Inside Measure in Sats
The idealized Bitcoin treasury, from first principles to the bet.
Assumptions
Ch 1: What We Believe
The Bitcoin and fiat premises the rest of the argument builds on: 21 million, confiscation resistance, network effects, and fiat debasement.
The Structural Floor
Ch 2: Fiscal Dominance and the CAGR Floor
Why US debt arithmetic constrains policy, why the exit is inflation, and why fiat debasement creates the floor beneath long-run Bitcoin CAGR.
Bitcoin Treasuries
Ch 3: Why Treasuries Hold Bitcoin
Cash as guaranteed purchasing-power loss, Strategy's evolution from MicroStrategy to Bitcoin treasury, and the public invention of the playbook.
Ch 4: mNAV and Accretive Dilution
Why premium-to-Bitcoin value can be rational, how share count can rise while sats per share also rises, and why mNAV is the market's execution grade.
The Capital Structure
Ch 5: The Preferred Stock Stack
STRK, STRF, STRD, STRE, STRC, seniority, liquidation preference, and why multiple instruments unlock multiple investor bases.
Ch 6: Stretch (STRC)
The variable dividend mechanism, VWAP triggers, the $100 price target, and why the rate can move down as well as up.
Ch 7: Fixed-Dividend Preferreds
STRK, STRF, STRD, and STRE as fixed-dollar obligations, with issuance price determining effective dividend rate and accretion.
Ch 8: Amplification, Not Leverage
Why the stack is not margin debt: overcollateralization, no maturity dates, no forced liquidation, and asymmetric exposure.
The Atomic Transaction Model
Ch 9: The Atomic Transaction Model
The lens that treats each preferred raise as self-contained: dollars in, Bitcoin bought, future dividends modeled in sats.
Ch 10: Forever Cost
The geometric series behind the core formula: infinite payments can have finite BTC cost when the unit of account appreciates.
Ch 11: The Ledger
Theory meets the 8-K record. Every weekly tranche becomes a row, every row links back to the filing, and sats per diluted share becomes the score.
Ch 12: The Infinity Engine
The flywheel at scale: accumulation, reflexivity, preferred issuance, common issuance, and how the machine can keep compounding.
Risk and Conclusion
Ch 13: What Could Go Wrong
The honest failure modes: sustained CAGR below dividend rate, mNAV collapse, Bitcoin drawdowns, execution quality, regulation, liquidity, and sizing.
Ch 14: The Bet
The whole argument reduced to one inequality, with options comparison, personal stakes, and the final framing: count on fiat to fail.
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