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There’s a strategy to “buy Bitcoin by buying a company.” At the center of that approach is Strategy Inc (ticker: MSTR) , formerly MicroStrategy . This post explains why some call MSTR a “corporate Bitcoin ETF,” and breaks down the rally drivers and investment angles in four parts—with a U.S. investor lens. 🎯 Key Takeaways ✅ Leveraged Bitcoin proxy: MSTR tends to rise and fall with BTC, amplified by financing (debt & preferreds). Not an ETF—an operating company with Bitcoin-centric treasury. ✅ New accounting boosts optics: From 2025, U.S. GAAP allows fair-value accounting for crypto; unrealized BTC gains/losses now flow through earnings. ✅ Income sleeve via STRC: Strategy launched Nasdaq-listed STRC , a variable-rate perpetual preferred with initial 9% annualized monthly payout (later lifted to 10%). ✅ Scale matte...

MicroStrategy (MSTR) grew rapidly by acquiring Bitcoin using low-interest convertible bonds. Recently, however, the company has shifted its strategy to **'permanent capital'**—in the form of perpetual preferred stock (STRC)—to reduce structural risks. 🎯 Key Takeaways ✅ MSTR is issuing **STRC perpetual preferred stock** to replace convertible bonds and eliminate **maturity repayment risk**. ✅ STRC is designed to maintain a stable price near **$100** through a **variable monthly dividend**, an **ATM facility**, and **call options**. ✅ The initial dividend yield is approximately **9-10% annually** on an offering price of **$90**, with a monthly payout structure. ✅ The investment thesis: Weighing the benefit of **eliminating maturity risk** against the concerns of **dividend sustainability, dilution**, and **Bitcoin volatility**. 🔥 Topic: From ‘Free Money’ to ‘Permanent Capital’ During the era of ultra-low interest rates, MSTR's c...