😳 The big takeaways from this conversation with @GlennOnrampBTC: 👉About 80% of STRC holders are retail investors who were told it’s like a “bank account” 👉Per the STRC prospectus: the dividend can be suspended for any reason, any time 👉Strategy is now trading at 84% of its Bitcoin value: new share issuance is dilutive, not accretive Full episode: 🎧 Timestamps: 📊 1:04 Risk vs uncertainty: why Glenn won't predict Bitcoin's price but will name every structural pressure point 🔑 4:07 What 'inoculate' means: why Saylor's word choice signals a larger Bitcoin sale may be coming 📉 6:38 Strategy below NAV: why buying Bitcoin with new stock now dilutes Bitcoin per share for existing holders 🗣️ 12:13 Glenn’s response to people who say that the criticism of Strategy is FUD: STRC has to raise the dividend if bitcoin lowers 👥 19:37 Strrategy’s section option: suspend the dividend, but 83% of holders are retail who think STRC is a bank account ⏰ 23:42 The 2028 cliff: $3.5B in convertibles become putable when history says a drawdown may not have recovered 📣 29:01 Fidelity: Explore crypto careers that could change your future at https://t.co/8dua6AZQXA 📱 29:59 Cape: Get 33% off your first six months with code unchained at https://t.co/2ZtLziY0xt 🏷️ 30:42 The 'digital credits' name: why STRC's marketing label creates false expectations about legal structure and protections 💬 35:53 Saylor's own words: three public claims that STRC is a 'high yield bank account' or money market fund ⚖️ 40:34 The real product: how STRC compares to actual money market funds and FDIC-insured accounts 🔄 48:02 SATA vs STRC: same instrument, different issuer since one-third of Sata’s cash reserve is in STRC 🪣 55:22 why the staking yield of Bitmine's upcoming BMNP, an Ethereum-backed preferred at $80 par, won't cover the cost of capital