Glossary
The operator-grade vocabulary mempolitics uses repeatedly. Definitions, context, and why each term matters for positioning.
Updated continuously. New terms get added as they enter the editorial rotation. Where Strategy or another operator introduces a new metric, we surface it and define it here within 24 hours.
The cap structure metrics
BPS · Bitcoin Per Share Capitalist
Bitcoin held per common share before senior claims (debt, preferred stock). Saylor's headline growth metric for the common-equity holder — what every additional ATM raise + BTC purchase moves up or down.
Introduced by Strategy June 16, 2026 alongside CEBE BPS and Amplification. The clean number for measuring whether each share is getting more or less BTC over time, without adjusting for the cap structure underneath it.
CEBE BPS · Common Equity Bitcoin Exposure per Share Capitalist
Bitcoin per common share after senior claims. The unencumbered BTC backing each share carries in a worst-case liquidation scenario. The number that survives if Strategy had to pay off every STRC, STRF, STRK, and STRD shareholder first.
For a treasury company with no debt or preferreds, BPS = CEBE BPS — the vehicle tracks Bitcoin like an ETF. As liabilities increase, the two diverge. CEBE BPS is the conservative floor.
Amplification Capitalist
The difference between BPS and CEBE BPS — the leverage the cap structure provides to common shareholders. Only appears when a company takes on debt or preferred stock against its Bitcoin holdings.
Short-duration, high-cost liabilities turn Amplification into underperformance. Long-duration, low-cost liabilities turn it into upside. This is the operator-grade view of why MSTR's preferred stack matters — perpetual maturity, sub-Bitcoin-ARR coupons.
mNAV multiple Market
Modified Net Asset Value — the ratio of a treasury company's market cap to the dollar value of the Bitcoin it holds. mNAV = 1.0 means the market is paying NAV. Above 1.0 = premium. Below 1.0 = discount.
The center of the Civil War debate. Capitalists argue the cap structure earns its premium. Maximalists argue MSTR deserves a discount. As of June 2026, MSTR is trading below 1.0× — the Maximalist case proving itself out in real time.
The mempolitics framework
The Three Triggers Mempolitics
The three falsification events mempolitics monitors continuously. Any one firing = banner-tier coverage within 10 minutes. (1) Satoshi-era coin movement. (2) Strategy net BTC selling. (3) ETF program halts or institutional outflow streaks ≥4 days.
If none have fired, the structural thesis holds. If one fires, every operator's position-sizing question changes that day.
The Four Characters Mempolitics
The editorial lens framework. Every banner-tier story passes through all four character reads: The Maximalist (sovereignty, 21M cap), The Capitalist (cap structure, dilution math), The Technologist (hashrate, Lightning, infrastructure), The Fundamentalist (Austrian econ, time preference, power law).
Four-character synthesis is the mempolitics editorial signature. None of them wrong on their own terms. The synthesis is the value.
The Five Beats Mempolitics
The daily coverage spine. Every Connect piece touches at least two. (1) Inflation. (2) Oil. (3) Money printing. (4) The BTC Civil War. (5) The Fed.
If a beat goes 48 hours quiet, the desk audits why.
The Connect Mempolitics
Mempolitics' daily editorial synthesis piece. Mon-Fri 6 AM ET. ~400-600 words. Connects at least two of the Five Beats through the Four Characters. Built to be the morning prep doc for Bitcoin content creators.
The flagship editorial product. The aggregator feed is volume; The Connect is the daily editorial heartbeat.
The Rotation Mempolitics
Capital flows between AI/SpaceX bets and Bitcoin. Tracked as a dedicated feed beat. Saylor's framing: "capital rotation, not Bitcoin impairment." Maximalist framing: "dot-com 2.0."
$400B into AI in the six months ending May 2026. $4.3B BTC ETF outflows since May 14. The rotation IS the time-preference signal.
Operator-grade terms
Operator-grade Mempolitics
The mempolitics editorial register. Restrained. Source-attributed. Confident when the data supports it; hedged when it doesn't. No hype, no exclamation points, no "BREAKING." Assumes the reader knows what M2 is.
The opposite of crypto-bro register. Read the floor of a Bloomberg terminal, not the comments section of a YouTube short.
The cap structure Market
Strategy's stack of preferred classes (STRC, STRF, STRK, STRD) plus common equity (MSTR) plus convertible debt. The machinery that turns common-equity dilution into Bitcoin per share at sub-BTC-ARR cost of capital.
When operators say "the cap structure," they usually mean Strategy's specifically. Other treasury companies (ASST, Metaplanet, Semler) have nascent versions of the same architecture.
200WMA · 200-Week Moving Average Market
Bitcoin's 200-week moving average — the slow-moving floor that operators watch as a long-term value anchor. Breaks below 200WMA historically mark bear-market bottoms; breaks above mark structural moves.
Combined with Santostasi's Power Law model, the 200WMA + corridor framing is the structural lens mempolitics uses for cycle positioning.
DCA · Dollar-Cost Average Market
Buying a fixed dollar amount of BTC on a fixed cadence (typically weekly) regardless of price. The default operator behavior for accumulating BTC without trying to time entries.
Saylor's framing: "the cost basis doesn't matter; the time horizon matters." DCA is the operational expression of long time preference.
Self-custody Mempolitics
Holding your own Bitcoin keys, not trusting a third-party custodian. Default for operators. Hardware wallet, multisig, geographic key distribution, inheritance planning — the full sovereignty stack.
"Self-custody is the default, not the expert option." Mempolitics editorial position.
The macro framework
Cantillon effect Macro
The unequal distribution of newly created money — those closest to the source (banks, governments, asset holders) benefit first; those farthest from it (wage earners, savers) lose purchasing power. Named after Richard Cantillon, the 18th-century economist who first described it.
The Fundamentalist case for Bitcoin in one term. Fiat creates Cantillon winners and losers; Bitcoin's fixed issuance schedule doesn't.
Power Law · Santostasi model Macro
Bitcoin's price modeled as a function of time (since genesis) on a log-log scale. Giovanni Santostasi's framework — Bitcoin price ~ time^5.8 — produces a corridor of fair value with predictable cycle highs and lows.
Mempolitics' 200WMA + corridor framing comes from this work. Doesn't predict short-term moves; does anchor long-term cycle positioning.
Time preference Macro
The economic concept of preferring current consumption vs. saving for future consumption. Low time preference = saver, builder, multi-generational thinker. High time preference = spender, present-focused, short cycle.
Bitcoin reduces time preference because it's a savings technology that holds purchasing power across decades. The Fundamentalist core argument.
If you see a term in a Connect piece you don't recognize, send it to hello@mempolitics.com and we add it here.