Strategy's preferred stock Stretch (STRC) has taken a nose-dive, which rightfully has many questioning whether this is the market sending a more damning signal. In our latest newsletter piece, @_Checkmatey_ examines the breakdown in Strategy's preferred stock complex, what it reveals about investor sentiment, and why Bitcoin bear markets have a habit of exposing leverage hidden beneath the surface → Some insights explored in the article: - Only STRF investors remain above their original $100 par value on a total return basis - STRK and STRD investors are underwater, even after accounting for dividends received - STRC has traded below its intended $100 par value since mid-May - Strategy now carries more than $21B in debt and preferred stock obligations