Market Trends & Volatility - Crypto market experiences a selloff, with Bitcoin falling below $90,000, highlighting its volatile nature [1] - Industry anticipates natural deleveraging of Bitcoin, occurring roughly every six months to a year [1] Business Strategy & Credit Markets - Company's business model involves issuing digital credit backed by Bitcoin [2] - Company generates capital by selling credit instruments, such as $130 million in treasury credit (stretch STRC) and $700 million in European credit instrument (stream STRE) [3] - Credit instruments offer dividends, potentially at 10% at par, powered by Bitcoin [3] - Bitcoin purchases are driven by the capital acquired from selling credit in the credit markets [4]

Market Overview - The current selloff in Bitcoin has seen its price fall below $90,000, indicating the volatility of the asset [1] - Historical patterns show that there have been 15 significant drawdowns in the last 15 years, suggesting the market is overdue for a correction [1] Company Strategy - The company has recently announced a substantial purchase of Bitcoin, indicating a strategic approach to timing in the market [2] - The business model involves issuing digital credit backed by Bitcoin, which is a key driver for their purchasing decisions [3] Financial Instruments - Recently, the company sold approximately $130 million worth of treasury credit and a European credit instrument valued at about $700 million [3] - These credit instruments offer dividends, potentially reaching 10% at par, and are supported by Bitcoin over time [3] - Capital acquired from selling these credit instruments is reinvested into purchasing Bitcoin, linking credit market performance to Bitcoin acquisition [4]