INTERVIEW: Strategy is Trapped & in Crisis — "It's Basically a Hedge Fund Now" | Jeff Dorman & Matt Walsh Michael @saylor's Strategy bought itself time, but did it actually solve the problem? @TrustlessState sits down with @jdorman81 and @MattWalshInBos to unpack @Strategy's increasingly complex capital structure, why $STRC and $MSTR are now fighting for oxygen, whether Saylor may need to sell Bitcoin, and why the company is starting to look less like a levered bitcoin:native play and more like an actively managed hedge fund. [TIMESTAMPS] 0:00 Intro 2:30 Can Stretch Return to 100? 4:00 Explaining the New Framework 4:43 Can the Capital Stack Coexist? 6:39 Refunding the Converts 8:32 MNAV Near the Breaking Point 11:15 Option Value or Investor Betrayal 15:37 Legal Risk and Retail Exposure 19:52 Buying Time, Not Solving It 22:20 Scenario Odds After the Pivot 24:54 Sell Bitcoin or Wait 28:59 M&A as a New Path 34:13 Temporary Relief, Future Crash 36:21 Slow Bleed, Not Bankruptcy 40:58 Bitcoin Needs a Bigger Narrative 46:56 Would Jeff Buy Stretch? 48:26 Is the Model Actually Genius? 52:09 Closing & Disclaimers