Bitcoin could gain new demand from a USD-income market worth trillions because Bitcoin-backed preferreds may offer fixed dividends above equity, real estate and bond yields even as share prices fluctuate. From IPO through October 9, STRC and SATA traded at or above $100 on just 16% and 24% of days; income stays fixed if dividends are paid. Issuers can use proceeds to buy BTC. Bitcoin and this income market could grow faster than traditional assets without those assets crashing. x.com 

Bitcoin treasury companies are a much better risk-adjusted play than AI stocks because buying Bitcoin avoids the constant innovation burden of competing businesses. Perpetual debt to own an asset that has already won beats maturing debt taken on to compete. x.com 

Strategy's STRC preferred is a fragile wrapper around an antifragile asset; bitcoin itself needs no confidence in an issuer. STRC turns bitcoin volatility into a recurring cash obligation that depends on investor confidence, liquidity and staying near par. @Excellion says there is no peg to defend; below par does halt new issuance, but that is not self-repair, as the dividend remains. STRC will likely be fine as bitcoin follows its power law, but Strategy should move to bitcoin-secured credit. … Show more

Strive's new preferred and warrant proceeds give it capital to expand its bitcoin treasury. Holdings rose from 27,462 to 36,818 BTC in three weeks; the upsized $630M SATS IPO, its second preferred with a 15% coupon paid every business day, and another $369M from warrants are not in that count yet. The bullish case is 100,000 BTC by summer 2027. 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 is a disclosed Ponzi that is now unwinding, with much more downside ahead and an eventual path to zero. As bitcoin-treasury hype fades, raising money to keep the scheme going gets harder, while interest costs keep accumulating on instruments such as its STRC preferred. That liquidity drain is what will take Strategy down. x.com 

Strive's Bitcoin holdings now roughly match its market cap, leaving room for the treasury's value to rise with Bitcoin and further purchases. Its 43,000 BTC are worth about $3.455 billion; at $100,000 per coin, they would be worth $4.3 billion before this week's expected purchases. Holdings are on track for 50,000 by next week or early November and could reach 100,000 by spring 2027. 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'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 

Bitcoin's near-term macro backdrop is not yet favorable because the Fed balance sheet is stuck at $6.75 trillion, so patience is warranted. The Fed will eventually have to step in for debt markets. ETF inflows leave time for October to turn positive, while Bitwise raised its 2036 target to $1.6 million and says institutions may allocate 1% to 5% as adoption and debasement-hedge demand rise. A U.S. Strategic Bitcoin Reserve may start buying very soon once crypto rules are settled. x.com  x.com  … Show more