Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Tuesday, November 26th, and today we are talking about, well,

basically the same thing we've been talking about forever. Michael Saylor buying Bitcoin,

ETF flows hitting records. Bitcoin, not quite hitting 100,000. Before we get into that,

however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review,

or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show

notes or go to bit.ly slash breakdown pod. All right, friends, well, for the third week in a row,

Michael Saylor has bought several billion dollars worth of Bitcoin. Last week's purchase was another

record for Micro Strategy, acquiring 55,500 Bitcoin for around $5.4 billion. Their average price was 97,860,

the highest yet. The purchase was funded by $2.46 billion in stock sales alongside the $3 billion in

convertible notes issued last week. Sailor is reinforcing what he said way back in 2021,

I'll be buying at the top forever. Micro Strategy has now purchased $12 billion worth of Bitcoin over the past three weeks,

growing their stack by around 35% in Bitcoin terms this month.

They now own around $38 billion worth of Bitcoin.

This is a massive acceleration of the pace they forecast during their October earnings

report.

On that, investor-call, Saylor laid out the plan to issue

$21 billion in equity and $21 billion in debt to finance the next three years of Bitcoin

purchases. The $21 billion equity shelf offering was the largest in the history of U.S. finance.

Less than a month later, approximately 40% of the equity has been sold and 14% of the debt,

way ahead of the forecast paced. The question, of course, becomes can this pace

...