Strategy common stock and bitcoin holders will lose before the preferred holders, by definition of the capital structure. Michael Saylor was sold a leverage product by Wall Street, and his Bitcoin Yield metric proved as flawed an accounting measure as community-adjusted EBITDA. A post by @jdorman81 argues the push into $15 billion of preferreds, carrying $1.5 billion a year in dividends, bet on bitcoin soaring and badly strained the balance sheet when it fell. x.com 

Falling STRC prices raise its effective yield, increasing Strategy's dividend burden and tying the instrument to occasional Bitcoin sales despite its large holdings. Saylor is promoting STRC's 12% yield paid twice a month, and the higher it is, the faster Strategy sells Bitcoin. Replying to @Blockcastcc's report of Peter Schiff's warning that Bitcoin could fall toward $20,000, Strategy should sell everything and repay: preferred holders can be paid, but common holders would be wiped out. x.com  … Show more

Strategy offers more upside than bitcoin because it is levered through fixed-dollar convertible debt and preferred equity: if bitcoin reaches $220,000 in 2028-29, it could deliver a much higher percentage return. It should benefit whenever bitcoin flips above $100,000 in the next few years. It can also fall twice as much as bitcoin, so holders must avoid getting stopped out. x.com  x.com 

Strategy's premium looks exposed now that its 'never sell Bitcoin' story is retired. Selling 32 of 843,706 BTC is a rounding error, but it reveals a structured, dividend-driven mechanism to liquidate BTC when preferred stock obligations require it. Strategy has five preferred series, some paying 10-11.5%, and those payments don't care what bitcoin does. Saylor's math that bitcoin need only grow 2.3% a year to cover dividends forever holds only if bitcoin cooperates. x.com 

Strategy is a bitcoin beta trade stacked on an mNAV premium, and both are deflating at once, so leverage is cutting both ways in its 80% drop from all-time highs. Turning bleak into done needs a weekly base with a higher low and a premium to NAV that stops compressing; until then the drawdown may be only a pause inside the downtrend. 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 board-approved framework allowing bitcoin sales is a pressure valve that signals building stress and could start a downward spiral. Its $2.55B USD reserve covers only 17 months of dividend and interest payments, its 847,000 BTC carry about a $13B unrealized loss, and the stock fell almost 30% in a week. Because Strategy holds 2.8% of all bitcoin, even small sales would be seen instantly, panicking MSTR holders whose thesis is never selling and making new equity raises harder. x.com 

Crypto proxies like Strategy are trash investments. Per The Kobeissi Letter, Strategy faces its largest unrealized loss ever, -$10.8 billion or -17% on its bitcoin after six years of buying, while the S&P 500 rose 116% over the same span and Strategy's stock is down 77% from its record high. x.com 

Strategy and Strive are absorbing money flows from bond markets worldwide, savings accounts, dividend stocks and every other form of passive income. Strive's SATA preferred took in $21 million of bitcoin-related flows in a single day, a shift whose gravity investors should not underestimate. x.com 

Strategy's share price is a bet on the next buyer, not on anything that produces cash. It filed a $20.8B net loss for the first half of 2026, an accounting fact about bitcoin's price, yet the stock rose this month. Neither produces a dollar, so investors are pricing a chain of strangers. x.com