CoreWeave debt yields ~13%. CoreWeave has $77B of assets, with ~$63B consisting of PP&E and lease assets, largely depreciating GPUs and data center infrastructure. Against that are $72B of liabilities, $6.2B of debt principal payments due in 2027, a $1.4B net loss in H1, and ~$10.5B of negative free cash flow. STRC yields ~12%. Strategy has ~$65B of liquid Bitcoin, effectively zero net debt before counting Bitcoin, billions in USD reserves, and STRC has no maturity. CoreWeave faces meaningful solvency risk in 2027. If Bitcoin stays at today’s price and never appreciates again, Strategy’s Bitcoin alone could fund its current preferred dividends and interest until 2056. And the market gives you nearly the same yield. Risk is mispriced. h/t @PunterJeff(Joe Burnett, MSBA)