Today's @blockspacepod is the IQ curve meme of news.
→ explaining @saylor's pentagon of preferred stock options
→ the wild and crazy Bitcoin Puppets race car drama
if you're incapable of clicking off Elon's personal shitposting site here is a TL;DR 👉🧵
🚨 @MicroStrategy just launched Stretch (STRC), its fourth dividend-paying preferred stock.
Goal: raise $2.47B at $90/share with a 9% yield.
Michael Saylor’s playbook: stretch the equity, buy more #Bitcoin, pump $MSTR, repeat.
OUR TAKE (from our EIC @AsILayHodling):
STRC joins STRK, STRF, and STRD in Strategy’s dividend squad, costing an estimated $300–400m/year in payouts.
Unlike debt, preferred shares avoid convertible risk but drain cash flow.
Unless BTC rips, the math gets dicey fast.
Strategy is stacking liabilities faster than sats. $400M in annual preferred stock dividends, $77M in quarterly gross profit.
You can do the math:
If Bitcoin keeps pumping, it works. If it stalls, the only option left might be the unthinkable (selling Bitcoin)
And the best story of the week (maybe summer) goes to the "Bitcoin Puppets King's Royal Sprint Car Saga"
→ Puppets community buys car wrap
→ Driver goes viral
→ Car "owner" disappears before big race
You're reading that right: in a stunning role reversal a NORMIE rugged an NFT collection.
Joke's on you I'm not going to summarize it you just have to click through to the newsletter
👉
But I did kinda piece together what happened, from scrolling through discord + a 3hr community tell-all twitter spaces, deciphering deranged shitposting on the TL
h/t @Hillshills @Decentralizd @w4nkie @itsmadeofcheese @buckeye_bitcoin for their work + helping me figure this story out (lmk if I got anything wrong )
Tell me this isn't one of the most hilarious interviews you've ever seen. This is the driver of the car the week of the event thanking the "Bitcoin Muppets".
If you like this type of stuff and you aren't subbed to @blockspacepod newsletter what are you doing.
We send this out to 15,000+ investors, crypto natives, traders, institutions.
So yes, Blackrock & Fidelity are reading about your puppet race car this morning.
🔗
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