Raising Strategy's STRC rate could lock common shareholders into costly dividends after sentiment improves. STRC is six times SATA's size; each 0.5-point hike costs $43m a year on existing shares, without evidence it can sustain par. Buybacks have pushed STRC toward par; as Bitcoin rises and daily payouts start, it will return to par at 12%. Reversing a hike without serious backlash may be difficult for 5-10 years. x.com  x.com  x.com  x.com  x.com 

Strategy is attracting some of the world's largest fund managers because they want Bitcoin exposure. Their buying supports the bullish case for MSTR as a listed vehicle for institutional Bitcoin demand. x.com 

Strategy has stopped being a bitcoin company and become a yield flywheel, diluting the stock or selling bitcoin week after week to keep the yield, despite claims all year that it was well capitalized. Per @DeItaone, it raised $333.7 million selling 3.46 million shares through its ATM program last week and bought no bitcoin, using proceeds for preferred dividends, $132.2 million of STRC buybacks and cash reserves. As @ShevY_xx put it, the yield is now the product and the coin just collateral. … Show more

Heavy inflows could lift Strive's mNAV above Strategy's for periods because they have more impact on the smaller company. Strive could do even better than 6x versus Strategy's 4x, as investors seek the faster Bitcoin treasury stock. x.com  x.com  x.com 

Bitcoin and Strategy offer an unparalleled and underappreciated setup now that the issue around Strategy's STRC preferred is largely resolved. x.com 

Strategy's funding machine is breaking as its STRC preferred trades far below $100 par, threatening a death spiral. STRC pays about 11.5% and lets Strategy buy bitcoin only while near par; at a new low of about $82, issuance stops, yet cash dividends are still due. Cash has fallen from $2.25 billion to about $1 billion, and Strategy sold 32 BTC in late May to cover STRC obligations. Higher payouts mean more bitcoin sales, which hit bitcoin's price and confidence, pushing STRC lower again. x.com 

Strive's common ATM can lift long-run returns by funding bitcoin purchases at a share premium. Bitcoin is historically cheap; stacking in a bear market or before the bull market begins drives the biggest gains later. But too much weekly issuance can blunt upside, exhaust investors and cap mNAV expansion; share scarcity matters. The ATM is crucial, but caution is preferable. Cole Macro said preferreds should help keep dilution below Strategy's levels on the way up. x.com  x.com  x.com 

Strategy offers prime risk/reward here unless Bitcoin keeps moving deeply lower. Saylor affirmed the company can pay its dividend for over two years and will prioritize always holding 12 months of dividend cash, alongside a new Digital Credit Capital Framework. Last week's FUD over Saylor, Strategy and its STRC preferred produced a strong candle below the prior low into a key demand area from the previous cycle, yet the stock kept its weekly bullish divergence. x.com 

Strategy is turning to selling bitcoin to rescue its troubled STRC preferred program, which points toward bankruptcy. It launched a Bitcoin Monetization Program that lets it sell BTC to fund operations, per Watcher.Guru, and the news sent the preferred up 10%, meaning it would sell bitcoin low to support STRC high. x.com 

Strategy might be undervalued because it holds far more Bitcoin than the first time its stock traded at the same price. At $140.51 today, it holds 848,517 BTC, versus 193,000 BTC the first time shares reached $140.51. x.com  x.com