I asked Parker White whether Strategy's $260M Bitcoin sale marks a real shift away from Bitcoin's ethos. His answer: it is 'a little bit of a tweak,' not a flip flop. 🪙 I pushed back, since selling Bitcoin at a loss to fund dividends puts the dollar ahead of Bitcoin, at least in that moment. Full conversation on my latest episode with @TheOtherParker_. Timestamps: 🏛️ 02:03 Parker on why Strategy's record Bitcoin sale to fund dividends is smart, not desperate 📋 06:24 How Strategy's new digital capital framework tries to calm the market's nerves ⚠️ 09:59 Laura and Parker spar over whether shorts or Strategy's own missteps sparked the selloff 💵 21:27 Whether prioritizing USD over Bitcoin marks a philosophical flip for Strategy 📣 26:28 Fidelity: Explore crypto careers at Fidelity today at 🔐 27:10 Cape: Get 33% off your first six months with code UNCHAINED at ⏳ 28:09 Why Parker isn't worried about Strategy's looming $6.7 billion convert cliff 🧩 34:56 Parker on how Apyx wraps STRC and SATA into a yield bearing onchain asset 📉 36:38 What caused apxUSD's drop to as low as 72 cents and the liquidity pull 🛡️ 41:10 Parker defends Apyx 2.0's redemption rules against the free put option critics 🔄 47:53 Parker on why comparing Strategy to Terra Luna or GBTC misreads the risk

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"If you short STRC at $100 your downside is capped because Strategy will come in and run the ATM right at $100. But your upside as a short is unlimited" Parker White on why STRC became a perfect short setup and why the violent selloff was shorts latching onto an opportunity rather than a fundamental problem "SATA did not have nearly as violent of a reaction. And Strive actually has a more vulnerable balance sheet position than Strategy with STRC. Yet the market was trading down for STRC" "This really was just a situation of shorts latching on to an opportunity and then people panicking, grabbing hold of a narrative, and selling"

Strategy sold 3,588 BTC ($216M) to fund its preferred dividends. Capitulation, or proof the dividend machine works? @TheOtherParker_ of Apyx — whose apxUSD stablecoin is backed by Strategy's STRC — joins live at 3:30pm ET. Join us live on our platforms: X -

Apyx has completed its 5th smart contract security audit, this time with @halbornsecurity. 🔐 Security and transparency are core to building the first Dividend-Backed Dollar (DBD) protocol. All Apyx audits are available here. 👇

All the ways you can earn yield with onchain digital credit. 👇 And don’t forget, you’ll also earn points toward the October 13 $APYX airdrop. So, what're you waiting for?!

you are only overreacting if you think @Strategy is the next Luna. @apyx_fi made a strong case for why this isn't another collapse. a really good defense of STR, MSTR, and digital credit ngl. Here's why: > strategy isn't facing margin calls. > STRC isn't losing its peg. It's simply repricing for a higher yield. > the balance sheet is backed by over 847,000 BTC, not empty promises the luna comparison misses the mechanics here. Luna was built on reflexive algorithmic incentives that unraveled once confidence broke. Strategy is sitting on real BTC collateral. that alone changes the entire risk profile. the risks are still there, of course. it's just that they look more like funding pressure than a company going under. what i liked about Apyx’s take is that it doesn’t pretend those risks don’t exist. we all know the risks are there. Apyx also acknowledged them. and it also made sure to differentiate between financial issue and insolvency. Apyx also does a good job framing strategy’s digital credit setup. in simple terms, a BTC-backed credit will surely be affected in this market. when it gets better, it can evolve into a legit asset class. there is no point in asking if they survive this volatility. what should be focused on is whether digital credit becomes a core of the market. the same goes for everyone saying, "the peg is broken." it isn't, STRC is simply trading below par because the market wants a higher yield. if you know very well, you'll know that's repricing. i am sure by now, every one of us can see the thesis. right now, the market is pricing in a worst-case outcome. don't get swayed by what you see on the TL. do read this and see for yourself.

TLDR: @Strategy / $STRC aren't dying. Apyx’s argument is that the market is misreading the discount to par. Obviously, the trading discount to par shows stress, but this isn't the same thing as a death spiral, aka Luna. Strategy is also using the dividend lever to pull STRC back toward par, with the payout being raised to 12%, effective July 1, 2026. > Most importantly, the bond market has not priced @Strategy like a distressed asset. Converts are trading around $86 to $102, with a blended coupon of just 0.515%. One question to consider is now around $BTC volatility. → Can bitcoin stay down long enough for fixed carry to become the problem (~ $1.76B per year)? If BTC stays weak into the 2027 and 2028 convert maturity wall, pressure will build. But if $BTC turns before then, the whole stack re-rates together: STRC, STRF, STRD, STRK, and MSTR equity. I still think the market is blowing this out of proportion.

Onchain digital credit yield is taking over DeFi & stablecoins. 🔴 $apyUSD APY: 15.33% 🔴 $apxUSD back to $1.00: 31.37% implied 🔴 $STRC to a theoretical $105: 37.59% implied @Strive just signaled $SATA won't automatically issue at par. If @Strategy follows suit and $STRC pushes to $105, there's a solid chance apxUSD climbs with it. 👀

Is the $STRC bottom officially in? 🤔 What does that mean for Apyx? Join us tomorrow (July 2) @ 7PM EST for our weekly Office Hours, we'll be covering both topics in detail! Set a reminder & drop us your questions. 👇

apyUSD Senior became more capital efficient. Thanks to @hyperithm, borrowers can now access the market at around a 2.6% borrow rate, making apyUSD Senior more attractive as collateral.

Everyone is asking the same question right now: What happens next for $MSTR and $STRC? 🤔 We sat down with @CryptoKaleo to debate it in depth, laying out the bull case for Strategy and digital credit while hearing the bear case directly. This is an opportunity to understand both sides of the story, assess the risks, and decide for yourself what may come next. 👇 ⏱️ Timestamps: 00:00 Introduction 04:22 @CryptoKaleo’s market outlook 07:10 The bear case for $MSTR and $STRC 11:54 The bull case: refinancing, liquidity & capital access 19:42 When does Strategy’s capital structure become a concern? 24:22 Credit risk, duration & preferred equity 36:28 Has Strategy shifted the goalposts? 43:45 What should Strategy do differently? 45:52 Why $MSTR needs leverage 50:46 Has the market rejected preferred-based leverage? 55:08 How Apyx handles $STRC discount risk 01:06:08 Is apxUSD really a stablecoin? 01:11:18 Redemptions, weekend liquidity & market structure 01:19:59 Market pressure, sentiment & potential short attacks 01:22:56 Closing bull case for Strategy 01:25:18 Closing thoughts from @CryptoKaleo

The largest holder of $STRC invited me to join them on a space this afternoon to discuss all things Strategy. We'll cover: - Apyx's flagship product apxUSD (a stablecoin backed by STRC) - All things $MSTR - Bitcoin & DATs - Saylor (obviously) You don't want to miss this.

🚨 PSA: In light of recent $STRC volatility, we want to be clear: Apyx has experienced zero bad debt across its lending markets. Despite elevated volatility, liquidations have executed as designed, collateral has remained sufficient, and lenders have remained protected.

The next frontier for crypto isn't another memecoin. It's credit. @Matt_Hougan of @Bitwise explains why crypto is expanding beyond Bitcoin and stablecoins into preferred equity, digital credit, RWAs, and eventually the entire capital stack. Timestamps: • 03:28 Why Bitwise is expanding onchain • 04:24 Vaults as the next generation of ETFs • 05:50 Digital credit & DATs • 07:42 Strategy, STRC & preferred equity • 09:06 Why DeFi is more powerful than ETFs • 10:54 Is DeFi actually innovating? • 11:50 Flash loans, perps & crypto-native primitives • 13:37 Hyperliquid's breakout moment • 15:03 Why institutions must learn onchain markets • 17:51 What's still preventing everything from moving onchain • 18:49 Why regulation is the key unlock • 19:19 Why all assets are moving onchain • 21:45 Why the ability to exit the system matters Watch below. 👇