Strategy is proposing daily dividends on $STRF, $STRC, $STRK, and $STRD, accruing every calendar day, including weekends and holidays, and paid the next business day, with economics unchanged. The proposed changes aim to support price stability, liquidity, and demand.

STRC down to $82.6 today. Here's my read: 1. Strategy is fine. If everything stays as is, they can pay STRC dividends for 32 years. If BTC appreciates at ~2% CAGR, they can pay dividends indefinitely. 2. Why the sell-off? This appears to be a liquidation cascade. Over the last 6 months, the narrative became that STRC volatility was reducing, and price began to spend all its time in $99-100 range. This invites leverage. If you expect the price to always be north of $95, you can take on 20x leverage with your portfolio to buy more STRC and dramatically increase the yield on your portfolio. This works great, until it doesn't. STRC is designed as a free-market asset. When attention shifted to SATA and STRC price flagged, it may have raised the attention of opportunistic short-selling hedge funds. By shorting aggressively, they could push the price down and start triggering margin calls and liquidations from folks who aggressively levered up their STRC positions. The price action today is a clear liquidation cascade, rapidly pushing prices lower, in turn triggering additional liquidations. 3. What happens now? The market will heal itself. Opportunistic hedge funds will recognize that this is a firesale and the fundamentals are unchanged for STRC and step in as buyers. Shorts will close, becoming buyers. Individuals are getting a tremendous entry price for long-term holding STRC shares. Buyers at this level will get ~13.7% effective yield. If STRC trades back to $100 and they sell, they get an easy +18% return. 4. What will Strategy do? Strategy will likely increase the dividend rate on June 30 - maybe to 11.75% but possibly to 12%. Buyers at the current price level then would get 14.2% effective yield from that point forward. Strategy may also step in to buy STRC shares back. They could do this by issuing new shares of MSTR (currently at 1.14 mNAV) or by taking on traditional debt and deploying those funds to buy discounted STRC shares on the market. If/when STRC trades back to $100, Strategy could then re-issue those STRC shares. The ~$15 delta per share could be used to buy BTC as pure accretion to MSTR holders, with no net change to amplification. No doubt that Saylor has already at least considered this, and it wouldn't surprise me if they're currently doing this. 5. In summary... The market is freaked out that this depeg is like Terra/Luna... but this is not an asset like that. Strategy's balance sheet determines whether STRC continues to receive dividend payments... and Strategy's balance sheet is completely unchanged. This is a leverage wipeout. From this, the market will learn that Digital Credit is mostly very low volatility. But because it is a free market asset, the longer that a Digital Credit instrument trades within a tight range to par... the more leverage will inevitably pile up as people get greedy. And that creates the conditions for a leverage wipeout depeg. Following that, the instrument will make its way back to par value as the market heals itself and recognizes that the dividend payments will continue uninterrupted because the issuer's balance sheet is unaffected.

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This is my 3rd Bitcoin bear market. Here's what seems clear to me, that newer Bitcoiners may not feel.... 1. This is what a BTC bear market bottom feels like Normie friends have been asking me "is BTC going to be 60s forever?" and "what positive catalysts are on the horizon?" One of the big lessons I've learned in BTC cycles is that the tops feel bullish... and the bottoms feel bearish. The end of a bear market is primarily a function of running out of sellers. The bearish sentiment builds on itself and shakes out low conviction holders... until you exhaust potential sellers. Or perhaps a more precise mental image... the bottom is in WHEN the pile of capital hoping for a lower entry price to buy BTC has become disproportionately large relative to remaining potential sellers. A BTC bear market doesn't end because good news arrives. It ends because bearish momentum can't be sustained and naturally ebbs. Then, suddenly, people sitting in cash are caught offsides and must bid BTC higher as they try to get back in. 2. The 2022 cycle bottom felt similar June 2022, it felt like shit watching BTC tumble below prior cycle high ($20k) for the first time ever. Price tumbled from $30k to $18k in a few days. People thought we were headed to $12k . In hindsight, that was peak bearish momentum. Over the next ~5 months, BTC drifted lower, with FTX fallout setting a cycle low in November at $15.5k . BTC felt gloomy and quiet for 2 months... and then popped back to $23k in January 2023 all of a sudden. In hindsight, that was the start of a 2.5 year bull market that took BTC to $126k, roughly ~8x from cycle low. 3. Metrics show 2026 repeating the psychology of 2022 This chart shows Short-Term Holder cost basis (pink line) and how it tracks with BTC market price (white line). The bottom half shows this as a ratio between the two numbers (STH MVRV). Credit to @_Checkmatey_ for this excellent chart. In the 2022 bear market, you can see that the lowest STH MVRV ratio was June 2022. After this point, Short-Term Holder cost basis drifted lower along with BTC price for ~7 months, until January 2023 when BTC jumped convincingly above the pink line for the first time in 13 months... and a new bull market had begun. In 2026, the MVRV ratio spiked lowest in Feb. Since then, STH cost basis and BTC price have drifted lower for ~6 months now. 4. What this could mean for BTC's near future If the parallels between 2022 and 2026 continue, it would mean BTC price jumping convincingly above STH cost basis sometime in the next few months. (7 months post peak bearish momentum would mean September 2026; 13 months below STH cost basis trendline would mean November 2026.) And in hindsight, that breakout moment could be the start of a 2.5 year bull market. (8x from $58k low would be $464k, but even a 4x would be $232k/BTC.) If history repeats, this was the bottom. And in 4 years, you'll look back at $64k BTC the same way we now look back wistfully at $19k BTC.

I’m sad to say my time at The Smarter Web Company has come to an end. I joined SWC because I believed there was an opportunity to help build something genuinely important in the Bitcoin treasury space. I’m proud of the role I played in helping shape the company’s Bitcoin strategy and its evolution over the past year. In recent weeks, it became clear that SWC leadership and I had different views about my role and what a long-term working relationship should look like. We weren’t able to resolve those differences, and ultimately my employment was terminated. The company’s announcement states that “Jesse Myers is leaving the Company.” For clarity, I did not resign; my employment was terminated. For additional context, my termination follows the departures of the other two senior executives who reported directly to the CEO in March. I’m very disappointed by the outcome, but remain proud of what we built and of my role in helping shape the future of Amplified Bitcoin in the UK. I remain optimistic about Smarter Web’s prospects as the UK’s leading Bitcoin treasury company, and continue to be very excited about the future of Bitcoin treasury companies globally. One of the best parts of my time at Smarter Web was working alongside an exceptional group of people across the team. I have tremendous respect for them and wish them every success. I’m also deeply grateful to the remarkable community of shareholders who supported Smarter Web and encouraged me personally along the way. It has meant a great deal to me, and I sincerely wish them well.

2026 update - Global Asset Landscape Global asset value +11% in the last year, now $1,127T. Expand THREAD to see which categories grew / shrank.