Saylor’s STRC Bitcoin machine is turning shareholders into its cash backstop – causing a dilution trade-off

Strategy (formerly known as MicroStrategy) is discovering that strengthening one part of its increasingly complex balance sheet can expose weaknesses elsewhere. The Bitcoin treasury company spent $1.5 billion in May repurchasing convertible notes, reducing its debt but also draining cash that investors viewed as a backstop for its preferred-stock dividends. Weeks later, its Variable Rate [ ]