Show notes
About 80% of STRC holders are retail investors. Glenn Cameron walks through the prospectus, how Saylor's public claims differ from the reality, and why Strategy has no good options.========================================================Thank you to our sponsor! Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: crypto.fidelitycareers.com. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED).========================================================Strategy's sale of 32 Bitcoin last week came with unusual framing: Saylor said the purpose was to "inoculate the markets." Glenn Cameron, Global Head of Institutional at Onramp Bitcoin, reads that word as preparation for larger Bitcoin sales ahead.Glenn traces the pressure points. Strategy is trading at 84% of its Bitcoin value, making new equity issuance dilutive rather than accretive on a Bitcoin-per-share basis. Its cash reserve has been cut to roughly seven months after the company redeemed a 0%-interest convertible note. And STRC, the perpetual preferred stock Saylor has marketed as "a high yield bank account," carries a dividend the board can suspend for any reason.The episode's sharpest argument: 83% of STRC holders are retail investors sold a product that resembles a bank account but behaves like junior equity on a volatile Bitcoin company. No maturity, no FDIC protection, no right to redeem.Host: Laura Shin, Host / UnchainedGuests: Glenn Cameron, CFA - Global Head of Institutional at Onramp BitcoinTimestamps📊 🔑 📉 🗣️ 👥 ⏰ 📣 📱 🏷️ 💬 ⚖️ 🔄 🪣 Learn more about your ad choices. Visit megaphone.fm/adchoices
