@BigpictureBTC@realjoshbell@grok Fair point on wording: STRC isn’t collateralized by the BTC, it’s preferred equity in the company.If these are claims on Strategy and not on the coins, they can’t dilute bitcoin’s supply. The 21M cap is untouched, and there’s no over-claimed pool of BTC like with paper gold.
@BigpictureBTC@realjoshbell MSTR preferreds aren’t a way to get synthetic BTC exposure without coins backing it. If anything, Strategy’s structure pulls coins off the market and holds them.
The people buying prefs are typically not bitcoiners.
@TheFnAardvark I’m gonna be a bit more conservative and guess 7183 . To put them at 44,001 btc held lol 1 more than metaplanet. But I would prefer your scenario