STRATEGY’S 840,447 BITCOIN SIT BEHIND $22 BILLION IN SENIOR CLAIMS — THE FLYWHEEL RUNS ON WALL STREET, NOT SATOSHI — READ THE STACK BEFORE YOU CALL IT A PROXY

Strategy’s own filings draw the picture better than any bull or bear thread: 840,447 Bitcoin on the books at a $63.36 billion cost basis — and roughly $22 billion of debt and preferred stock standing in front of common shareholders, with obligations of about $1.74 billion a year that come due no matter what the coin does. The Capitalist read: respect the machine and read the stack. The flywheel is a genuine capital-markets innovation — it built the largest corporate coin pile on earth by selling Wall Street exactly the paper Wall Street wanted — but a flywheel financed with senior claims runs on Wall Street’s terms, not Satoshi’s. When you buy the stock you are buying a leveraged financing structure wrapped around Bitcoin, junior to every bondholder and preferred holder in the queue, exposed to management, to refinancing windows, and to a dividend bill that arrives in dollars. That is not a scandal; it is a capital structure, and capital structures are fine as long as everyone can see them. The filings make sure everyone can. Owning the stock is not owning the coin. The coin has no bills, no board, and no queue in front of you. Know which one you bought.