X @Messari

.@Degenerate_DeFi's Strategy capital structure series.The first broke down the convert-to-preferred migration.The second identified the global games risk.This one asks whether Strategy's $2.25B reserve actually changes the math for common shareholders.Stablecoin Intern (@Degenerate_DeFi):1/ Strategy's CEO says the company is safe above $8K $BTC. Safe for whom?At that price, net debt repayment alone would strip away all of Strategy's BTC NAV and render common equity worthless.$8K isn't the number $MSTR share ...