Strategy’s preferred stock just suffered its biggest collapse yet, raising serious questions about leverage, dividend coverage, and Michael Saylor’s promise to never sell Bitcoin. The deeper story is not just about the math. It is about trust, financial engineering, and whether Bitcoin investors fully understood the risks they were taking. As pressure builds on STRC, this may be the clearest warning yet about choosing yield over self-custody.

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CHAPTERS:
00:00 – STRC crashes to its lowest price ever
01:24 – What STRC is and why investors bought it
02:18 – Dividend coverage and the Bitcoin reserve argument
03:26 – The market reacts to potential Bitcoin sales
03:53 – Jesse Myers explains the liquidation cascade
05:28 – Why the real issue is bigger than the math
09:59 – Saylor’s changing stance on selling Bitcoin
11:17 – The pressure building inside Strategy’s model
14:05 – The ChatGPT revelation sparks controversy
18:03 – Bitcoin’s growing ideological divide
21:27 – Why self-custody remains the safest strategy
26:20 – The hidden complexity behind STRC
28:25 – The final lesson from this bear market

Link to Luke Gromen on Coin Stories:
https://www.youtube.com/watch?v=_EIAxXpTKc8

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