilution actually increased shareholder value?

That’s exactly what Bitcoin Treasury Companies are doing.

By flipping the script and raising money via issuing equity, their are activating their balance sheet to accrete Bitcoin, the rarest commodity known to man.

A 🧵: 1/ mNAV: The Key to the Bitcoin Flywheel

mNAV = Market Cap ÷ Bitcoin Net Asset Value

For example, a company with a market cap of $2 Billion that has $1 Billion of Bitcoin on its balance sheet has a mNAV of 2.

This multiple reflects not just the Bitcoin balance, but the market’s belief in future BTC accumulation and strategic execution.

It’s the leverage engine of Bitcoin public equities.

In short, their higher the mNAV, the more the investor base believes in their ability to acquire Bitcoin effectively.

Just over a year ago, Metaplanet was a struggling Japanese hotel company.

Today, it's the top-performing public stock in the world.

This is how CEO Simon Gerovich rewrote the rules to Asia's corporate finance by using Bitcoin as the foundation.

A 🧵:

(If you find value in this, please retweet it for a fellow Bitcoiner) 🙏 1/ Japan: 35 Years of Stagnation

Japan’s economy has been frozen in time.

The Nikkei only recently surpassed its 1980s highs -an era-defining sign of stagnation, not growth.

Artificially cheap capital propped up zombie firms and distorted markets.

Innovation froze, capital misallocated, and equity returns collapsed under decades of inertia.

Metaplanet saw this and chose to break free.

They asked themselves this hard question:

"Where can you build lasting value when every system around you is designed to decay?"

Dylan LeClair just dropped an epic Metaplanet presentation that is rich in alpha.

Here is a summary with my added thoughts.

(Please share via retweet if you find this valuable for fellow Metaplant shareholders!)

A 🧵: 1/ Fiat Has Failed

Fiat is time theft. It has silently robbed people of their savings through inflation.

Since 1971, when Nixon ended the gold standard, the world has operated on a purely fiat system backed by nothing but trust.

This system has enabled governments to print endlessly, decoupling currency from real value.

Over time, this has eroded purchasing power, widened wealth gaps, and fueled asset bubbles.

Now, bond markets (the bedrock of fiat finance) are waking up to the consequences of decades of artificial monetary policy.

The failed experiment of fiat is unraveling in real time.

As a result, people are unknowingly searching for sound money again without realizing that Bitcoin is the solution....

Why are so many Bitcoiners... Christians?

At first, I thought it was a coincidence.

But the deeper I go into Bitcoin and into my faith, the more I believe it's not random at all.

A 🧵: 1/ Question Everything

Christianity and Bitcoin both ask you to suspend disbelief and investigate deeply.

At first glance, both seem ridiculous.

Christianity:

Why would God come as a humble man?

Why would He suffer and die for flawed human beings?

Bitcoin:

Magic internet money? Anonymous founder? Flash crashes?

Every red flag screams: “Stay away.”

But both reward the ones who look deeper.

Not with comfort. But with conviction.

AI is making white collar labor infinitely cheap and abundant.

As a result, margins will collapse.

Most businesses won’t die slowly - they’ll be wiped out overnight.

The future?

Brutally lopsided.

Besides a few AI mega-corporations, Bitcoin Treasury Companies will be the only other Financial Noah’s Ark in an ocean of debased fiat.

Here’s what’s coming (and what you can do about it).

A 🧵: 1/ The Death of Margins

AI isn’t lowering costs.

It’s nuking them.

On the latest My First Million (MFM) podcast, Sam Parr pointed out how Fiverr undercut $100,000 agency projects by offering the same work for $500.

Now even Fiverr is dying - replaced by $20 AI tools that deliver instantly, 24/7.

When AI makes talent infinite, profit margins aren’t squeezed..they’re vaporized.

Tether. Softbank. Cantor Fitzgerald. Bitfinex.

These financial heavyweights just joined forces to create MSTR’s next biggest rival - Twenty One.

Operating under the codename "Project Mystery", here’s a breakdown of the SEC deck.

A 🧵: 1/ The Objective

Led by CEO Jack Mallers, Twenty One is seeded with 42,000 Bitcoin from the beginning.

While most people know Jack Mallers as the founder of Strike, a Bitcoin payments infrastructure company, Twenty One will be a pure play capital markets company.

It's goal?

To create a publicly traded entity whose sole mission is to acquire and hold Bitcoin at scale.

Saylor and Jeff Park just gave a masterclass on the next era of corporate finance.

Here's why 99.9% of corporations need to consider adopting a Bitcoin Treasury Standard.

A 🧵: 1/ Treasuries = Trap

We’re operating in a world of toxic capital.

Short-dated Treasuries yield just 2–3% after tax (well below the average cost of capital of 12%).

That gap means companies are quietly losing ~10% of their capital value each year.

Most firms face two bad options:

1) Dilute shareholder value with overpriced M&A

2) Burn cash on dividends and buybacks.

Neither builds long-term resilience.

As markets shake and geopolitical tensions rise, it’s a good time to revisit how we navigated our last major storm - The Great Financial Crisis.

Told directly by the key decision makers, here's a front-row seat to the chaos of 2008 as reflected in HBO’s documentary - Panic: The Untold Story of the 2008 Financial Crisis.

(Shoutout to the MSTR True North for the recommendation!)

A 🧵: 1/ The Big 3

1️⃣ Hank Paulson

Formerly the CEO of Goldman Sachs, Paulson stepped into the role of Treasury Secretary just as the financial world began to unravel.

Initially, he was reluctant to take on this job as he anticipated a major financial crisis during his term.

However, once Paulson recognized his hesitation stemmed from fear, he chose to confront it head-on and took the job, ready for whatever came next.

2️⃣ Ben Bernanke:

Known for his deep expertise on the Great Depression, Bernanke was a tenured Princeton Economics professor before accepting the role of Federal Reserve Chairman.

Despite a calm stoic demeanor, he moved decisively in deploying unprecedented monetary strategies to steady collapsing markets.

3️⃣ Tim Geithner:

As President of the New York Fed (the most influential regional Fed position), Tim Geithner was no stranger to financial crises.

He cut his teeth handling international financial turmoil, navigating crises in Mexico (’94), and emerging markets like Thailand, Korea, Brazil, and Indonesia.

Geithner understood clearly that the best way to calm a financial panic was to counter it decisively with overwhelming financial force - what he famously described as "a wall of money."

If Bitcoin = Saving, MSTR = Growth, then MSTY & IMST = Income.

But how do $MSTY & $IMST actually work?

✅ What do they offer investors?
✅ How do their strategies differ?
✅ How do they perform in bull, flat, or bear markets?
✅ What is NAV erosion?

These are the questions the Bitcoin Consultants will break down: A🧵 1/ MSTY vs. IMST - How Do They Work?

$IMST and $MSTY both earn income by selling call options on $MSTR.

They do this in 2 steps:

Step #1: Build "synthetic call" on $MSTR by buying calls and selling puts at the same strike price.

Step #2: Sell additional call options (covered calls) to generate monthly income, capping upside in exchange for yield.

Now, why do they use options to gain a "synthetic exposure" to mirror MSTR’s price without owning the stock using?

Because using options to create synthetic MSTR exposure requires less capital than buying the stock, making it more capital efficient.

Note: Due to the fact that option prices vary widely, the monthly distributions as vary widely as a result.

Scott Bessent just went on Tucker Carlson’s show to lay out this administration's game plan on tariffs.

This isn't speculation - this is straight from the mouth of the U.S. Treasury Secretary.

Here’s what he said, what it means, and how the next 4 years are likely to play out (with my added commentary).

A🧵: 1/ Scott Bessent's Track Record

A person's past experience and behavior is the strongest indicator of his future actions.

Bessent's Wall Street career spans is shaped by his experience working with renowned short-seller Jim Chanos and George Soros.

Jim Chanos is famous for shorting frauds, bubbles, and bad balance sheets.

As a short seller, he doesn’t care if he’s unpopular, he just wants to be right eventually.

George Soros is known for his infamous $1 billion profit bet against the British pound (which Bessent himself was heavily involved in).

Soros' major contribution to finance is the concept of “reflexivity”, the idea that perception shapes reality in markets.

As such, Soros embraces uncertainty and aggressively takes massive positions when the stars align.

As you can see, this has shaped Bessent's economic policies:

- Long-term profitability over popularity.

- Aggressive execution despite uncertainty.

If I could only listen to one macroeconomist, it would be Lyn Alden.

Her latest appearance on Jack Farley’s podcast is a masterclass on the Tariff Wars, the US dollar, and the effects on Gold and Bitcoin.

Here’s a breakdown (with my added commentary):

A 🧵: 1/ Reserve Currency: Pros & Cons

Being the world’s reserve currency is a double-edged sword.

On the positive side, it creates global demand for the US dollar as it is predominant currency used in trade, global contracts, and central bank reserves.

However, that same demand which strengthens the US dollar, makes domestic manufacturing less competitive.

Over time, this has hollowed out our industrial manufacturing base.

Now, even with the political will to reshore, the U.S. fundamentally lacks the human capital and supply chain depth to scale quickly.

This monumental endeavor could easily take 5 to 10 years to rebuild the expertise and be globally competitive.

Companies are adopting a Bitcoin Treasury strategy at an accelerating pace.

However, implementation and custody has always been a major headache.

Not anymore.

Theya, a Y-Combinator backed Bitcoin-only company, just rolled out Theya for Businesses.

This is not just another Bitcoin multisig custodian, it's an entirely new Bitcoin Operating System with many other features.

A 🧵: 1/ A Bitcoin Operating System?!

Built by fintech and Wall Street veterans (Robinhood, Deutsche Bank), Theya delivers an amazing front-end user experience with massive back-end capacities.

Built for companies ranging from startups to national corporations, Theya for Business eliminates the risks of custodians and complexity of legacy multisig setups.

In addition, Theya has other tools like payment processing and issuing Bitcoin bonuses that no one else has!

Instead of relying upon multiple different vendors to implement a Bitcoin Standard for corporation, Theya has built a multi-faceted Bitcoin Operating System.

Jesse Myer just put on a masterclass to explain all things Strategy ($MSTR, $STRK, and $STRF).

Whether you follow Strategy closely or not, it is refreshing to hear the entire investment thesis in a single concise video.

Here is a summary with my added research.

A 🧵: 1/ BTC Yield: The Main Metric

Strategy's main metric is "BTC Yield", the amount of new Bitcoin per share.

This is done by turning dilution into a Bitcoin yield strategy.

By issuing stock or debt to buy BTC, they’re betting BTC outpaces their cost of capital.

As long as Bitcoin rips faster than dilution spreads, each share gets more BTC exposure — not less.

It’s accretive dilution: weaponized debased fiat to stack the hardest form of money.

Generating yield on a ultra growth asset like MSTR is the holy grail of investing.

Here are 3 people who are doing just that (but with their own unique investment styles).

A 🧵: 1/ Pat V. (@trading_pjv77)

Pat is known in the community as a Moderator and power contributor to the MSTY community.

With over 10 years of accounting and finance experience, Pat currently manages an eight-figure investment fund by day and writes on X for fun (mostly in the MSTY sub-group).

His content primarily emphasizes hedging—never being 100% directionally exposed—and how protecting a long position with shorts can actually amplify returns & give you peace of mind.

We all wish we could buy Bitcoin at 0% interest.

After all, that is the Saylor playbook.

Well, now you can.

Here is a step-by-step guide on how to use 0% interest credit cards to buy Bitcoin & MSTR (as pioneered by @sunny051488 and @HermesLux).

A 🧵:

(Not Financial Advice) 1/ The Source

This guide is a direct summary of my live Spaces event that I held last week.

If you prefer a written guide, continue reading below.

If you prefer to watch it for yourself, please see link below.

👇

https://x.com/BTCBullRider/status/1903220326210867559

40%.

That is the amount of taxes that your beneficiaries will pay if you don't plan accordingly.

Welcome to Inheritance Tax 101 and how you can avoid it through intelligent Estate Planning.

(Do this before Jan 1. 2026)!

A 🧵: 1/ What is an Inheritance Tax?

When someone passes away and leaves behind a significant amount of wealth, the IRS will want a piece of that action.

This is called the Inheritance Tax—and it applies if your estate exceeds a certain threshold.

🧑‍💼 For Singles:

In 2025, the current federal estate tax exemption is $13.99 million.

However, this is scheduled to drop back down to around $7 million on January 1, 2026 (unless Congress passes an exemption between now and then)!

If your estate exceeds that amount, the excess may be taxed up to 40%.

💍 For Married Couples:

A couple can double up using portability, meaning you could shield about $28 million (combined exemption).

This only works if you file the proper paperwork when the first spouse dies.

Again, this is scheduled to drop back down to around $7 million on January 1, 2026.

No $Strife, No Glory.

Today MSTR announced that they are launching yet another offering ($STRF), a Perpetual Preferred Stock Offering.

What does this mean for MSTR and how does it compare to $STRK, their other Preferred Stock offering?

A 🧵: 1/ What Is a Perpetual Preferred Stock?

A Perpetual Preferred Stock is a security with no set maturity date that pays a dividend (more on this later).

Unlike regular bonds that must be repaid on a specific date, this instrument can, in theory, last forever.

Perpetual preferred stock sits between common equity and debt.

It ranks above common stock—ensuring dividends and liquidation preferences are paid first—but below secured debt obligations.

"The Fourth Turning is upon us" - Josh Mandell.

As the Bitcoin world is still wrapping their heads around Josh's $84K Prophecy, one should note his sober tone.

Let's investigate what he means by the Fourth Turning and how we should prepare for it.

A 🧵: 1/ What is the "Fourth Turning"?

The Fourth Turning is in reference to a book written by William Strauss and Neil Howe.

William Strauss studied at Harvard University and has worked in the political arenas while Neil Howe has worked at Blackstone and later served as Managing Director at Hedgeye.

Both authors believe that society moves through four generational phases every 80–90 years—each phase lasts around 20–22 years.

These phases (AKA "Turnings") repeat in a consistent cycle: a High, an Awakening, an Unraveling, and finally a Crisis.