GM. This is Milk Road, the crypto newsletter that connects the dots, so you can see the bigger picture.
Here’s what we’ve got for you today:
- ✍️ Worst sentiment in months → record buys.
- 🎙️ The Milk Road Show: Bulls vs Bears Battle Intensifies: Bitcoin’s Next Move Will Shock Everyone w/ Michael Nadeau.
- 🍪 The S&P 500 just hit a new all-time high.
Nexo is back in the U.S. - and new clients get 30 days of Wealth Club Premier perks! Higher yields, lower borrowing rates, and crypto cashback - start here.
Prices as of 2:00 p.m. ET. Trade today with Milk Road Swap.
SAYLOR'S BITCOIN VACUUM DOESN'T HAVE AN OFF SWITCH 📈
Q: What do these 3 statements have in common…
- Water is wet.
- The sky is blue.
- Saylor will continue to buy BTC.
A: They’re all universal truths.
Which makes an article covering MSTR’s recent Bitcoin purchases feel like a waste of line space…
But it's not what they're doing, it's how they're doing it that’s catching our attention.
‘Cause even though we’re in a multi-month, market-wide downturn - Saylor is still buying at the same pace as he was during the bull run.
Lemme put some numbers on it to really drive home just how insane his current pace is...
During the last bear market's peak-to-trough (Nov 2021 to Nov 2022), MSTR accumulated about $450M worth of Bitcoin.
Decent chunk. Respectable.
From the most recent market peak on October 6, 2025, to where we are right now?
This mf'er has scooped up roughly $11.67B worth of BTC!
That's a 26x increase in capital deployed compared to the 2021/2022 bear market.
So where's the money coming from?
Throughout the recent bull run, Saylor was funding his Bitcoin shopping spree by issuing and selling shares of MSTR (Strategy's common stock).
When Bitcoin was ripping and everyone wanted exposure, demand for MSTR was high, and it was easy to raise capital that way.
But when the market turned? That demand cooled - and Saylor needed a new engine.
So he built one…
CRYPTO SHOULD WORK HARDER FOR YOU
Most people hold crypto and hope.
The smart money? They're earning interest on it, borrowing against it without selling, and trading it.
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SAYLOR'S BITCOIN VACUUM DOESN'T HAVE AN OFF SWITCH (P2) 📈
We've talked about STRC (aka "Stretch") before, but the full power of this thing is only really becoming clear now (while the market is down)…
STRC is Strategy's perpetual preferred stock (a special class of stock that pays dividends forever), which is designed to sit at an even $100 per share.
You buy in at $100 per share → Strategy pays you 11.5% annualized in cash dividends (up from 9% at launch).
Every time the STRC stock price goes above $100, Strategy issues new shares (diluting the stock/lowering the price) and funnels the proceeds straight into Bitcoin purchases.
If it dips below $100, they bump up yields to attract more buyers, and bring the price back up.
(Shares sell, BTC gets bought. Rinse, repeat, forever.)
And investors are LOVING it.
Estimated STRC proceeds hit $1.8B as of yesterday - not even two full days into the week.
Saylor has essentially engineered a financial product that accelerates his buying the worse sentiment gets.
(The more people want safe, boring yield → the more fuel STRC has to vacuum up BTC.)
So why should you care?
Because the more financial instruments like this that exist and get adopted, the more robust Bitcoin becomes as an asset - it's hard to keep prices subdued when there's an absolute maniac buying $1B worth of BTC every week.
And the more success Saylor finds, the more others will want to copy it.
Hell, it’s already happening. BlackRock's BITA (a yield-focused Bitcoin ETF) could launch within weeks.
Goldman Sachs filed for its own Bitcoin Premium Income ETF yesterday.
Both of these have slightly different mechanisms - but they both lead to a similar result:
More investor demand → more Bitcoin bought to fill the fund.
Hell yeah!
BITE-SIZED COOKIES FOR THE ROAD 🍪
The entire industry is headed to Miami. Get 20% off Consensus Miami passes with code MILKROAD.*
Always watching Wazowski: The CFTC is now investigating oil trades worth nearly $950M that happened just hours before Trump announced a ceasefire deal with Iran.
Ok, now do crypto! The S&P 500 just hit a new all-time high, right in the midst of the U.S.-Iran war.
Wall Street didn’t see this coming: AI just became a systemic risk…
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