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Brian Brookshire (Bitcoin Overflow) @btc_overflow on x 15.4K followers
Created: 2025-07-24 19:34:37 UTC
You can't fail to repay principal at maturity on a perpetual product that has no maturity. Of course this does not mean there are zero risks of any kind. But, STRK does eliminate the main risk Strategy faces with convertible bonds--debt maturing during a prolonged bear market when the stock trades below conversion price.
If you read the whole post, surely you noticed that I myself pointed out that credit ratings are still a work in progress. It's not even a side note, it's an integral part of my thesis.
Fair point that STRD holders are potentially in a worse position than junk bond holders with regard to skipped payments.
Except for a large chunk held by Capital Group, I suspect these products are currently heavily retail driven. And I'm describing the way I see people actually trying to use Strategy's preferreds today. Ultimately, that's the main point here. Greater PMF with how people today are actually trying to use them.
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