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 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 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 selling bitcoin breaks the story and the brand of Michael Saylor and his company, whatever the reason. Saylor attributes the sales to capital management, but for a company built on continuously buying bitcoin and never selling, the move undercuts its core identity. x.com 

Strategy keeps diluting common shareholders with no end in sight, so bitcoin bulls are better off owning bitcoin directly. It sold another $544M of MSTR through its ATM last week, making its $25M STRC repurchase mere signaling, and bitcoin per share has fallen since June 1. Dilution makes it improbable the shares reach conversion on billions of convertible debt, and larger bitcoin sales grow likelier as the premium compresses, probably alongside a BTC drop. An FTX-style collapse is not expected. … Show more

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

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 

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