According to a message from Bixing World, crypto journalist Laura Shin pointed out that Strategy's problem lies in the pressure on its capital structure, not Bitcoin. STRC is at about $75, with an implied yield of around 15%; common stock is at around $85, down about 78% year-to-date; USD-denominated preferred stocks have generally fallen below par value. With MNAV close to 1, financing leverage is impaired, and the mechanism for buying BTC has shifted to raising cash to pay dividends. Grayscale's head of research, Zach Pandl, stated that if Strategy sells at least $3 billion worth of Bitcoin to cover most of its cash obligations over the next two years, it could help restore market confidence.