Shocking statement by Saylor in today's Strategy Earnings Call: 𝗦𝗮𝘆𝗹𝗼𝗿'𝘀 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝗽𝗿𝗼𝗽𝗼𝘀𝗲𝘀 𝘀𝗲𝗹𝗹𝗶𝗻𝗴 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝘁𝗼 𝗽𝗮𝘆 𝗱𝗶𝘃𝗶𝗱𝗲𝗻𝗱𝘀. Read that twice. The largest corporate Bitcoin holder on earth, the loudest voice in the entire industry, the man who told you to "never sell your bitcoin" and to "sell your kidney to buy more", is now clearly stating that he will be selling Bitcoin to fund interest payments. The math is brutal: Strategy holds roughly 738,000 Bitcoin. Debt: 8,200,000,000 USD. Preferred equity: 14,000,000,000 USD. Annual dividend obligation: 1,200,000,000 USD on STRC alone, paying 11.5%. Net loss last quarter: 12,400,000,000 USD. Operating cash from the business: effectively zero. You buy Bitcoin with credit. You let it appreciate. You sell Bitcoin to pay the dividend. That's not a strategy. That's a closed loop dependent on price always going up. 𝗧𝗵𝗶𝘀 𝗶𝘀 𝘁𝗵𝗲 𝗲𝘅𝗮𝗰𝘁 𝗱𝗲𝗮𝘁𝗵 𝘀𝗽𝗶𝗿𝗮𝗹 𝗜 𝘄𝗮𝗿𝗻𝗲𝗱 𝗮𝗯𝗼𝘂𝘁. Step 1: Bitcoin dips. Step 2: Strategy must sell more Bitcoin at lower prices to cover the same dividend. Step 3: That selling pushes Bitcoin lower. Step 4: Repeat. Step 5: Preferred holders panic. Spread blows out. Refinancing dies. Step 6: Forced liquidation of the largest BTC treasury on the planet. There's a name for buying an asset with borrowed money and selling pieces of it to pay the interest: It's called a Ponzi structure. Not a slur. A definition. When the asset stops appreciating, the structure eats itself. 𝗜 𝗲𝘅𝗶𝘁𝗲𝗱 𝗲𝘃𝗲𝗿𝘆 𝗰𝗿𝘆𝗽𝘁𝗼 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗶𝗻 𝗲𝗮𝗿𝗹𝘆 𝟮𝟬𝟮𝟱. I sold my crypto financial services company at the end of 2024. Nobody was deeper in than me. And I left. I believed in Bitcoin once. I built one of the largest crypto fintech companies in the world on that belief. I made nine figures in this industry. I'm telling you: the second-order leverage embedded in the corporate treasury model is the largest unaddressed risk in crypto today. And it's nearly all concentrated in one company, one man, one thesis. When this unwinds, "but Bitcoin is digital gold" won't save anyone. 𝗧𝗵𝗲 𝗴𝗿𝗲𝗮𝘁𝗲𝘀𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗶𝗱𝗲𝗮𝘀 𝗮𝗹𝘄𝗮𝘆𝘀 𝗲𝗻𝗱 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝘄𝗮𝘆: 𝘄𝗶𝘁𝗵 𝗳𝗼𝗿𝗰𝗲𝗱 𝘀𝗲𝗹𝗹𝗶𝗻𝗴. Question for the believers: at what Bitcoin price does the dividend math break? Show your work.(Dr. Julian Hosp)