everyone thinks stacking $mstr preferreds is basically risk-free $btc exposure but actually strategy's own model shows bitcoin needs to dump 83% to $13,136 before $STRC even reaches a 1x rating.
ngl too many people been treating these like free money on top of bitcoin without checking where the pain actually starts. that's how you get caught when a real drawdown hits.
the 1x rating just means their bitcoin reserves would equal the nominal debt and preferred stock claims. not some official credit score from the outside. they also put STRF at a $1,519 bitcoin price and another product around $14,198.
the cushion looks massive from current levels. still if you're in these products assuming they can't get hurt until $btc is basically dead you might want to look at the actual map they published.
anyone else actually pricing this in or we just wagmi until it isn't?
#bitcoin #mstr #crypto
ngl too many people been treating these like free money on top of bitcoin without checking where the pain actually starts. that's how you get caught when a real drawdown hits.
the 1x rating just means their bitcoin reserves would equal the nominal debt and preferred stock claims. not some official credit score from the outside. they also put STRF at a $1,519 bitcoin price and another product around $14,198.
the cushion looks massive from current levels. still if you're in these products assuming they can't get hurt until $btc is basically dead you might want to look at the actual map they published.
anyone else actually pricing this in or we just wagmi until it isn't?
#bitcoin #mstr #crypto
