Kevin

@Michael_Liu93 STRC 不会爆雷 因为它的利息是可调整甚至能降至 0%，至于支付股息的资金来源，可以是来自卖出比特币或自家普通股，本质上就是在锁定资产上涨时的收益 。AI 时代，比特币未来上涨的确定性，我认为比多数公司基于未来收入的债务还款能力还高了

我认为MSTR一定会爆雷，也许不是这轮周期，也许不是下轮或是下下轮，但最终一定会爆雷，因为这是所有资金盘的逻辑必然。 关键问题：“屯BTC这样的无息资产如何支付每年11.5%的利息？” 软件业务没利润、btc不能卖（mstr卖的那一刻就是崩盘的开始）、能做的只有拉更多新的本金去支付前面的利息，拉不动的那一刻就是崩盘的开始。 现在50亿的STRC每年需要支付5.75亿美金的“股息”，未来这个数字会越来越大，btc过去最大的利好，一定会在未来某个时间成为btc最大的利空。

@Rajatsoni Their “Ponzi detector” logic only works for high yields. Drop the yield to 3% and they’d stop complaining LOL

SO many people think STRC and MSTR are Ponzi schemes When I call them out they say "well it's not technically a Ponzi, but it feels like one" Something is either a Ponzi scheme or it's not There's no grey area If you call MSTR and STRC a Ponzi, BACK UP YOUR CLAIM WITH FACTS

@PiusSprenger If BTC hits its ATH again in a year, that's ~80% ROI , enough to justify any low double digit yield. Ultimately, they can just hold the rate or cut them whenever they're not comfortable

I don’t consider it a healthy sign if the rate on $STRC keeps increasing in order to keep the price close to par. Many people view STRC as a highly innovative product with the potential to revolutionize capital markets. Personally, I’m less convinced. I experienced firsthand the great wave of innovation in the credit derivatives space in the early 2000s. Some of those products had built-in mechanisms—not dissimilar to the STRC feature. Most of them ultimately turned out to be disasters for investors. I’m not suggesting that the same outcome will occur with STRC. But it’s important to be cautious around this type of financial innovation. In my view, Bitcoin doesn’t need financial engineering to succeed—just as credit markets didn’t require complex derivatives to finance great companies.

@PunterJeff @notthreadguy @saylor "If I just gave you one bitcoin for free, would you pay me $8,000 a year?" "No." 😂🤣 But you forgot the part where if bitcoin crashes, he could pay you way less. (Variable rates)

Virtual stream with @notthreadguy today considering "the full implications of @saylor being right" I break down $STRC & $SATA from a basic level. - How'd we get here - How does this work - How to think about these instruments - How much capital can buy these? Tune in: 0:50 – Intro 1:48 – Reinsurance to Bitcoin treasury 4:56 – BTC Treasury history, post-2021 unwind 7:42 – Perpetual preferred equity launch (STRK/STRC) 10:44 – High yields (11.5–12.75%) vs. bank preferreds 13:37 – Underwriting Bitcoin, long-term 25–45% CAGR 15:21 – Backtesting the yield model; excess risk/return 19:37 – Liquidity advantage $STRC trades 100x+ more than JPM 22:43 – Targeting trillions in fixed-income capital 25:58 – Low dividend-risk probability vs. credit market 28:30 – Preferred = low-vol BTC; common = high-vol/amplified BTC 30:08 – High volume enabling ATM liquidity 36:32 – Strive lower leverage (1%) vs. Strategy (12%) 39:03 – Capital raising & maintaining credit profile 41:37 – Massive TAM (200–300T fixed income) 43:41 – Host recap: cool product, new capital access thesis

@ohyishi 简单来说，STRC的利率是浮动的，在BTC极端情况下微策略是可以暂停派息，不需要被迫出售任何资产。UST是程序上锁死了20%年化，所以才会无限增发Luna死亡螺旋。

看到有人把 STRC 和 UST 放在一起讨论，我觉得这两者差别非常大。 UST 的核心风险是反身性死亡螺旋。UST 脱锚后，赎回压力上来，系统铸造 LUNA，LUNA 被抛售带来更大抛压，进一步加剧脱锚。这是算法层面内嵌的正反馈循环，一旦触发几乎不可逆，也没有任何分层缓冲，逆螺旋的时候大家一起死。 STRC 的风险结构不是这样的，主要因为它是分层的。STRC 属于 Strategy 资本结构中的一层优先股。BTC 下跌时，损失吸收顺序是先杀 MSTR 普通股，这玩意先归零，随后才轮到低优先级的 preferred 受损，再往上才是更高级别的 preferred，最后才是债。STRC 的持有者前面还有 MSTR 普通股的 equity cushion 作为缓冲。 所以关键区别主要在三点。 1）没有机械性的死亡螺旋。BTC 下跌不会自动迫使 Strategy 立刻抛售 BTC 去触发正反馈循环，除非跌到 margin call 那种极端水平。 2）损失分配有明确的 waterfall，不是同时爆。 3）底层是实打实的 BTC 持仓，不是算锚。 STRC 真正的风险场景是 BTC 极端下跌导致 equity cushion 被完全穿透。到那时，preferred 的固定股息会变得不确定，本金也可能出现风险。但这和 UST 那种从脱锚到归零可能几天内完成的模式相比，烈度和速度完全不是一个量级。 到 2026 年 3 月为止，Strategy 持有约 738,731 BTC，总成本约 547 亿美元，均价约 75,985 美元。BTC 三月初在 66,000–68,000 美元区间筑底，最近反弹至 71,000–72,000 美元，现在 Strategy 账面依然处于浮亏状态。 在资本结构上，可转债总额约 82 亿美元，优先股总额约 83.6 亿美元，两者合计约 166 亿美元的固定义务。每年优先股股息合计约 8.24 亿美元，其中 STRC 占大头，3.4B × 11.5% 约等于每年 3.9 亿美元。公司目前现金储备约 22.5 亿美元，大致可覆盖 32 个月的股息和利息。 偿付优先级从高到低为：可转债、STRF、STRK、STRC、STRD、MSTR 普通股。因此 STRC 在 preferred 这一层里偏中下位置。 短期 2026 到 2027 年最大的风险是 BTC 在 50K 到 60K 区间横盘或阴跌。这种走势未必让公司立刻资不抵债，但会带来持续压力，咋说呢，MSTR 股价承压，ATM 融资效率下降，现金储备被股息持续消耗，同时 2027 年 9 月还有 10 亿美元可转债需要处理。 这类慢性流动性风险往往更可能发生，也更难应对，因为它没有明确的触发价，更像一个渐进恶化的过程，死了都是没有完全死你懂吧，就是那种感觉。 当然，这些讨论都偏向极端恶劣情形。如果 BTC 价格向上，长尾风险自然会收敛。

@BTCBreadMan $STRC by Bitcoin saved those who would have been investing in private credit

STRC just saved Bitcoin. 🥲 The hero we didn’t know we needed, but surely would have perished without.

@PunterJeff Business credit risk is understated, while digital credit risk is overstated.

The world of BIG Capital runs on two things: 1. Trust (Credit) 2. Risk Assessment Large scale disruption happening in both categories.

@Rajatsoni The people (= collective shareholders of MSTR) ≠ one person

I used to be worried that nobody wanted to buy Bitcoin Now I'm worried that the people who want to buy Bitcoin will own too much of it Saylor has already generated $71,000,000 of volume for digital credit with STRC today... 1,000 more Bitcoin likely gone forever (350 from STRC plus 650 from MSTR ATM) Locked away forever Less than an hour into the trading day

@StriveforSats Great team good jobs. Things are clearly heading in the right direction. Now imagine what could happen if $SATA captured even 1/10 of what $STRC is currently doing!

$SATA enhanced. 12.75% yield. Hard floor at $100. 18+ months of dividend reserves. $50M deployed into $STRC. Strive is building the blueprint for digital credit. 🟩👆

It helps pegging $SATA if $ASST can expand its cash reserves to cover like 2+ yrs of dividends, thereby strengthening investors confidence (much useful than raising the rate imo

@0xmao_eth 同意 这可能是推动比特币100万以上的最重要催化剂 $MSTR 也将会是全球央行

$STRC 就是这一轮最crypto native的创新。

@BTCBruce1 微策略就是比特币时代的央行 市场现在以单纯比特币储备公司定价MSTR是underpriced了

When the US stock market tanks, companies usually step in and buy back their stocks to boost confidence. It’s a shame you almost never see crypto projects doing that. You know why? Because they know they're selling garbage. For the last 10 years, Micheal Saylor is the only guy who's just been buying Bitcoin and never selling.

@goatnetwork Only yield bearing BTC can outperform BTC long term. Only on Goat network.

Bitcoin’s story began not with markets but with an email. Satoshi Nakamoto shared a modest message on a cryptography mailing list, attaching a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. The note described how digital cash could work without banks or trusted intermediaries, and invited the community to examine the design. That single step turned a private idea into a public project. The whitepaper became the shared reference for builders and skeptics alike. It introduced a new approach to the long-standing double spending problem, laying a foundation for the genesis block and the first client. By publishing through an open list instead of a closed circle, Satoshi set the culture: transparency, peer review, and participation is open to all. GOAT Network follows the same path. We believe durable systems are built in the open, where yield is verifiable and participation belongs to everyone. GOAT provides tools for users to build BTCFi into a living economy. Our goal is sustainable yield, not hype. What does “sustainable” mean to you in the context of Bitcoin?

@kevinliu Bitcoin will be the universal currency, regardless of whether alien visitors come to Earth.😄

Imagine 3I/ATLAS isn’t just a comet… but proof of alien civilization. What happens next — to our FIAT system, global markets, and trust in money? Would Bitcoin become the universal currency? Let’s discuss ↓

@DujunX $GOATED okx 领投比特币2层 质押能获得网络排序器的BTC收益

那些纯治理作用，缺乏直接价值捕获的代币（如费用分红、回购或质押收益），在这个周期将会被市场慢慢抛弃，比如: $LDO $UNI … 而那些给予币东回报的则会大放光彩，如: $SKY $AAVE $Pendle …欢迎补充，我们研究学习再买入。

@kevinliu 厉害了 Kevin 老板能否也把Sumer 存借贷加到One Piece积分 一鱼多吃

这个牛B了

Following the close of the first round of ambassador applications on August 21, the first batch of selections has been finalized and organized into two tiers: Alpha and Rising. There are no Trailblazer GOAT invites in this batch. More ambassadors from every tier will be introduced in future batches. Here is the complete list. Kindly confirm that your handle is correct. docs.google.com/spreadsheets/d… The follow-up guide will be sent to your registered email. Please follow the instructions to access details such as daily updates, content missions, and reward information. By stepping in, you join the front line of BTCFi. Some days you might create a sharp explainer video, other days a meme that spreads across timelines, or a discussion on Bitcoin yield that sparks fresh perspectives. Alpha and Rising may differ in focus, but the purpose is the same: you carry GOAT Network forward, and GOAT helps amplify your voice and reach. Welcome to the herd. Wishing every ambassador success in becoming a true GOAT. Let’s shape BTCFi together and make it unforgettable.

Welcome to the new, improved GOAT Network Bridge! Here are some of the biggest changes to our native bridge: 1. Major product framework overhaul – split into two main sections: • Bridge: Supports bridge-in and bridge-out for BTC, BTCB, and DOGE within the platform. • Receive: Supports direct BTC deposits from exchanges and wallets. 2. Upgrade asset switching component — integrates chain and asset switching into a single component, making it easier to support more chains and assets in the future. 3. Wallet connection optimized — now organized in a simple right-side display, with more wallet brands to be supported in the future. 4. Full UI upgrade for a better user experience. tl;dr — the new GOAT Bridge makes switching between chains and assets super easy...and even more assets will be supported soon Bridge into GOAT Network at bridge.goat.network Make your first swap at Oku.trade or GOATSwap.fi Pick your favorite BTC Yield strategy on GOAT at yield.goat.network ...and start your BTCFi journey today!

GOAT Vanguard ambassadors program is live! Help spread the gospel of GOAT Network and BTC Yield and get rewarded for it. Applications open until August 21. Read, and then apply here! goat.network/blog/welcome-t…