Laura Shin hit the nail on the head: capital structure is the fatal flaw, not the coin price. The leveraged game involving $75 STRC, $85 common stock, and preferred stock trading below par is becoming unplayable. More ironically, the motive for buying BTC now has shifted to raising cash to pay dividends—this is not HODLing, it's robbing Peter to pay Paul. As for the $3 billion sell-off that Zach Pandl mentioned, it's real, but if they actually sell, how will the faith narrative be maintained?

Laura Shin pointed out that the problem with Strategy lies in pressure on its capital structure, not in Bitcoin itself. STRC is about $75, with an implied yield of roughly 15%; the common stock is about $85, down 78% year-to-date, and all USD-denominated preferred shares have fallen below par. As STRC falls below par and mNAV approaches 1, financing leverage is impaired, and the mechanism for buying BTC shifts to raising cash to pay dividends. Grayscale’s head of research, Zach Pandl, said that if Strategy sells at least $3 billion worth of BTC to cover its cash obligations over the next two years—or even better, to help restore market confidence—then it would be the right move.