Strategy runs a Ponzi-like loop: new capital buys bitcoin, which lifts the stock and attracts more capital, while the business makes almost no organic cash flow and collapses without constant raising. It trades at a big premium to NAV, effectively selling $1 of bitcoin for $1.50, lost $12.5B in Q1 2026, and has now sold bitcoin for the first time since 2022 despite Michael Saylor's vow never to sell. Owning bitcoin itself makes more sense than owning Strategy. x.com  x.com 

Strategy's bitcoin flywheel doesn't work in a bear market: below 1x mNAV, issuing stock to buy bitcoin loses money, so it defends the share price instead. It spent $139 million last week and bought zero bitcoin, putting raised money into its own stock, and until mNAV gets back above 1 it can't buy a single coin. @JamesIIIIIII adds that below 1x mNAV the flywheel becomes a treadmill, since the balance-sheet story works only while the market pays a premium for the wrapper. x.com  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 

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 

Crypto treasury companies are stalling because the buyers of last resort have stopped buying and started paying out. Strategy trades below the value of its own bitcoin and is now selling BTC to cover dividends. BitMine is down 86% and $9 billion underwater on its Ethereum, no longer raising capital, just paying out. Neither was ever a clean crypto bet; each was a leveraged premium dressed up as one. x.com 

Daily STRC dividends advance Strategy's Bitcoin financing machine. Shareholders approved the payments, and Strategy's Bitcoin printer is unstoppable. x.com 

Strategy's capital allocation raises red flags. Of $290.6M raised by selling shares, $250M went to its USD reserve and only $28.9M to STRC buybacks, which looks like money set aside to day trade Bitcoin and raises questions of misappropriation. Strategy also sold 1,638 BTC to fund preferred dividends and buybacks. Its CEO dismissing Bitcoin's price and the cost-basis metric as not mattering, beyond each shareholder owning some sats, is a poor message for shareholders. x.com  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 

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 common holders have been endlessly abused and diluted so Michael Saylor can keep his Ponzi afloat and avoid selling bitcoin, with the company issuing MSTR shares to raise USD cash. x.com