Wu learned that crypto journalist Laura Shin posted that the current issue with Strategy is not Bitcoin itself, but that its capital structure is coming under pressure. She noted that STRC has fallen to about $75, a record low, implying a yield of about 15%; Strategy’s common stock has fallen to about $85, down 78% year-to-date, and all of the USD-denominated preferred shares it has issued are currently trading below par. Laura Shin said that with STRC trading below par and mNAV near 1, Strategy’s financing leverage has been impaired, and the mechanism that was originally used to buy BTC is shifting toward raising cash to pay dividends. Grayscale’s Head of Research, Zach Pandl, said that if Strategy sells at least $3 billion in BTC to cover most of its cash obligations over the next two years—or that would be more helpful in restoring market confidence.