Same-Same, But Different Most traditional corporate bonds have fixed interest rates. If a company struggles, the market price of the bond drops, but the company's actual monthly interest payments stay the same. The investors take the hit, not the company. Strategy’s STRC debt structure works differently. To keep its bond price stable, the interest rate can adjust upward. If Bitcoin drops and investors panic, Strategy may have to pay a much higher interest rate to keep them happy. This creates a dangerous loop: lower Bitcoin prices lead to higher interest bills, which drain the company's cash exactly when its main asset is losing value. It is conceptually similar to the Terra/Luna collapse. While MicroStrategy isn't printing tokens out of thin air, both systems use a mechanism that forces the issuer to take on more financial burden as things get worse. Instead of acting as a safety net, the structure risks amplifying the pressure during a market downturn.(Ali Charts)