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 has consistently outperformed bitcoin since the launch of its STRC preferred, so anyone bullish on bitcoin should hold some kind of long Strategy trade. Bitcoin's price still remains a factor in the stock's direction. x.com  x.com 

Strive should outperform Strategy because it is far smaller and carries no convertible debt. Strive's market cap is $2.8B against Strategy's $62B, and Strategy has substantial convertible debt. x.com 

Strategy's STRC preferred was never as safe as a money market fund, and if both STRC and MSTR share dilution fail, the only way left to pay dividends is selling bitcoin. Believing STRC would stay at par forever while paying a junk-like 12% was financial illiteracy; per @betirement, it has now fallen below $90. Strategy says its bitcoin reserve gives it 32 years of dividend coverage. x.com  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 

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 is early below 1.5x its bitcoin net asset value, and the crowded short-Strategy, long-bitcoin trade is about to blow up, setting off short covering. Upcoming catalysts include STRC trading back at par, an Iran resolution with no rate hikes, and a momentum rotation into crypto after its underperformance relative to overpriced and crowded AI and software stocks. x.com 

Strategy is a debt trap disguised as genius: it keeps buying bitcoin with debt and preferred stock, yet bitcoin generates no income to service those obligations. Like a man buying rent-free houses on credit cards, it looks brilliant while prices rise and lenders keep saying yes, with the MSTR premium acting as that willing lender. If bitcoin falls and funding dries up, it is left to sell into a falling market, borrow at worse rates or dilute shareholders on ugly terms. 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 is choosing to sell its expensive shares rather than its bitcoin to fund itself. From August 17-23, 2026, it sold 18.26 million MSTR shares for $2.01B, using part of the cash to repurchase STRC, replenish its USD Reserve and set up a new USD cash reserve. x.com  x.com