Strategy A senior executive, at a time when the company's stock price had fallen below cost, made a statement: Our reserve of approximately 850k bitcoins is unbreakable and will not be forcibly liquidated.

I will take that phrase "unbreakable" and test it against the facts. Let's start with the half that is true. Saying "it will not be forcibly liquidated" is true. Strategy's bitcoins were not bought with borrowed money; there is no margin call line hanging over them; even if its STRC preferred stock price falls, it will not trigger a death spiral of automatic liquidation like Luna did back then. I acknowledge that, and I have clarified it before. So "no one will kick it off a cliff" is not wrong. But the four words "unbreakable" cover the other half of the face.
Let's look at some verifiable numbers it didn't mention. Its STRC preferred stock has a nominal coupon of 11.5%, but the price has now fallen below $80; bought at this price, the actual yield exceeds 14%. In traditional finance, when the risk-free rate is less than 4% and something has to offer a 14% yield for anyone to pick it up, that string of numbers translates to only four words: extremely dangerous.
This is the market voting with its feet on its risk. Look at the timing again. June 30 is the ex-dividend date for STRC, and the monthly dividend rate will be reset; everyone is watching. Its common stock MSTR fell 10.7% that day, hitting its lowest since the beginning of 2024. Putting all this together, that phrase "unbreakable" takes on another meaning.
What it said about "not being forcibly liquidated" is physically true—no one will come to force liquidate it. But what it didn't say is that something that can't be liquidated can still slowly drain itself dry through chronic bleeding: no one willing to buy, unable to raise new money, and having to pay high interest anyway.
Not dying suddenly is not the same as being able to live well forever. By the rules, I am not here to decide its fate; these numbers may also change as it raises more funds later.
I just think that when something requires management to personally come out and shout "unbreakable," the market has often already cast a different vote with real money. Questionable, but no labels. The ex-dividend date is right around the corner; let the numbers speak for themselves.