ATM

IlIll1Il1Illl1I1lII

Best argument against BTC? Bitcoin's true real-world value came from it being at the center of a movement to create a near-anonymous decentralized digital currency. That movement is essentially gone now. Virtually no one is working to retain and improve: * Bitcoin's anonymity * Bitcoins decentralization * Mixer services * Businesses and websites that permit purchasing goods directly with Bitcoin * KYC-free and no-login exchanges * Bitcoin-for-cash trading sites like LocalBitcoins * Bitcoin ATM's or other easy ways to obtain bitcoin Nearly all of the glorious movement and associated fight-back spirit has been replaced with laziness, speculation, bootlicking compliance, dishonest memes and _Wolf of Wall Street_ wannabes.

GranzJ473

DCA is a sensible first move imo, just on a proper CEX rather than an ATM. Coinbase or Kraken for fees. for tracking your cost basis as you add to the position both TradingView.com and CovenantAlpha.com have portfolio views where you can see your average entry against current price across different buy lots. helps you stay calm about the individual purchase prices.

Ok_Pollution7093

Yes, DCA weekly. Skip the ATM, fees eat returns fast.

h4l

They do, Strategy use at-the-market offerings (ATM) to issue new shares of STRC and MSTR in order to raise money. That's what STRC is for, it's their capital raising mechanism to raise money without diluting MSTR holders. Strategy has a broker-dealer that will sell new shares on the secondary market (e.g. to arb traders or anyone else buying) when they want to raise money. E.g. in April they sold $1.8 billion of STRC, and $1.5 in May in the days leading up to ex-dividend: [https://bitcoinquant.co/preferred-equity](https://bitcoinquant.co/preferred-equity)

Sickofreddit-

You mean the ATM pin we have 3 tries to get right before it’s locked?

SquashDaddy331

My favorite is when people say quantum computing will crack bitcoin. But don’t mention the fear of it cracking their 4 digit ATM PIN code

word-dragon

The same guy with the wrench can get you to withdraw cash at an ATM. Or get all your bank info. Any decent hacker might pull that off. Yeah, you need to preserve and protect your seed and never type it in or take pictures of it. Bitcoin and gold are really among the few things you truly own. Cash gets a stealth tax every time they print more of it, and your bank account is a line in the bank’s spreadsheet saying how much of their money you might be entitled to.

eddyblat

The prefs are not listed as debt on their balance sheets for a reason. They are friendly handshake IOU's at best. MSTR is the parent company, not STRC. MSTR survival is more important than pref survival. The prospectus says they can permanently suspend all dividends forever, their choice. The btc acquired through the ATM programs are unencumbered completely. If MSTR walks away from dividend obligations it makes that $10B or whatever of BTC almost free. Remember when META kept pumping with every layoff announcement? If MSTR announced a big giant FU to all preferred obligations they would drop to $50 pre market, $65 market open, and be $200 within 3 weeks. The market is forward looking. No debt, no dividends, $40B btc. Bullish af.

RetiredAvocado

Seed phrases are not part of bitcoin. They are part of the wallets that interface with bitcoin. No one has to use seed phrases, but they are an objectively better method. Seed phrases are not even the focal point. They are used to generate keys. If you want to complain that bitcoin can be taken only with a key (which is longer than ANY password you ever used for ANYTHING), then yes. But modern methods to protect those keys are very very good. As far as legal protections, it is still illegal to steal other people's stuff. The recovery is more complicated but bad actors do get caught, and do cough up the money they stole when pressed. Not sure what you're talking about with "deep entropy encryption" nonsense. There is no encryption in bitcoin. ECDSA digital signatures are not encryption. The wallets do include AES to encrypt the wallet, but the blockchain or nodes know nothing about that. Encrypting wallets on disk is not part of bitcoin. Now anecdote time. I've had my debit card charged 4 identical charges for several hundred dollars each in a single day, in some store in another geographical location that I've never visited. So what's all this about "several required factors" bullshit to take my money? The card was in my wallet and I don't ever use debit cards for anything other than cash out of the ATM. It was never used online for anything. The crooks probably used a card generator which is much much easier than trying to guess a bitcoin key.

JoeSicko

If you're legit you can use a coinbase card that is accepted everywhere visa is. Even hit the ATM with it.

PlutoPlaneta

dude, the Internet is a thing. you can click sell from anywhere in the world. you can also use an ATM anywhere. dont need luck for that. also liquidity on broad market stock ETFs is an absolute non-issue, as opposed to Bitcoin where Saylor dumps 32 BTC and price goes down.

harvested

mNAV is below 1 when you use the full diluted amount and it's constantly shrinking as they ATM to replenish the reserve ($300m last week). I didn't say selling bitcoin wasn't an option lol. Of course it's an option, one he should have exercised already rather than destroying the common stock. Not sure if you've checked the prices this week, it's trading like a shitcoin.

GranzJ473

been using one on the road for about two years now. works fine in most places, the main issue is ATM limits and the conversion timing when you're in a currency with a wide spread. tends to be smoother in Europe and Southeast Asia than in some Middle East countries where card network acceptance isn't as universal.

givenofaux

The average price of bitcoin in October 2011 was $4 USD. So the value of litecoin was $0 until the market bought in and started swapping for the equivalent of 0.42\~ USD Litecoin is a hard fork of Bitcoin bitcoin birthed Litecoin. When Bitcoin surged Litecoin became a very useful tool. A lot of value was lost for newbs when they were shooting Bitcoin across the network without properly accounting for network fees or just out of ignorance. Plus by comparison Litecoin was much faster. I hated waiting up to 30 mins to an hour for my Tx when I could get what I needed to get done in 15 mins with Litecoin. I and others I knew all swapped to litecoin to send p2p, to a new exchange for Arb trading, participate in ICOs, or just to cash out at the local crypto ATM. This was 2016/2017 I’m no Litecoin maxi. I don’t even have a bag unless I have a wallet on a forgotten laptop. I’m just saying if you know how to use it Litecoin is still useful. Hell at this point even doge is a solid choice for reducing Tx cost and faster Tx…at least until people actually start using lightning

BakingBreadBB2

Did the ATM replace bank tellers?

Romanizer

Exactly. Runways on their homepage are basically worst case situations if they can't get any more money through either ATM or debt. They raised some money throughout the last few weeks although we are at the bottom of a bear market, so I wouldn't expect the cash reserve to run out at all.

snek-jazz

> Dividend runway is 8 months, at which point they would need to start selling Bitcoin, just enough to meet obligations, and that's not even certain, they can also ATM common.

No_Perception_7974

Classic chicken-and-egg problem with gas fees, catches so many new people off guard. You can try to find a centralized exchange that lets you deposit USDC and withdraw ETH, since those platforms cover the gas on their end. Otherwise yeah, the ATM trip might just be the easiest path for such small amount.

givenofaux

It started at 0. It ain’t going anywhere for a good long while. Until it’s cheaper to shoot bitcoin to a crypto ATM to cash out without losing a shit ton of value litecoin will be there. Bitcoin’s good son that’s always made it easy to cash out…or arbitrage trade

Comprehensive-Eye500

Why would anyone use one of these ATM’s at such a high price?

MrKillerKiller_

Cash out at a BTC ATM

Wheaties4brkfst

“Hah, I anticipated your correct criticism of the company’s management.” Ok? Yeah man of course I’m going to point out the obvious deficiencies in the company’s strategy. Been much longer than 10 days. Strategy hasn’t reported an accumulative buy since May 18th, over a month now. Additionally, all buys using the MSTR ATM going forward are going to be dilutive as long as the fully diluted market cap remains below the bitcoin value. Care to comment on that?

Search327

Open a Charles Schwab account. They have free ATM withdrawals and reimburse fees by the issurer. When I have extra money I buy STRC or SATA. There is nothing wrong with buying Bitcoin, if you are willing to sustain losses for years. STRC & SATA have risk but pay 11.5 -13% if that's too risky look into SWVXX.

blaggerbly

The money doesn’t come from borrowing mate, ignore the noise. He sells shares at the market (ATM) he sells common stock MSTR and a preferred equity STRC to anybody who can buy it He takes the proceeds and buys bitcoin His liability on MSTR is nowt, his liability on STRC is a twice monthly dividend It can quite literally go on forever as long as people keep buying his products and Bitcoin goes up like 2% a year for ever. 🤷‍♂️ The only issue is Bitcoin drops to $25k - at that point MSTR would be as good as worthless but there’s no call on the Bitcoin whatsoever. It’s fascinating - But I don’t know if either are a good buy

HSuke

If you create a treasury for MSTR, I'll create a treasury of your treasury and a complementary (Return of Capital) dividend asset. Designed identically to STRC, the dividend asset has a par of 100%. If it goes above 100%, I profit and ATM it. If it goes below 100%, then I do nothing and the market decides the lower bound.

__Ken_Adams__

Well I don't get delivery, I always pick it up because I'm a cheap bastard, but I pay only pennies in TX fees. The mempool hasn't been clogged in a long time so it costs nothing to get confirmed quickly. But going back to the whole point of my post, merchants don't need to wait for confirmation. Without going into detail I've also been a merchant and I've never waited for confirmation before delivering my product. There's just no need. Collectively I've been a party to over 100,000 transactions (I operated btc atms) and in that time I've only seen 2 transactions that failed. One of them was my doing & I double spent btc before confirmation just to see if it was possible (it was), and the other I think was a quirk of the ATM backend software and not necessarily an on-chain failure.

sogdianus

You have a startup and don’t know how to get cash? Send to CEX, sell USDC for USD, send to modern bank account like Revolut, go to ATM, get cash. Done

doyzer9

Dude I rate xrp, however BTC, Eth, and sol have more potential. What exchange are you using. I ask because in the current market I would stick 50% BTC, 30% Eth, 20 sol and 10 xrp. Set a loss limit to match your tolerance level. Say 10-15% drop if cautious and sell at your tolerance level. Take profit at stages, there will be another dip, study the market and if appropriate buy back at the bottom of the dip (easier said than done) scalping seems to be where the profit is ATM. Long term storage not so sure. This is just my 2cent worth, I have xrp, but don't follow my own advice and I am running at a loss. 🤯🤯🤯

ReliantToker

No, they have not been borrowing against it for years. Over 90% of the Bitcoin held by MSTR is UNENCUMBERED. They use the ATM offering and sell equity to aquire. They have perpetual preferred instruments offering yields to aquire. They can use convertible notes but have moved away from this as they have effectively tapped the market already. Some remaining notes on the sheet left but less than 1% rate combined with 3+ years to maturity. The leverage ratio is close to 10%. The average S&P is over 50%. The balance sheet is a fortress.

DjShadowKoolAid

I have used the ATM before but I have coinbase so. Idk

DistinctSpirit5801

All the fear over CBDCs is basically overblown Why would a government go through all the trouble of creating a CBDC when they already have the power to force stablecoin companies to freeze wallets whenever they feel like it already There’s A reason why stablecoins are basically called backdoor CBDCs If you used a debit card credit card or have written a check your already using digital currencies It’s extremely unlikely that governments will ban cash given the fact that the ATM industry would not exist without the existence of cash

Yodel_And_Hodl_Mode

"Let's close branches so people have to drive farther to get to their bank! And then let's charge a fee for using a teller instead of an ATM! And we can add a convenience fee for using ATMs!" "GENIUS!!!"

Spirited-Birthday-20

Use a peer to peer exchange like Hodl Hodl or Bisq. Never keep more on the platform than necessary. Also, watch out for chargeback scams. what method do you prefer P2P, a DEX like Bisq, or a BTC ATM? Also mind the fees

cizmainbascula

I didnt. I sent USDT to the seller. But you can use P2P or if you’re patient a btc ATM (they usually have daily/transaction caps)

Laukess

What is your point? We're not in control of this. Wouldn't it be better if bitcoin just went to $5M and slowly increased in price? Maybe, but we can't change how it behaves. The cycles will stop at some point, and people who think they can outsmart the market will be caught with their pants down. I personally thought the cycles were over after the lack luster bull market, but right now everything is the exact same, so it's not dead yet. I was hoping that we could set in a bottom early and then shoot back up, but it looks like the first year might just be like every other post year ATH. I think it's just a question about time before it breaks, and I think the last few years has been different enough that the process has already started, but time will tell. I don't trade the cycles, but it's really nice to have an idea of what you can expect to happen every year. Makes it a lot easier to stack in the bear when you have an idea of when we'll revisit the ATM again.

wageslave2022

Not generational wealth but would have made a decent little profit. When Bitcoin was $1400 my girlfriends grandsons talked her and I into going to a Bitcoin ATM we all bought some, I bought $200 worth. About a month later it was his birthday and we both gave him the Bitcoin we bought.

NebeusMarketing

Good point. I agree the sale does not look like a liquidity-stress event. Strategy sold 32 BTC between May 26–31 for about $2.5M, but then bought 1,550 BTC for about $101.3M the following week and raised its cash reserve to $1B: [https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-06-08-2026/card/strategy-snaps-up-100-million-in-bitcoin-YfRcLhXsgYfwDeOeMb2w](https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-06-08-2026/card/strategy-snaps-up-100-million-in-bitcoin-YfRcLhXsgYfwDeOeMb2w) So I would separate two issues: 1. Did Strategy need to sell BTC to survive or pay dividends? Probably not. 1. Does the sale still matter as a signal? I think yes. CoinDesk reported that the 32 BTC sale was used to pay STRC preferred dividends: [https://www.coindesk.com/markets/2026/06/01/strategy-sold-32-btc-for-usd2-5-million-in-late-may-filing-shows](https://www.coindesk.com/markets/2026/06/01/strategy-sold-32-btc-for-usd2-5-million-in-late-may-filing-shows) And CoinDesk also reported that keeping STRC close to its $100 par value matters because it supports Strategy’s ability to issue more STRC through its ATM program, with proceeds usable for BTC purchases, debt management and corporate financing: [https://www.coindesk.com/markets/2026/06/01/strategy-holds-strc-dividend-at-11-5-for-fourth-straight-month](https://www.coindesk.com/markets/2026/06/01/strategy-holds-strc-dividend-at-11-5-for-fourth-straight-month) That is why I think the important question is not whether Bitcoin is liquid. Germany’s 2024 BTC sale already showed the market can absorb much larger forced supply. The more interesting question is whether Strategy is establishing a precedent that its BTC treasury is an actively managed balance-sheet asset, not a one-way accumulation vehicle. That distinction matters. Selling 32 BTC does not threaten Strategy’s position. But it may change how investors think about future capital structure, preferred dividends, credit treatment and treasury flexibility.

Less-Information-256

This buy reduced bitcoin per share and they would have got more bitcoin per ATM’d share before this dip. 32 sold at least contributed to a crash in the market and obliterating his cash reserve to remove 0% convertibles meant he couldn’t take advantage and had to ATM his stock at a significantly lower price to replenish what he spent. He should have at least foreseen this as a possibility and kept hold of that billion. Their overall cost basis is only part of the story. They’re better off buying 1 bitcoin at $100k for the price of one stock unit than buying 1 bitcoin at $50k at the price of two stock units. The bitcoin price they’re buying at matters more for STRC but he can’t take advantage of that because amongst other things he got rid of most of his cash reserve reducing confidence.

Deep_Reading_3975

It’s science 🧫 🧬 !! Why would you question science? I’m selling $3.8 Bazillion in ATM calls against it because this piece of shit is going ”Lake Placid,” until 10/5/26- TOTALLY HORIZONTAL - FULL HIBERNATION - Then 💥 KABOOM!!! Finally an asset that we can ALL CLEARLY predict based on past performance!! Thank GAWD!! Let’s Ride!!! 🐎 💨💩 🤗

Live_Jazz

They hold over $1B+ at any given time for those payments, funded via ATM sales. You can agree or not with the ATMs…but the sale didn’t put a dent in that. It was done to send a message.

B-RapShoeStrap

I mean, the same problem would happen with BTC, but when you try to sell/use what you mined. Privacy requirements have to do with laws/regulations, not the technology itself. They could have cash reverse ATM for ETH/BTC, but my understanding is that those require ID by law.

AutoModerator

Post is by: Fit_Equal6932 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1tz1f7g/what_do_you_think_mstr_filings_will_show_come/ They need to pad up their USD Reserve fast. The only have 6.3 months worth of dividends payments left before they need to liquidate BTC Per their 10-Q: [https://www.sec.gov/Archives/edgar/data/1050446/000105044626000031/mstr-20260331.htm](https://www.sec.gov/Archives/edgar/data/1050446/000105044626000031/mstr-20260331.htm) "Further, for any additional shares of STRC Stock that we issue under the ATM of STRC Stock, our current intention (which is subject to change in our sole and absolute discretion) is to issue **any such shares of STRC Stock at a price per share not less than $99 or more than $101**. **However, we may issue any additional shares of STRC Stock at any price we choose.**" |**Date / Security**|**Shares Sold**|**Notional Value (in millions) (1)**|**Net Proceeds (in millions) (2)**|**Available for Issuance and Sale (in millions)**| |:-|:-|:-|:-|:-| |**April 26** *MSTR Class A Common Stock*|1,451,601|$-|$255.0|$26,474.5| |**May 3** *MSTR Class A Common Stock*|492,210|$-|$82.0|$26,392.4| |**May 10** *MSTR Class A Common Stock*|231,324|$-|$42.9|$26,349.4| |**May 17** *MSTR Class A Common Stock*|430,344|$-|$83.7|$26,265.7| They can always issue more MSTR which they have been. Last month's totals were: And last week: "On May 26, 2026, Strategy Inc ("Strategy") announced that, during the period between May 18, 2026 and May 25, 2026, **Strategy did not sell any shares under its at-the-market offering program and did not purchase any bitcoin. "** What do you think they did? ATM for stock and the USD reserve looks better now? Bought a few bitcoin to project strength? Would this project enough strength to kick the can down the road and everything calms down or is it irretrievable? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

DarkDankDents

Most of your facts dont address the issue. MSTR has enough cash for 6 months of dividend payments, less now with STRC rising. For the market to be in good condition going forward, he would ideally have over $2b in cash reserves, which is 1.4b in sales. Saylor has no good options here. Tap the ATM equity, brings MNAV much lower. Sell BTC, continue to crash the market AND realize losses. The only potential positive here is if Saylor sold over 1.4b BTC during the week. Otherwise, it's obvious STRC will continue to decline, AND Saylor will continue to burn his cash on dividend payments until he runs out. At which point, MSTR will just be a custodian company, chained to the ground, unable to do anything.

Fit_Equal6932

***We may be unsuccessful in achieving, or may abandon, our current intention of adjusting the regular dividend rate on our STRC Stock in such a manner as we believe (in our sole and absolute judgment) would be designed to cause STRC Stock to trade at prices, or otherwise have a value, near its stated amount of $100 per share*** Our current intention, which is subject to change in our sole and absolute discretion, is to adjust the monthly regular dividend rate per annum on our STRC Stock in such a manner as we believe will maintain STRC Stock’s trading price at or close to its stated amount of $100 per share. **However, we have no obligation to do so, and even if we attempt to achieve our current stated intent, any adjustments we make to the monthly regular dividend rate per annum, or any other actions we take, may fail to achieve or maintain the trading price or value of STRC Stock near $100 per share.** For example, if STRC Stock is trading at a price per share above $100 and we reduce the monthly regular dividend rate per annum with the goal of decreasing the trading price per share of STRC Stock to $100, such reduction may cause the trading price of STRC Stock to decrease by a greater amount than we anticipate, such that the trading price per share of STRC Stock may decrease below $100. Similarly, if STRC Stock is trading at a price per share below $100 and we increase the monthly regular dividend rate per annum with the goal of increasing the trading price per share of STRC Stock to $100, such increase may cause the trading price of STRC Stock to increase by a lesser amount than we anticipate, such that the trading price per share of STRC Stock may remain below $100. **Further, for any additional shares of STRC Stock that we issue under the ATM of STRC Stock, our current intention (which is subject to change in our sole and absolute discretion) is to issue any such shares of STRC Stock at a price per share not less than $99 or more than $101. However, we may issue any additional shares of STRC Stock at any price we choose.** **All this can either break STRC or the money glitch.**

thetimsterr

They can't ATM STRC while it is below par. That would push it even lower. I agree they can ATM MSTR for a little while longer, since mNAV is around 1.20. That's one saving solution. I disagree they can sell BTC in this environment. If they start selling $140M worth of bitcoin at these levels, that's going to be thousands of BTC per month. We just saw what 32 bitcoin did...imagine if they sold 3,000. It could cause a death spiral. I do hope they are working on some form of additional convertible debt that goes out 4 years from now. I otherwise cannot fathom how this sustains itself in a bear market, and it really bugs me that they used half their reserves to buy back debt that didn't need to be bought back.

tysnowboard

Strategy funds the monthly dividends using capital raised through continuous offerings (At-The-Market, or ATM, share sales) of STRC. When sellers of STRC start out numbering buyers, what happens? The more I look into it the more pozi-esque the whole thing seems, like the whole thing is predicated on the continuous rise of BTC.

EnderSword

Yeah, that'd probably work best. But also and this is the part I constantly stress... it's not illegal in the first place, just declare the cash. I work in AML, and we've got scenarios for everything, there's 10k reporting limit on deposits, its just automatic, no big deal, there's thousands filed daily, you're not going to get in trouble for depositing more than $10k But people constantly try to break it up, they'll deposit multiple times at one ATM, break it between different branches, spread it out over a few days, put some in their chequing, some in their savings, giving it to another person who then transfers them the money... That is illegal to do, and we're gonna catch all of it and it gets sent as a SAR or STR which gets more attention.

Nagemasu

>It made me realize how much of a mental shift Bitcoin requires compared to traditional banking. More about how you explain it tbh. It's not really much different than trad banking, just someone else gatekeeps your access. Same with banking, your money isn't "inside" your ATM card, or banking app on your phone. They're just numbers on a computer somewhere, but the bank controls it. Plenty of people have had their bank accounts fucked up due to bugs that display that they have more or less money than they actually should.

MACLOVINISTAKEN

Time is right to jump in, should I buy via Coinbase, Kraken or an ATM for lower fees?

HSuke

I'm not concerned with them going completely bankrupt to the point MSTR is worth $0. I'm concerned with a slow downward spiral that begins 1 week from now. STRC is down so much that we aren't going to see much ATM this month. What if there is no STRC ATM this month during the ex-div week? If there is no ATM, MSTR is going to take a huge hit. And then they'll need to sell either MSTR or BTC in 4 weeks, which will drop the price even more due to negative news. The cash reserves are far too small already. MSTR bulls have had ATM for so long that they've forgotten what it's like to have no revenue.

Oakenkai

Except they have about a year's worth of dividend in cash reserves so they don't have to sell or ATM anything for awhile. They didn't sell 32 btc because they had to, they sold it because the S&P committee gave them a checklist of what they need to see to consider MSTR into S&P 500 inclusion. One of those was to rely less on debt, which is why they bought back some of their convertible debt last month. The other was that they needed to see the 850,000 bitcoin as a productive asset. The whole "never sell" thing hurts them in the S&P committee's eyes because then the 850,000 bitcoin is effectively dead weight that can't be considered a part of their balance sheet. They sold some to prove that their model is flexible and they can sell bitcoin when needed. He said in an interview the plan is to sell bitcoin during bull runs to capture capital gains and add to their cash reserves. Everyone seems to think Strategy sold 32 BTC because they had to and were strapped for cash, but that's not why. It was a signal to show that the BTC on their balance sheet can be used productively when needed. Worst case scenario, a year from now bitcoin is still in a bear, they run out of cash and have to sell bitcoin to pay dividends, but let's say they sell 32 btc a month to cover dividends for a year in 2027-2028. That's only 396 bitcoin sold for the entire year. Far from cannabilizing their balance sheet. This also prove they can always pay the STRC dividends, so likely will continue to attract capital into STRC when people see how reliable their obligations are. You might think, but if they grow STRC then they have to pay even more dividends and sell even more bitcoin, well, the more shares of STRC that is bought, the more bitcoin they can accumulate through ATM. They will ATM STRC throughout that year and will be accumulating more bitcoin then they are selling. If bitcoin continues to be in a bear for years then sure, things could get rocky and is uncertain, no one said bitcoin was without risk and MSTR is a bet on bitcoin. So if bitcoin fails, then yeah Strategy deserves to fail, but this is r/bitcoin and I doubt many of us here really believe bitcoin will never be in bull again. With all the major banks and institutions releasing bitcoin products, why would bitcoin fail when Tradfi is now steering the ship?

Mohkinstsis

That only works if they have cash. If bitcoin is mooning and they can sell it without effecting the market that would work great but if bitcoin is mooning then STRC will likely be pegged at $100. In a scenario where people have so little faith in the company that a 11.5% dividend stock is discounted to $80 (meaning a 14% effective yield) then they aren’t going to be able to effectively ATM MSTR to buy STRC and selling bitcoin to buy STRC also adds to the downward spiral (less bitcoin to backup the outstanding STRC.)

ReliantToker

Selling Bitcoin to fund STRC dividends is the business model. They buy Bitcoin with STRC issuance and the spread goes to the balance sheet. STRC does not represent the entirety of the MSTR stack. STRC is currently 4x collateralized, so technically Bitcoin does not have to nessecarily pass 11.5% annually for them to fund the dividends. The Bitcoin on the sheet has a wide range of entry points and can be sold for gain/loss/even leaving tax optionality. Considering the volume of the equity is high enough they could ATM the annual issuance of STRC in a single day, I think they will be fine.

jwz9904

we are his ATM even when we aren't even voting for him

notsurewhator

Guess we’d have to wait and see. My portfolio is being carried by memory stock/semis ATM. So Bitcoin can bleed for now. It’ll come online in time

LaBeloMall

I brought up the ATM example cause that's what you were describing in your last post, 'exchanging your BTC for local currency'. Even if you wanted to just transact in BTC, 99% of merchants don't accept it, so what are you going to do then? And you're right, debanking was a big draw for BTC, but the fact is, for the common person, it's not significant enough. For my bank as an example, I don't pay any fees if I meet a few requirements, I also don't pay any fx or ATM fees on my debit/credit card I have with them, so your argument about fees is null. I also don't expect to commit any financial crimes so I am not worried about them freezing my account. I've been in BTC since 2017. I made the same arguments that you are making to my friends and family. The fact is, very little has developed. BTC as an asset is fine. I don't hate it. But as an investment it's been terrible for the last 2 years especially compared to equities.

ShittingOutPosts

I appreciate your response, but man, where do I even begin? I feel like I need to let out one of Saylor’s famous sighs. Anyway, your water metaphor breaks your own argument. Water has no goals. If this is truly emergent and nobody is coordinating, then there is no "strong force that can do anything it wants," because emergent processes do not want things. You are trying to have it both ways: no conspiracy so you sound reasonable, and a deliberate harmful outcome so it sounds scary. Pick one. You also still have not answered what I asked, which was where the incentives point. "Parallel to bitcoin itself" is not an answer. Anyone who spent tens of billions building a position is incentivized for it to rise, not to spend hundreds of billions tanking it. Set the framing aside though, because the mechanism itself is wrong on the facts. The "Fed prints, banks lend it to Saylor against his bitcoin, repeat" loop is not how Strategy operates. They buy bitcoin mostly by selling their own stock. The late-April purchase was funded by issuing 1.45 million common shares through their ATM program. The rest is unsecured convertible notes and preferred stock. They raised about 11.7 billion that way this year and were the largest US equity issuer of 2026. That is public investors choosing to buy paper, not the Fed routing credit to one man. And because that leverage is unsecured and not backed by their coins, a price crash cannot margin-call them into forced selling. That is the whole reason the structure exists. The flywheel you describe going up also runs in reverse, and it just did: they posted a 12.5 billion dollar loss on a bitcoin markdown last quarter. No bank seized anything, because no bank holds their bitcoin. "Repeat until Saylor has 21 million" cannot happen either. After six years of the most aggressive corporate buying in history they hold under 4 percent of supply, and Saylor's own target is 5 to 7 percent, roughly a million coins. Millions are lost forever and the rest sits with millions of holders whose asking price climbs as the price climbs. You cannot own 100 percent of an asset and have it priced at a trillion each, because if one entity holds it all there is no market and no price. And the thread you are posting this in is about Strategy selling. Saylor opened the door to selling a few weeks ago. The accumulate-to-infinity story is being contradicted by the headline right above your comment.

HSuke

What money are they making? STRC is down so much that there might not be any STRC ATM 2 weeks from now. MSTR is down even more and mNAV is below 1.22. Selling MSTR would reduce BPS even more.

LaBeloMall

Umm you're explaining what a debit card/ATM is. They've also had traveler cheques back in the day. You're so desperate to defend BTC your making up scenarios now "I can withdraw money from a BTC ATM" - who tf has even used that? Also, a $50k Pokemon card is just as liquid and easy to move than BTC.

Evil_B2

In 2016 I bought my first bitcoin from a Bitcoiner. I gave him cash and the next day I had a Bitcoin on my phone. I bought the next two from a Bitcoin ATM in a sketchy neighborhood. Took a friend of mine with me to watch my back as I fed $1,200 into the machine twice on two separate visits. Then the ATM price went up significantly over spot so that was the last time I used that.

Zestyclose_Cheek527

It definitely could be, however bitcoin well ATM’s charge 7% for no KYC bitcoin in Canada. Much more than 3%

Positive-Candy-5004

Has anyone had a bad experience with a new Bitstop ATM? I set up an account and put in $550 to send to my private wallet using my own QRCode and they froze my account. Going on 3 weeks now. I call them twice a day and they say they are reviewing me and deposit. I keep getting same kind of emails. They won’t release my money nor refund it. Same statement on every email. When I call they say someone will call me back in 24 hours never happens!! Checked BBB and found they filed bankruptcy in 2023 but are still in business but several same complaints as mine. Do I report them to authorities? I think they are scamming me. They are using my money to pay someone else?? They did not post that $500 was the max to be sent and I sent $550. Did not send for a few months and it was $1000 max. But how do I get them to unfreeze my account!!?

Vette_Guy482

Interesting, not sure if I have seen other ATM machines in our gas stations. Coinflip I believe, I have seen these, never used one.

Vette_Guy482

Unicum is the making, interesting, just read today Bitcoin depot is shutting their 9000 ATM down. Not sure if there is another ATM company in the US.

bouldering_fan

This is meaningless analysis. Whales might as well be exchange wallets and retail is dumping looking like on aggregate it's some imaginary whale. Sentiment is as bearish as it gets ATM.

npink1981

They will just ATM the common stock to raise the funds

HSuke

I'm using it loosely to mean selling one I already hold and buying the other. (You could also naked short one and long the other, but personally that's beyond my risk tolerance). Basically, if you look at the charts, they are hitting $100 well before their ex-div date. And both Microstrategy amd Strive sell/"ATM" shares above $100 so that the price never exceeds $100. So the moment one of theem reaches $100, shareholders are no longer be benefitting from holding it anymore. They should sell it and buy the other. The ex-div dates are at different weeks of the month. There is an additional strategy to "arbitrage" when the price deviates from the sawtooth pattern, and it's for the same reason. Ceteris paribus, when it's above the sawtooth pattern, the remaining gains for the month will be smaller.

HSuke

They can. They've been selling STRC whenever it's over $100, which they call "ATM". Historically, they've used this to buy BTC, but they could use it to replenish the cash reserves. And the reserves are what pays the STRC dividends. Kind of like a pyramid-adjacent scheme.

frugaleringenieur

It has been common that $STRC only reaches par around the last month before ex dividend date. However, they half the frequency so we should see a faster reach of par - with less days of trading at par. Comparing to $SATA, I agree that an increase of dividend would probably reach par and ATM better than obligations are pressing.

HSuke

I think they took the opportunity when it came. The holders of the convertible debt must agree to the early payback. I estimate it'll take 2 months of STRC ATMs to rebuild their reserve assuming they don't buy anymore BTC for the next 2 months. Doing this also hurts their all metrics like BPS. But it might take much longer if they keep buying BTC in a bear market instead of saving cash like they just did last week. The timing of this debt repayment is really weird. Ideally, they should've done it during the STRC ATM week of the month so that they can replenish it quicker.

Fit_Caterpillar5396

This is literally from the Wells Fargo website **Unauthorized Account Activity** Under federal law, Regulation E (Electronic Fund Transfer Act) provides certain protections to consumer customers when there is unauthorized account activity. Regulation E covers transfers of funds through electronic methods such as, the use of a debit or credit card, ATM withdrawals, and direct deposit activity through a checking, savings, or other consumer asset account at a financial institution used primarily for personal, family, or household purposes. **Zero Liability Protection** Wells Fargo Debit and Credit Cards come with Zero Liability protection^(1) at no extra cost. You won’t be held responsible for unauthorized card transactions, as long as you report them promptly.

RandomFrog

My bad, I read ATM as "all time high".

Artemis647

My ATM receipt (which I still have from 2015) says Price: $324.42 CAD So damn cheap lol

iamanomynous

Where do you do that? Do ATM machines count?

Select_Aide_6548

Screw these damn ATMs. I went to one to test and tried to buy a few bucks of crypto. After a long signup process, I had to have my photo taken and have my ID scanned. Just to buy some crypto? I'm sure it's due to some regulation but wtf. Wake me up when there is an ATM I can put cash into and put crypto right onto my wallet (or vice versa)

Salamandrine88

real experience, ive had the virtual card for about 8 months in EU, USDT spend works fine on Apple Pay, no Apple Pay rejection in my country one ATM withdrawal got declined randomly once, second machine worked, no explanation. small annoyance not a dealbreaker.

Artemis647

I bought in 2016. Bitty was CAD$300 then, *at an ATM*. It was awesome.  Why I only bought 10 BTC, I will never forgive myself lol

ShipMysterious7602

Recently started using Tangem Pay. Love how they integrated the card account into the wallet. This means you can have all your funds in a cold wallet and only push over what you need to the card as and when you need it. Also, the funds you push to the card is in USDC so you never touch fiat until you use the card. You spend USDC and the merchant gets his fiat. Card limits are also very generous at this stage with a load capacity of $50k max but a loading of $100k per day and up to 24 loads a day. Annual spend limit is set at $10m which is way more than any other card I have looked at or used. It's still in beta though. Currently you can only fund the card in USDY Polygon which is a bit of a headache. Yes it's cheap but I feel USDC Tron (TRC-20) would have been a better choice as it's already so widely integrated with brokers and the like. Tangem has however said they will look at including more payment methods in future so let's see where this goes. Also, at present only virtual cards are available. From what I've read, physical cards are on their way and already being tested in Europe. ATM limits are on the low side but for me personally, this is not an issue. I want a card where I will not run into limits while spending and a virtual card is just fine as it works with Google Wallet/Apple pay. Forgot, no fees on the card account and the exchange rate they use if you spend in anything other than USD is Visa's rate + 1% which is not bad at all. So no major markup of the rate. I think Tangem has done a great job with the card account integrated right into your cold wallet on the app.

DonTheHolder

Bitcoin ATM.

LargeSnorlax

Hilarious, since the literal only thing people used them for is to scam the elderly. No one sane would buy Bitcoin at an ATM with a 20-30% added spread added onto the price. Good riddance. These things were only designed for the stupid.

Alex45223

sign up? find a coin flip ATM. I assume you didn't use your real name and age right? just make up john smith aged 25 whatever.

No_Fortune_1176

$315 billion sitting in wallets doing nothing because spending it costs more effort than going to an ATM smh

BTC_Saviour_16

Go to Poland and use a Localcoin ATM, no KYC needed.

wayfarer8888

And what's your offramp for the one that has not been KYCd? Bitcoin ATM that pays you a few cents for every dollar?

el_rico_pavo_real

Love this post - only thing I am not sure of is the zero MSTR ATM. I believe, and I could be wrong, they like to sell a proportional amount of MSTR to maintain the amplification ratio of STRC… so I expect some MSTR ATM, just not a ton, relative to STRC or previous ATM sales.

BitcoinBaller420

**tl;dr - markets are stupid and Bitcoin is ridiculously underpriced** Here's what happens next. STRC has its first $2 billion day today, and Strategy is the primary seller. This weekend, Bitcoin continues to go up as Strategy deploys these new funds into spot. By Monday, the world realizes that Saylor is seriously not selling MSTR common, when Strategy releases their weekly sales / purchases and there is 0 MSTR on there vs $2.5b+ in Bitcoin, despite nice premiums available, Bitcoin strength, and juicy mNAV for the taking. Bitcoin per share soars in just 1 week, and the mNAV starts looking stupidly low. Strategy eventually starts tapping the ATM at a much higer immediate profit, and this efficiency just pours more jet fuel on the fire as the greatest short-squeeze in world history begins to take shape over the next year, driven by credit market demand for STRC's high-return-on-very-low-risk-tax-deferred asset qualities. Right after that, the Clarity Act will be passed, and Strategy will quickly announce at least one partnership with a major bank to realize their dream to back a 0-vol money-market USD account with Bitcoin as the backing collateral. The US bank savings deposit base immediately becomes much more accessible to start moving into Bitcoin, now with regulations and approvals to the highest levels, and guidance from advisors these people have trusted for decades. That's yet another big deal in the future demand curve for Bitcoin (not to mention a huge win for the everyman facing an impossible battle with a 0% savings account that leaks 5%+ buying power every year). I went balls deep yesterday, I'll be in there picking up some deals on the 3-month prefs today. STRK imo is stupidly under-priced right now.... 10% ROC and I get a perpetual call on leveraged-Bitcoin?! What are we talking about here. I'll be on the bid side again today, see you there.

tesseramous

How long does it take to cut through Saylor's little ATM allocation and really start dropping.

slavikthedancer

The whole ATM is powered by one duracell?

Branch_City

Online it says 6M rubles to 1 BTC, I’m sure this ATM has a high fee though

ZetaDefender

This feels like that ATM hack a group did during Black Hat a few years ago. Guess AIs have no concept of a coding sandbox.

birbbbbbbbbbbb

Grok can't own anything but it's not some autonomous entity, it's a computer system created and owned Twitter just like an ATM is a computer system owned by your bank. Grok is just a brand for whatever LLM Twitter deploys, anything owned facially by Grok is clearly owned by Twitter itself.

HyperSpaceSurfer

This is different because Grok was ostensibly the owner, it wasn't someone else's coins which Grok was simply given access to. But Grok isn't a person, so can't own anything. The money in the ATM is owned by someone/some company. The issue is that there's no one who was stolen from, so no one can seek damages for their loss in a court of law, just like how I can't seek damages if someone finds money on the ground which I don't own.

birbbbbbbbbbbb

I think to say there's no equivalence between ATM errors seems like a bold assertion based on nothing. It's especially silly since the ATM example is actually the second situation! They kept asking the ATM for money and it wasn't doing the math to check correctly. 

xrailgun

This is completely irrelevant. Your example describes: "hey ATM, give me $10" *ATM dispenses $100* What actually happened in this article: "hey ATM, give me $1 million" *ATM dispenses $1 million* There is no equivalence.

stuartwitherspoon

The difference is that money in an ATM is owned by the bank. These tokens had no owner in the form of a person or entity.

birbbbbbbbbbbb

I'm not a lawyer but if an ATM dispenses too much money in an error keeping it is a crime in some jurisdictions, famously this happened in Australia (example: https://stacklaw.com.au/news/criminal-law/my-atm-overpays-can-i-keep-it). Especially since the person here isn't acting in good faith (the Morse code and immediately deleted account make that fact abundantly obvious), it doesn't seem a safe assumption everything is free and clear here. In most cases even if you're acting honestly, you can't just keep money that was clearly a mistake and it seems absurd to think the creators of the Grok bot was intended to just give money away like that.

Sundance37

It’s just a bitcoin ATM. So, not really.

DreamingTooLong

Don’t use a credit card 🙄😁 Get cash from credit card at supermarket checkout Use the cash for buying BTC in person or stick it in the ATM and buy BTC with checking account. using credit card for bitcoin is dumb Good luck 👍🍀

badfeets

Usually a regular purchase, but you'll want to check the fine print, because some cards treat monetary instruments as cash advances (like withdrawing from an ATM). Also, I'd tell you that taking on debt to buy crypto is a horrible idea, but I'm not your father.

sundevil8229

Yeh u could use the futures in an exchange that has btc futures that are decently liquid - reasonably stacked bid ask that not too wide of a spread (depends how big u r trading) Most futures will track the perps and spot. On expiry just swap contracts to the next one if u still want to hold. Perps too costly if its bear market regime and will eat into your profits or additional payment to ur loss. Or u can express your idea in an long put or bear put spread option on Deribit but options will lose value over time plus u have LT outlook, if ur strike is too low (60/70) probably u wana get an ITM/ATM put 85-95 area more expensive but still cheaper than short spot and if mkt moves up u still have buffer. Futures make more sense if going with a vanilla idea without too much complications and variables.