“The market is trying to find a villain right now—and Saylor is that guy.”

Adam Livingston explains the pressure building around Michael Saylor, MicroStrategy and STRC as the preferred stock trades at $88, well below its $100 par value.

Is STRC broken, or is the market mispricing Strategy’s credit risk? Adam explains how STRC works, why its yield has climbed above 13%, whether it can recover to par, and what Strategy’s capital structure means for MSTR shareholders. We also get into dilution, dividend coverage, Strategy’s use of its cash reserve and whether Saylor is now forced to keep accelerating his Bitcoin strategy.

We also get into the Bitcoin bear market, the possibility of a market bottom and why Adam believes the current environment is presenting a major buying opportunity.

In this episode:

Why STRC is trading below par
Whether Michael Saylor is trapped
The risks facing MSTR shareholders
Bitcoin treasury companies and “digital credit”
Bitcoin’s potential market bottom
The Fed, inflation and monetary repression

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FOLLOW:

Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny

Adam Livingston: https://x.com/AdamBLiv

Is Michael Saylor Trapped? STRC Explained | Adam Livingston

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Is Michael Saylor Trapped? STRC Explained | Adam Livingston