Documenting Strategy retweeted
My podcast conversation with @saturn_credit (@kevinlhr88, @eosborn88). We cover many challenging and nuanced questions on $STRC including buybacks, dividend rate, target price range, and onchain structuring.
Reminder: @Strategy's Q3 2026 earnings call is this Thursday, October 29 at 5 PM ET.
Timestamps:
00:45 CJ's Journey from Blackstone to Strategy
02:30 Strategy's Business Model: More Than Leveraged Bitcoin
08:02 Who Owns STRC? Retail vs. Institutional Investors
11:59 Institutional Demand for STRF, STRD, and STRK
14:02 Has the Selling Pressure from June Finally Ended?
17:15 Why Is STRC's Dividend Rate 12%?
30:55 Are STRC Buybacks a Sign of Weak Demand?
33:20 Strategy's Plans for Its Other Preferred Stocks
39:16 Did Strategy Grow STRC Too Quickly? How Big Can It Get?
45:49 Why Doesn't STRC Have the Same Investor Protections as SATA?
49:32 Why Not Let STRC Trade Above $100?
54:16 Can Strategy Maintain Bitcoin Amplification at Scale?
57:01 STRC vs. MSTR: Are Shareholder Interests in Conflict?
1:00:03 Do STRC Buybacks Undermine the Benefits of Perpetual Financing?
1:03:09 Maximizing Bitcoin per Share: When Should Strategy Issue Equity?
1:08:25 Behind the Scenes: How Strategy Makes Capital Allocation Decisions
1:14:02 Bringing Digital Credit Onchain with Saturn
1:17:35 Who Will Buy STRC During a Bitcoin Bull Market?
1:20:47 The Future of Onchain Credit: Global Access and Structured Products
Haven't you heard? Criticising $ASST on here is not allowed.
Any form of criticism will be met with abuse.
Grain is probably the worst. Im all for innovation but the ideas that guy has are absolutely mind boggling.
Buybacks are calling. @ColeMacro
You can run but you can't hide. $SATA
Saying there’s no reason to buy MSTR because anyone can start a Bitcoin treasury company is like saying there’s no reason to buy Amazon because anyone can open an online store.
“Strive and Strategy win together.”
The evidence suggests otherwise.
Strive is merely a diversion dam, redirecting investor attention and capital away from Strategy and into its own products.
This is why i believe there will only be 1 winner in the USD digital credit space.
Well everyone thought we would be at $40k in October. I would say we are doing better than expected.
Bitcoin doesn't care what month it is.
The junk bond market is worth roughly $1 TRILLION.
That’s $1T in capital willing to accept significant credit risk in exchange for yield.
Now imagine even a fraction of that capital discovering $STRC.
12% annualized yield. Daily dividends. Strategy’s massive Bitcoin treasury.
How much capital could eventually flow into digital credit?
I believe $STRC is only scratching the surface.
Few understand how big this could become.
$STRC will cease to exist in 40 weeks if Saylor keeps repurchasing $205M a week.
However, if Bitcoin bull market is confirmed, these repurchases will become unnecessary as new capital flows to digital credit.
I don't understand your point. Strategy reducing its obligations proves bad management. Strive creating expensive new obligations proves good management ?
It's more than 15%
They issued shares at $90 so its 16.67% and that's not even factoring in management compensation or the cash drag since they don't put 100% off the proceeds into BTC.
Should Strategy retire $STRD and launch a new junior preferred to compete with $SATS?
Honestly, I think it makes sense.
$STRD has lost much of its appeal.
Alternatively, retire it and focus on the three strongest products:
$STRF — Fixed, cumulative income and seniority
$STRC — Variable yield and price stability
$STRK — Income with convertible upside
Consolidate long-duration fixed-income demand into $STRF.
Less competition within Strategy’s own capital stack.
