Saylor's STRC Is Crashing. What Happens to Bitcoin?

Michael Saylor's yield machine is cracking. Strategy's STRC, the preferred stock they call Stretch, broke its $100 peg this week and traded into the mid-$70s while MSTR hit a 28-month low, and Strategy publicly admitted it may use disciplined Bitcoin sales to fund its $1.2 billion-a-year dividend. Every crypto channel is covering how bad it looks for Strategy. Almost nobody is answering the question that matters if you only hold Bitcoin: does this matter for Bitcoin itself, or is it just an MSTR and STRC problem? In this stream I walk through what STRC actually is and why a non-callable 11.5% perpetual preferred breaking par is a warning sign, the progression from my December FUD-versus-real-risks scorecard to Saylor's May admission he might sell Bitcoin to today's cash runway compressing from 21 months to 14, the live mNAV math that derives the three Bitcoin price levels deciding Strategy's fate (re-peg above $90,000, chop $52-62,000, death-spiral below $52,000), and the three-layer Bitcoin-effects payoff with my standing call to hold Bitcoin and not Strategy. #Bitcoin #Strategy #STRC #Saylor #MicroStrategy #BTC