Strategy may be hitting pause on new Bitcoin buys until its preferred stock, STRC, climbs back to its $100 par value. CEO Phong Le says that rebound would reopen the funding tap — and likely send more capital straight into BTC.
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Strategy says it could survive an extreme Bitcoin crash to $8K–$10K, but the real test is its funding structure: STRC, cash reserves, and the need for steady dollar liquidity. Even the biggest BTC treasury still has to pay its bills in boring old dollars.
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Strategy is replacing its hardline “never sell Bitcoin” stance with a more flexible Digital Credit Capital Framework, allowing BTC sales under defined conditions to support reserves, dividends, and repurchases. It’s not a bearish exit—just a less dogmatic, more realistic treasury move.
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Strategy CEO Phong Le’s $1 million STRC buy is back near break-even, but the bigger signal is that Strategy’s Bitcoin-heavy treasury model is still under pressure. With 818,334 BTC on the books, conviction remains high — and so do the risks.
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Michael Saylor’s “more charts” post landed just as Strategy’s Bitcoin financing machine looked more fragile, with BTC in the low-$60Ks and pressure building around STRC and the company’s ability to keep buying without selling.
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Strategy’s Bitcoin treasury play is under pressure as both MSTR and STRC weaken, making it harder and more expensive to raise capital for more BTC. No forced selling yet — but the financing engine is clearly sputtering, and the market is no longer handing out free lunch terms.
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Strategy’s Bitcoin flywheel is still spinning, but the premium that powered it is fading fast. With STRC dividends, thinning reserves, and even a small Bitcoin sale to cover cash needs, Michael Saylor’s “never sell” machine is facing a very real pressure test.
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Strategy’s STRC has slipped below par, exposing the ugly truth behind the Bitcoin-yield sales pitch: it’s unsecured corporate credit, not Bitcoin collateral, and retail investors are getting hit as financing pressure mounts.
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Saylor is signaling another Bitcoin buy, but Strategy’s STRC funding vehicle is wobbling, with shares below $100 and dividend costs rising by about $53 million a year. The big question: how long can the BTC buying machine keep running before the math bites back?
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Strategy’s STRC preferred stock got smoked in market stress, briefly tanking below its $100 reference level and exposing how leveraged Bitcoin-linked credit products can unravel fast.
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