Michael Saylor’s company, Strategy, just crossed 800k bitcoin on the balance sheet, after acquiring $2.54B worth (34k coins at $74k average price). This was their third biggest buy ever, since launching the bitcoin accumulation strategy in 2020. STRC, their preferred stock with a target $100 par and 11.5% monthly dividend rate, funded 85% of the 34k coins. Wall Street finally printing money for bitcoin, not endless wars. This trade works as long as the long term CAGR of bitcoin outpaces the dividend rate on STRC, and assumes the Company maintains healthy access to capital markets for continued issuance. There’s a lot of ways that trade could unwind, but it also may just work indefinitely. If you understand bitcoin, you should just get spot long exposure for the long term, and if you don’t then it would be hard to have confidence in STRC. That said, it appears there is quite a bit of demand for the product…

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