Strategy just posted a $14.5B Q1 operating loss. Somehow, selling $2.5 worth of BTC was far worse for the stock. Since Monday, MSTR down more than 12% .

Strategy. Saylor’s digital asset treasury (basically, Strategy = a bitcoin wrapper). For a breakdown of the whole DAT model, Saylor and all: Treasury or Trap?

Strategy's newest security. Pitched as a high-yield savings product but actually, preferred equity: not a deposit, not insured, not a place to park cash.

Even its fat 11% yield is entirely optional.

Saylor has described STRC as “like a money market.”

But that’s not what it is.

STRC’s wrapping Bitcoin in equity then selling some to pay a note isn't a strategy for yield. It's a LARP, a live action role play and everyone taking it at face value are the ones who can least afford loss.

Bitcoin pays no yield.

STRC’s dividend does.

↺ back to step 1.

Saylor is the biggest bitcoin lifer.

Saylor's public claim: to NEVER sell bitcoin. May 5 (Q1 earnings call: STRC pays 11.25% on $3.4B stated amount), that died. Saylor called the selloff "a big nothing burger."

But Saylor’s expectations =/= reality.

1️⃣ selling stock or corporate assets to pay the people who bought its other stock. 2️⃣ mischaracterizing as a savings instrument, when it is an equity instrument.