$STRC Meltdown: Is Michael Saylor's Strategy Entering a Death Spiral?

Strategy's preferred stock, STRC, recently hit an all-time low of $82 — well below its $100 peg — and Michael Saylor made his first-ever Bitcoin sale. Camila Russo sits down with Austin Campbell (Zero Knowledge) and Jeff Dorman (Arca) to break down whether Strategy's Bitcoin-buying machine is running into real trouble, and what it means for Bitcoin itself. Topics covered: Why Strategy's capital structure — debt, preferred equity, and common stock — creates competing pressures that Bitcoin's price alone can't solve The case against calling this a "death spiral," and why a slow, melting-ice-cube scenario is more likely than a collapse What it would take for MSTR to become an attractive buy, and how to think about its real discount to Bitcoin holdings The risks and trade-offs of buying Strategy's preferreds and converts versus the common stock Why Saylor's decision to buy back convertible debt early may have spooked the market How this story is accelerating a bigger shift: separating the Bitcoin narrative from the broader blockchain growth story Guests: Austin Campbell (Zero Knowledge Consulting) and Jeff Dorman (Arca) Host: Camila Russo, The Defiant

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