Phong Le

Strategy's leverage is around 10-15% and amplification is about 35%, which the CEO says would be rated investment grade based on those KPIs. The company has $60 billion in bitcoin to cover its dividend obligations, and they manage leverage and amplification thoughtfully. Therefore, the company is financially sound and not at risk of dividend coverage issues.

MSTR has launched "Stretch" (STRC), a digital credit instrument paying ~11.25% yield, trading near par ($100) with significantly lower volatility (7%) than Bitcoin (45%). This product targets fixed-income investors and retirees who want exposure to the "Digital Capital" ecosystem without the volatility of the asset itself. It effectively acts as the "risk-free rate" of the Bitcoin economy. LONG. A yield-bearing instrument backed by massive BTC collateral and a cash reserve. Corporate default if Bitcoin goes to effectively zero ($8k mentioned as the break-even point for net debt).