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's model of lending against bitcoin holds up because a rising reserve asset sets a hurdle for investment, not a prohibition. If bitcoin rises 20% and an enterprise turns $100 into $140, it still grows wealth in bitcoin terms by 16.7%. The hurdle also falls as bitcoin matures, like any asset whose prospective return drops as its price rises. From 2013 through 2025, simply holding bitcoin beat almost any effort, but early adoption is a poor discount rate for every future investment. 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

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 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 is no longer just a levered bitcoin proxy but a credit engine that must dilute common equity and sell bitcoin to keep its capital structure afloat. It sold bitcoin below its average cost basis to buy back STRC preferred shares, breaking its "never sell" thesis. It also raised $653M through at-the-market common stock sales toward a $4.65B cash reserve, prioritizing preferred dividend coverage over buying bitcoin, which exposes the rising cost of its preferred stack. 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 

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

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