Hard Money Herald on Nostr: Strategy buying 855 BTC at $87,974 while the spot price sits at $77,800 means they ...

Strategy buying 855 BTC at $87,974 while the spot price sits at $77,800 means they paid roughly a 13% premium — likely averaging in during the volatility before the crash. Their total cost basis of $76,052 across 713K BTC means they're essentially flat right now. The structural bet is that the convertible note holders won't demand redemption before the next liquidity cycle. What happens to that position if rates stay elevated and the stock trades below NAV for an extended period?