Hivemind: Saylor's MSTR Premium Playbook & Financializing AI Agents
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No one give a fuck about AI agents until they have tokens. Right? Did people like to shit on it, but that is still crypto's main use case is that you can financialize things and get people interested in them.
Like, all of these infra plays, I feel like are well positioned because they just get all the volume through this, and and they're the real winners. Like, they're the people extracting the money. Like, the photons, the bull x's, the bananas, the trojans. Like, you know, I think Photon made, like, 17,000,000 in fees last week. Like, those are the real people winning from this. They don't care if the market goes up, down, sideways. They just want volume. Nothing
said on the hive mind is a recommendation to buy or sell securities or tokens. This podcast is strictly for informational purposes only, and any views expressed by anyone on the show are solely our own opinions, not financial advice. Hi, everyone. My name is Jose Macedo, and welcome to another episode of the Hivemind podcast. The goal of the podcast is to provide an inside look into what we like to call the Delphi hivemind, bringing together some of our brightest minds from each of the divisions to share insights, alpha, and shitposts. Today with us, we have the usual cast, Ceteris Paribus, wh
Yeah. No. It's, it's likely been the the primary driver of of kind of all the the price action right now. You know, Sailor came out with the announcement, that he was buying after the election and then another, big chunk, in the past week and a half or so. And so it seems like the initial expectation of what he said about, you know, 20,000,000 21,000,000 debt, 21,000,000 in equity over the next 2 to 3 years is getting and he mentioned it might be getting accelerated. That that definitely seems to be the case right now. And so he's deploying quite a bit, part of of kind of his deployment strate
that pre split, though, the initial stuff? That's
Yeah. That actually might be pre split because there's no way he's
selling it for 2,000 now at $500 a share. So
so, basically, the the debt is convertible once it reaches either the specified time, which is many years out or, a 130% of the strike price for, like, a a 24 day window or 20 day window or something like that. So the idea is he's able to borrow cheaply, nearly free, and and kinda temporarily delay the dilutive element, use that cash to buy, BTC and sit on the balance sheet. So the question basically becomes, you know, who is bidding master at these premiums and why. Right? Because the idea is you if you're buying master here, you're you're making a bet on both Bitcoin and the premium itself.
The the the person who can compress the premium the most is him. Right? And he's been trying to compress the premium. Every time he does one of these offerings, he's like, right now, he's selling dollars for, like, $3. And that's how you get the premium down is he just keeps doing this and keeps buying Bitcoin. And he's the one that can arbitrage it the most. It's it's like yeah. It's it's a I saw something. Someone talked about, like, how you need to look at them as Bitcoin's investment bank. There's some, like, interesting theories out there. I think that they're all a bit too, like I don't
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