Quote from: Free Market Capitalist on April 26, 2025, 05:12:15 AM

Quote from: fillippone on April 24, 2025, 09:12:53 PM

Equity: PIPE Offerings
A PIPE Offering (Private Investment in Public Equity) is a financing arrangement in which institutional investors (accredited investors, banks, or hedge funds) directly purchase shares from a publicly traded company at a negotiated price.
In essence, these are private placements: the shares are sold privately without initial public offering registration or wide public marketing to raise capital quickly with less regulation than traditional public offerings.

Here the doubt I have is whether the initial offering of shares will be made via PIPE, therefore not accessible to the general public, or not. I am pretty sure of the former as it would be very rare that with the expectation that is being created and the growth of CEP's share price that the public is given the opportunity to buy so cheaply, without premium over NAV.

In any case I think the competition is good, and a Mallers vs Saylor won't hurt the rest of us.

Quote from: takuma sato on April 25, 2025, 05:54:24 PM

That infographic forgot to mention the fact that Strategy has a massive 540k BTC advantage over this company that just started. So if they want to frontrun Strategy they have a ton of buying to do, and guess what, the more other companies buy in order to overtake Strategy's leading position, the more Strategy will benefit since their BTC holdings go up, and the more convertible bonds and ATM they can do to buy more BTC and so follows. So MSTR is positioned to stay a leader, unless some Massive buying starts, and they would also prove to be able to survive an entire bear market as Saylor already did without blowing up. In fact Strategy's asset to liabilities ratio now are better than ever. So I think this is a all horses win race here, where it doesn't matter since BTC will go up and these companies will benefit, but I just don't see XXI surpassing MSTR as the leader in BTC proxies.

No, they haven't forgotten, I think they are doing pure marketing which is even a bit misleading. On the one hand it is true that by starting with much less bitcoins, XXI will potentially be able to grow the BPS much more than Strategy, which we think that by having more than half a million bitcoins, if it wants to double the BPS it will have to acquire another half a million bitcoins. While XXI is more likely to make an X10 in BPS, what they don't mention is that each bitcoin they buy adds buying pressure and will potentially increase the dollar price of the bitcoins that Strategy already has (and the rest of us).

As the video I mentioned in my previous comment said, I think they have it wrong. This should not be a game in which if XXI succeeds Strategy loses, on the contrary, the more people buy bitcoin the more we benefit the rest, and in this case it is the same, the more companies buy bitcoin the more Strategy benefits and everyone who has bitcoin.

Indeed as I pointed this is a all horses win type of race, anyone holding Bitcoin will benefit, but at the end of the day they are private companies competing against each other. MSTR has the massive headstart, and as XXI buys more BTC, MSTR becomes more powerful because of that. Michael Saylor frontrunned everyone. This doesn't mean XXI cannot be acreetive to their shareholders, is just that I would prefer to hold MSTR if I wanted a BTC proxy with some leverage because of their successful track record and massive stack.