The Machine That Stopped Buying Bitcoin

The machine that was buying Bitcoin on every single dip for three years has stopped. Here is exactly what it was, why it stopped, and what Bitcoin looks like without it.

For three years, one company absorbed every Bitcoin pullback. It held more than 4 percent of all the Bitcoin that will ever exist. At its peak it was responsible for approximately 97.5 percent of all net new corporate Bitcoin purchases globally. It never sold. Until late May 2026.

In this episode I break down exactly how this machine worked, why it has stopped, and what nine structural forces are now pressing against Bitcoin with no permanent buyer underneath the price.

In this episode you will learn:

• How Strategy built the largest corporate Bitcoin position on the planet using preferred stocks
• Why the machine has stopped and what the mNAV collapse means for Bitcoin buyers
• The five preferred instruments, their current prices, and what the effective yields are telling you
• Why every single preferred instrument is now below par simultaneously for the first time ever
• The nine headwinds now fully exposed without the machine absorbing them
• The difference between a death spiral and a debt trap, and why it matters for your time horizon
• The selling acceleration mathematics nobody is running
• What the legal situation means for the long term

This is not a prediction. This is a structural analysis of what has changed in the Bitcoin market and what every holder needs to understand right now.

Read the full companion analysis here:
https://www.profitbyfriday.com/weekly-market-updates/what-happens-to-your-portfolio-when-bitcoin-and-the-economy-break-at-the-same-time.html

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https://www.profitbyfriday.com

Every Friday we publish the Friday Flash. One stock evaluated through the CLEAR Framework. Free. One minute to read. No noise. No agenda.

Subscribe free at https://www.profitbyfriday.com

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How Elon Musk Turned Twitter Into a $1.77 Trillion SpaceX Empire.

In October 2022, Elon Musk walked into Twitter headquarters carrying a bathroom sink. The world laughed. The analysts called it the worst deal in tech history. Fidelity marked their stake down 65 percent. The platform was losing users, losing advertisers, and Musk had been forced to close the deal by a court.

Three years later he rang the opening bell at Nasdaq. SpaceX had just raised $75 billion in the largest IPO ever recorded. The same investors who had been sitting on 71 percent paper losses were now looking at nearly 200 percent returns.

This episode covers the complete story:

• Why Musk did not buy a social media company — he bought a data mine
• The four-floor escalator that converted Twitter into SpaceX equity
• How the private valuation grew from $27 million in 2002 to $1.77 trillion in 2026
• Who actually got paid — and the uncomfortable question about everyone else
• The CLEAR Framework verdict on SPCX — and why we are not buying today
• What December 2026 means for every retail investor holding the stock

We run every business through our proprietary CLEAR Framework before forming an opinion. Five pillars. 100 points maximum. 75 required before we proceed. SpaceX scored 47 out of 100. The earnings pillar scored zero. When a company has no earnings, the framework ends the conversation at the fundamentals. We do not look at the chart.

Great company. Wrong price. Watch December.

Read the full companion article at:
https://www.profitbyfriday.com/the-brief/the-44-billion-deal-everyone-called-a-mistake.html

Subscribe free to the Friday Flash. One stock evaluated through the full CLEAR Framework every Friday.

https://www.profitbyfriday.com

Every Friday we publish the Friday Flash. One stock evaluated through the CLEAR Framework. Free. One minute to read. No noise. No agenda.

Subscribe free at https://www.profitbyfriday.com

Follow us on YouTube, Spotify, and Apple Podcasts for new episodes every week.

How Do You Analyse Small and Mid Cap Stocks

Most investors stick to large caps because the research is easier. But the best opportunities in the market consistently emerge in the under-followed small and mid cap space.

In this episode we walk through how to apply the CLEAR Framework to small and mid cap stocks. What changes at smaller sizes. Where the catalyst matters more. How to read accumulation signals before the crowd. And why tighter risk management is non-negotiable at smaller sizes.

The work is harder. The information is thinner. The rewards for doing it properly are proportionally greater.

Read the full breakdown at https://www.profitbyfriday.com

Every Friday we publish the Friday Flash. One stock evaluated through the CLEAR Framework. Free. One minute to read. No noise. No agenda.

Subscribe free at https://www.profitbyfriday.com

Follow us on YouTube, Spotify, and Apple Podcasts for new episodes every week.

How do you actually research a stock?

Not which stock to buy. Not what the market is doing. Just the fundamental question every serious investor has to answer for themselves.

In this episode we walk through the exact five pillar framework we use at ProfitByFriday to evaluate every stock before we form a view.

Catalyst. Leadership. Earnings. Accumulation. Risk and Reward.

The scoring is subjective. It gets better with experience. And the goal of research is not to find the perfect stock. It is to eliminate the wrong ones.

Read the full breakdown at https://www.profitbyfriday.com

Every Friday we publish the Friday Flash. One stock evaluated through the CLEAR Framework. Free. One minute to read. No noise. No agenda.

Subscribe free at https://www.profitbyfriday.com

Follow us on YouTube, Spotify, and Apple Podcasts for new episodes every week.

Why a stock investing newsletter is not about stock picks — and what it is actually for.

Most people subscribe to a newsletter expecting better picks. That is the wrong reason. The real value of a well-designed investing newsletter has nothing to do with the stocks it recommends. It is about the behavioural infrastructure it builds around your decisions.

In this episode:

• Why most investors lose to their own behaviour, not to bad stocks
• The personal trainer analogy — what a system actually does for you
• The asymmetry of winners and losers and why win rate is almost irrelevant
• Four things to look for before subscribing to any investing newsletter
• What changes when you stop asking "was I right" and start asking "did I follow the plan"

Whether you are evaluating your first newsletter subscription or your fourth, this episode reframes the question entirely. You are not looking for better picks. You are looking for a system that holds your behaviour in check when the market gets noisy and your instincts start lying to you.

Amateurs subscribe for the picks. Investors subscribe for the process.

https://www.profitbyfriday.com/why-join/

Subscribe free to the Friday Flash. One stock evaluated through the full Clear Framework every Friday. No noise. No hype. Just the analysis that matters.

https://www.profitbyfriday.com

Every Friday we publish the Friday Flash. One stock evaluated through the CLEAR Framework. Free. One minute to read. No noise. No agenda.

Subscribe free at https://www.profitbyfriday.com

Follow us on YouTube, Spotify, and Apple Podcasts for new episodes every week.

Five Lessons the Market Taught Me the Hard Way

Most investors lose money before they learn these five lessons. The market does not care how smart you are. It rewards one thing above everything else: the ability to survive long enough to compound.

In this episode we walk through the five hard-earned lessons that separate investors who build wealth from those who exit the market bitter and poorer.

Lesson 1 — Do not chase overnight wealth
Lesson 2 — Missing a trade is better than making a wrong one
Lesson 3 — Knowing when to take profits matters more than knowing when to buy
Lesson 4 — Every dollar in the market is a real dollar
Lesson 5 — Opportunities never stop arriving

Read the full article at https://www.profitbyfriday.com/the-brief/five-lessons-market-taught-me-hard-way.html

Every Friday we publish the Friday Flash. One stock evaluated through the CLEAR Framework. Free. One minute to read. No noise. No agenda.

Subscribe free at https://www.profitbyfriday.com

Follow us on YouTube, Spotify, and Apple Podcasts for new episodes every week.

Evercore stock analysis — independent investment bank review and full business model breakdown for retail investors.

Most investors spend their time watching Goldman Sachs, Morgan Stanley, and JPMorgan.

Almost nobody watches the firm that just ranked third globally in advisory fees behind those two giants — with no loan book, no deposit base, and revenue that doubled year over year in Q1 2026.

That firm is Evercore. And in this episode we break down exactly how it got there.

What you will learn in this episode:

• Why an independent advisory bank has a structurally different business model from a traditional bank
• How Evercore ranked third globally in M&A advisory fees despite a market cap of sixteen billion dollars
• Why Goldman Sachs, Morgan Stanley, and JPMorgan carry structural overheads Evercore does not
• What a five-year average return on equity of 34.6 percent tells you about the business model
• The specialist vs giant pattern — Stripe, Airbnb, and how Evercore fits the same thesis
• The full five-pillar breakdown across Catalyst, Leadership, Earnings, Accumulation, and Risk/Reward

Read the full written analysis with the comparison table and editorial projection:
https://www.profitbyfriday.com/friday-flash/issue-012-evr.html

Every Friday we publish the Friday Flash. One stock evaluated through the CLEAR Framework. Free. One minute to read. No noise. No agenda.

Subscribe free at https://www.profitbyfriday.com

Follow us on YouTube, Spotify, and Apple Podcasts for new episodes every week.

Jesse Livermore vs Warren Buffett trader vs investor the real difference explained

He made $100 million in 1929. He died with $84,000 in assets and $2.5 million in debt. The man known as the greatest trader who ever lived filed for bankruptcy 4 times, went through 3 marriages, hired bodyguards after death threats, and wrote his final note in a Manhattan hotel cloakroom calling himself a failure.

Warren Buffett bought his house in Omaha in 1958 for $31,500. He still lives there at 95. He drives himself to McDonald's. He reads 5 newspapers before noon. He sleeps 8 hours a night. He has said he would pay to do this work if he had to.

Same market. Completely different outcome.

In this episode:

• Why Livermore made and lost 4 separate fortunes across 30 years
• The one structural flaw in a system that required continuous perfection
• What the trader lifestyle actually costs day to day vs the investor lifestyle
• Why most retail investors still choose trading over compounding despite knowing the evidence
• The biological reason the brain is wired to prefer trading over patience
• What both men agreed on about why most participants fail

Both men understood that emotion was the enemy. Livermore tried to overcome it. Buffett built a system that made it irrelevant.

This is not a comparison of strategies. It is a comparison of lives.

Read the full article:

https://www.profitbyfriday.com/the-brief/jesse-livermore-vs-warren-buffett-trader-vs-investor.html

Every Friday we publish the Friday Flash. One stock evaluated through the CLEAR Framework. Free. One minute to read. No noise. No agenda.

Subscribe free at https://www.profitbyfriday.com

Follow us on YouTube, Spotify, and Apple Podcasts for new episodes every week.