12th December 2024 > > Music memes & MicroStrategy.

tl;dr

MicroStrategy is heading for official recognition, though maybe not tomorrow.

Market Snap

Market Wrap

We do like to see six-figures, especially with neutral perpetual futures funding rates telling us that leveraged longs and leveraged shorts are pretty evenly balanced.

The spot BTC ETFs have had ten consecutive days of inflows totalling … $4.2bn of investments. I can think of no reason why that trend will change any time soon.

Curious Cryptos’ music video meme corner

https://www.youtube.com/watch?v=xAVTyex_9E8

Lil Bubble has made a whole load of Bitcoin House for your entertainment. Dig in and enjoy.

And while we are at it, let’s look at the celebration of six figures once more (h/t Pasquale Bellini):

Curious Cryptos’ Commentary – MicroStrategy (MSTR)

We do love talking about MSTR at CC Towers.

The CC Treasury has been a long-term investor, and continues to DCA. If you believe in BTC, then there can be no reason not to own some MSTR too. But you know all about that already, or at least those who have been paying attention do, so I won’t go over old ground again. Except to remind you that MSTR is a leveraged bet on BTC with no liquidation risk. Lovely.

There has been speculation that MSTR might be admitted to the Nasdaq 100 tomorrow. These rumours are given credence by the overly negative reaction by some of the popular press at this prospect. You know the ones, the usual suspects, those who decry the crypto revolution at all turns. I need not name names.

Perhaps MicroStrategy gets accepted by the Nasdaq bigwigs tomorrow, perhaps it happens in a year’s time. Or perhaps special dispensation is given in three months’ time, if the expected 2025 crypto rally plays out. Whatever, it will happen one day. And on that day, a vast swathe of index tracking funds will be forced to buy MSTR that very morning, for they cannot buy beforehand, making it an even more important component of the Nasdaq 100, whilst nicely boosting all of our bags

…

Oh my, on that day, I wish I could be at the index management meeting held at Vanguard, the last bastion for the final fleeing refuseniks of Warren’s anti-freedom and anti-liberty army. To see the contortions endured by senior management when faced with the need to buy MSTR, a leveraged trade on BTC, to the dismay of Warren’s distraught supporters, all of whom will be broken and bowed. It would be a privilege to be there, by hook or by crook.

If they let me in (which is by no means guaranteed, but I am working on it), yah boo sucks would obviously be an extremely immature response to shout out at that meeting

But overwhelmingly tempting nonetheless.

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One final thought from Eric Balchunas of Bloomberg. If MSTR does get the nod tomorrow, when will it likely join the S&P 500, the most widely tracked vehicle for stock ETFs? That’s a lot of buying of MSTR stock that day.