JUST IN: US Vice President JD Vance says Iran's violence will be "met with violence."

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MICHEAL SAYLOR'S STRATEGY MAY BE ENTERING A DANGEROUS FEEDBACK LOOP.

STRC was built to trade near $100.

Above that level, Strategy keeps buying Bitcoin. Below it, the buying is supposed to pause while cash gets rebuilt instead.

That mechanism started cracking in May.

Strategy spent $1.5 billion in cash to repurchase convertible notes due in 2029. That cash was the cushion investors counted on to cover STRC's dividend payments.

Once it was gone, confidence in STRC started slipping.

The numbers show how fast this escalated:

- STRC's annual dividend bill jumped from about $300 million in January to roughly $1.2 billion now

- Strategy's cash reserve has fallen 38% since the start of 2026

- Dividend coverage dropped from almost 3 years of runway down to about 10 months

Strategy then tried something it had never done before: selling Bitcoin directly to refill cash.

The sale was small, but it still moved Bitcoin's price noticeably. That one test exposed the real constraint.

Strategy can't sell meaningful Bitcoin without hurting the price, and it can't sell large amounts of MSTR either, since the stock is already down sharply from its highs.

That's where the feedback loop kicks in. STRC trading below $100 forces Strategy to raise the dividend yield to pull it back toward par.

A higher yield means a bigger annual cash bill. That bigger bill forces more selling of MSTR or Bitcoin to cover it. That selling pushes both lower, which pushes STRC even further from its peg, restarting the cycle.

One detail makes this riskier than it looks on the surface. STRC is preferred stock, which sits above MSTR in repayment priority.

If Strategy ever had to unwind STRC entirely, those holders get paid back in full before MSTR shareholders see anything, and outstanding STRC obligations run somewhere in the $10 billion range.

Right now: MSTR has fallen below $100 for the first time since March 2024, Bitcoin has dropped below $60,000, and Strategy's stock sale program has been paused.

Analysts estimate Strategy would need roughly $2.4 billion in reserves just to restore 24 months of dividend coverage.

The market isn't pricing in an immediate collapse.

It's pricing in a company whose two main funding tools, MSTR and Bitcoin, are both constrained at the exact same time.

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"Your honor, my client ChudTheBuilder can't be a bigot. He's cracking transgenders like walnuts."

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A judge in the ChudTheBuilder case said she and the courthouse received threats "all weekend" after revoking the streamer's bond

"I will not be intimidated ... a threat to me is a threat to the finest system of justice we've created"

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