Why Strategy's Capital Stack Is Starting to Show Cracks

Strategy sold Bitcoin for the first time since 2022 — a small sale, but a meaningful signal. Ram, Austin, and Chris work through the capital stack math: $15 billion in preferred stock needs Bitcoin to appreciate 11.5% annually just to cover dividends. What happens if it doesn't? With: Austin Campbell, Founder, Zero Knowledge Consulting; Adjunct Professor, NYU Stern - https://x.com/austincampbell Ram Ahluwalia, Co-Host, CEO of Lumida - https://x.com/ramahluwalia Chris Perkins, Co-Host, CEO of 250 Digital Asset Management - https://x.com/perkinscr97 This clip is from a longer conversation on Strategy's Bitcoin capital stack, the Anthropic IPO, and crypto's political fight with the banking lobby. Full episode here: https://youtube.com/live/eIarmme4Jvc  We go live every Monday at 4:30pm ET. Subscribe to catch it live. If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.  🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786  🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ  🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0  🔥X - https://x.com/bitsandbips  🔥 Unchained - https://unchainedcrypto.com/bitsandbips/