These are MSTR96.09 preferreds. STRC82.37 is variable-rate monthly payer. STRF90 is the fixed 10% cumulative cash preferred. STRD58.55 is the fixed 10% non-cumulative preferred, meaning skipped dividends do not accrue. STRK57.9965 is the fixed 8% cumulative preferred with a conversion option into MSTR common.
If the board does not declare the dividend, holders do not have bondholder protection.
STRC, the latest and most promoted product, has already raised its dividend from 9% at launch to 11.5%. It has also changed its payout schedule from monthly to semi-monthly. This is classic Ponzi behavior: raise the promised payout, squeeze the last penny from investors, and keep the machine alive.

Strategy holds roughly 847K B****, about 4% of total supply, with an average cost around $75.7K. That stack is deeply underwater. I warned months ago about the bankruptcy risk in MSTR's model. The downward spiral may have already started.
With the U.S. passing key c**** regulations in 2025, the B*** narrative is coming to an end. A large part of the hype over the past decade was anchored on the hope that c**** would be regulated and then broadly adopted. As that process matures, the option value in the story compresses.
The real use case remains narrow and still largely tied to criminal activity. Even there, stable**** are more useful than B****. C*** does not need a trillion-dollar market cap to keep that market liquid. 100 billions would do.
Current c*** market cap is around $2T. Excluding stable****, it is still roughly $1.8T. If the real end-market is $100B, we are looking at more than 90% downside.

From a technical standpoint, $60K remains a good entry for bulls, as the downside is still very limited. For bears, wait for a confirmed breakdown. A decisive break below 60K opens the door to 55K, followed by a cascade of selling all the way down to 30-40K. Once the waterfall begins, it will be brutal and quick.

Due to platform rules and restrictions, I only post regular B*** updates on X. See the thread here https://www.meridianresearch.app/notes/3b10d86d-5d44-4635-8523-ce85de5d26ed.