Quoth the Raven
· QTR’s Fringe Finance
· June 03, 2026 at 11:43
· ⏱ 1 min read
| Read on Substack ↗
Summary
Private credit markets are under severe stress and spreading, as evidenced by rising bond yields and warning signs like Michael Saylor's bitcoin sales to fund 11.5% dividends and SpaceX IPO buzz near a market top. The author argues investors are ignoring these signals, which points to heightened systemic risk across private markets and overvalued equities.
•Michael Saylor is selling bitcoin to make 11.5% dividend payments on preferred stock, indicating liquidity pressure at MicroStrategy.
•SpaceX's long-awaited IPO is generating the kind of buzz that historically appears near market tops, per the author.
•The bond market is signaling risk: 10-year and 30-year Treasury yields continue pressing higher, and every Treasury auction deserves attention.
•Two major developments in private credit broke last night, suggesting stress is spreading beyond private credit into broader private markets.