Michaël van de Poppe
Most people within the Web 3 ecosystem think that institutions will think like them.

Big misconception.

- Institutions don't care about a 4-year cycle, they just add the asset on the portfolio and hold for longer periods.

- Institutions don't want to outperform #Bitcoin, they want to outperform 8% yearly return.

Given that they provide so much liquidity to all other markets, it's very reasonable to say that the macroeconomic aspects of other markets will come into the Web 3 ecosystem and therefore erase the old mechanics.
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Elon Musk
RT @teslaownersSV: Reusable rockets will get us to Mars https://t.co/pGshwgobqF
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mert | helius.dev
RT @SolanaFloor: Speaking at @Solana Accelerate, SkyBridge Capital CEO @Scaramucci said Solana will be “the principal operating layer for tokenization—real-world assets, stocks, and bonds.” https://t.co/dNdn5josXQ
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Adam Back
RT @Bthemoon2030: Hey fam, I’ve seen a ton of chatter about @_ALTBG BTC-denominated convertible bonds, so let’s break it down once and for all.

I dived deep into these bonds to see how they work, why they’re a gamechanger for Bitcoin treasury companies, their possible advantages over $MSTR’s model, and clearing up the misinformation floating around.

Buckle up! This is going to be a central hub for understanding $ALTBG’s strategy and why it’s bullish AF 🚀🚀🚀.

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What Are BTC-Denominated Convertible Bonds?

Let’s start with the basics. A convertible bond is a debt instrument that can be converted into equity (shares) at a predefined price. $ALTBG (@_ALTBG) takes this a step further by denominating their bonds in BTC. So no matter if the deposit has been in BTC or Euro’s, on the day off the deposit the convertible is BTC nominated debt.

Here’s a simple example i used before:

- A family office deposits 1,000 BTC (or 1.000.000.000 euro) into a 5-year BTC convertible bond with $ALTBG.

- The conversion price is set ~30% above $ALTBG’s current stock price.
- The 1,000 BTC goes on $ALTBG’s balance sheet as BTC debt (1 BTC = 1 BTC so no funny business).

After 3–5 years, bondholders can:
- Convert into $ALTBG shares if the stock price hits the conversion target.
- Get their 1,000 BTC back if conversion isn’t reached or choose repayment in EUR at the BTC sale price at maturity (if they don’t decide $ALTBG decides).

Also the conversion option works both ways. So if (after 3 years) the shareprice has a consecutive 20 day price 30% above the strikeprice ALTBG can mandate the convert into shares.
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This structure is big win-win: $ALTBG stacks more BTC on its balance sheet, and bondholders get exposure to BTC’s upside with downside protection. But let’s dive into the benefits, clear up the FUD, and see why this should outperforms $MSTR’s strategy.
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No Currency Risk:

Unlike $MSTR, which issues USD-denominated convertible bonds to buy BTC (exposing them to USD/BTC price fluctuations), $ALTBG’s bonds are BTC-denominated. This eliminates currency risk entirely. Because the bond is BTC denominated and there is no currency risk the bond holders don’t have to sell the stock to hedge the delta. The EUR price isn’t a “moving target” because it tracks BTC’s price.
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No Credit Risk for $ALTBG:

Since the 1,000 BTC is on $ALTBG’s balance sheet, there’s no credit risk for the company. If conversion doesn’t happen, they can return the BTC no need to scramble for funds. Compare this to $MSTR, which might need to sell BTC at a discount to repay USD debt if the conversion price isn’t hit (due this only happens if BTC stays low for a long time and they might have to sell more BTC than bought at the start to do so).
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Flexibility at Maturity:

As I explained, bondholders have options at maturity: take BTC, take EUR at the BTC sale price, or convert into shares. If they don’t decide, $ALTBG chooses.

Plus, the EUR price isn’t a “moving target” because it tracks BTC’s price, so no nasty surprises.
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Unlimited Balance Sheet Loan-to-Value Upside:

Because the bonds are BTC-denominated, $ALTBG can theoretically scale its balance sheet indefinitely (so from 847 to 100.000 in 1 go if they hypotheticly get the needed BTC or EURO value), due to the fact that there is no Loan to Value max like 20-30% Like MSTR has (due to the fact that 1 BTC will always be 1 BTC). So the EURO price of the BTC does not matter(!!!!). This makes a world of difference for the scalability.
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No Hedging Pressure from Hedge Funds:

Trad[...]

itional convertible bonds (like what happends with $MSTR’s and $GME) often get hedged by funds, who short the stock to offset risk, creating sell pressure (delta hedging). $ALTBG’s BTC-denominated bonds avoid this entirely. This “reduces all sell pressure that MSTR and GME gets when they do a CB.” $ALTBG’s stock price stays stronger, benefiting shareholders.
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Side notes:

- Technically the bonds are not secured by any collateral.

- ALTBG has the authorization the do Fiat Convertibal debt but chooses not to.

- Imagine not haveing a upside limit on the convertibals (no 20-30% Loan to value).

When a BTC whale comes in and deposits xxx BTC to the stockpile (without real risk..) the stockprice of ALTBG jump instandly, getting his shares to conversion in the money likely directly after depositing.... Crazy flywheel here..
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NFA ofcourse. Just my take on things.
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Adam Back
RT @H100Group: @EuropeHODL @adam3us Ticker: H100
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Dennis Porter
Pumped for Vegas.

Who is going?
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Dennis Porter
The argument from bloatooors seems to be that “bloat doesn’t damage bitcoin and if it does Bitcoin was too weak to survive in the first place”.

Aka: it’s not a problem and if it is we shouldn’t do anything to fix it.
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jesse.base.eth
RT @tanishqxyz: Announcing the Obedience Cipher: a curious pursuit of wit and will. It’s a cultural product. A game. A challenge built on base.

A new kind of incentive loop. The idea is simple. There’s a hidden phrase made of X words. Discover them.

Connect them. Submit the final string. Each submission demands a steeper toll (logarithmically increasing) in fees. However if the solution is incorrect, it burns them all.

All LP fees? Added to the pot. So every buy raises the reward.

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