Uploaded July 2026 | Updated September 2026, 2 weeks ago

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MSTR down ~30% on the week. STRC's effective yield blown out past 15%. mNAV under 1. And Michael Saylor just authorized selling Bitcoin to cover preferred dividends — the one thing he swore he'd never do.

On June 30, the day STRC resets to a 12% rate, we sit down with Scott Melker and Kaleo to break down whether this is disciplined capital management or the first real crack in the Bitcoin treasury model.

HOST
Camila Russo — Founder & CEO, The Defiant