🚨 NEW: Peter Schiff warns Strategy’s $STRC could enter a “death spiral,” arguing falling prices may force the company to raise its coupon to maintain investor demand. https://t.co/xVuCflbyFR

🚨 NEW: Peter Schiff warns Strategy’s $STRC could enter a “death spiral,” arguing falling prices may force the company to raise its coupon to maintain investor demand. https://t.co/xVuCflbyFR

Bitcoin now trades in line with Strategy's credit risk. This began two weeks ago, when Strategy decided to buy back its 2027 converts and thus dramatically reduced its cash reserves to cover the STRC dividends. It is not a macro asset any longer. https://x.com/krugermacro/status/2061868332262003036

Bitcoin now trades in line with Strategy's corporate liquidity. This shift accelerated two weeks ago when the company repurchased its 2029 convertible notes, heavily depleting the cash reserves required to service its STRC preferred dividends. If for example management chooses to liquidate Bitcoin r

Bitcoin now trades in line with Strategy's corporate liquidity. This shift accelerated two weeks ago when the company repurchased its 2029 convertible notes, heavily depleting the cash reserves required to service STRC preferred dividends. It no longer trades like a macro asset. https://x.com/kruger

The STRC ecosystem may not be as resilient as I thought. Here's how I'm adjusting. $STRC par value remain $100, but there is no obligation. It recently fell to $96 and is already wrecking havoc in the on-chain ecosystem. I'll be avoiding future on-chain yields with too much exposure to STRC. $ap