Tethers lawyer Jason Weinstein claims that they produced forensic evidence showing that Tethers were fully backed every single day. That's strange. The CFTC said the exact opposite. How come Tether doesn't produce this forensic evidence for the public to see it, to end the FUD?

SAYLOR: “I said to you to never sell your Bitcoin. I never said that the company would never sell its Bitcoin.”

GameStop’s 10-Q says Coinbase can liquidate its BTC protos.com/gamestops-10-q-sa…

The Michael Saylor Broken Promise Tracker 🧵 1/ "Never dilute if it decreases Bitcoin per share." Broken: Announced today the issuance of 1.4M new common shares to bolster cash reserves and manage STRC stress, mathematically decreasing BPS for common holders. 2/ "Never dilute below 1.22x EV mNAV." Broken: Floor officially breached today. 1.4M shares were issued at a compressed premium simply to hoard fiat cash rather than accreting Bitcoin. 3/ STRC will act as a stable "money market fund" (3% volatility). Broken: The preferred stock is now trading like a volatile high-beta asset. 30-day historical volatility hit 11% and the principal plunged to $90.40, breaking its $100 par value. 4/ "There is no second best crypto asset." Broken: Now heavily promoting DeFi yield protocols and stablecoins (like Apyx and Saturn), as these alternative assets have quietly become STRC's largest holders to absorb the supply. 5/ "We will never sell." Broken: In May 2026, Strategy Inc. officially sold 32 BTC, permanently shattering the perpetual hold narrative. 6/ The $42B plan will be deployed methodically "over 3 years." Broken: Burned through the vast majority of the allocation in months, eventually halting purchases entirely due to dividend coverage stress. 7/ "Never dilute below 1.0x basic mNAV." Broken: Floor entirely abandoned as market premiums collapsed. 8/ "Never dilute below 2.5x basic mNAV." Broken: This initial floor was quietly abandoned the moment premiums began compressing. 9/ "Zero counterparty risk." Broken: While technically equity, the massive preferred stack introduces severe systemic risk. The 11.5% yield created a massive annual cash obligation, acting as a structural margin call that is forcing the liquidation of treasury BTC. 10/ "Chasing yield is how you lose your Bitcoin." Broken: Created STRC to chase yield and is now seemingly in a position where they will need to start selling (losing) their Bitcoin. 11/ Maintain accurate, lawful corporate accounting. Broken: Caught cooking financial books in 2000, triggering an SEC settlement. The stock wiped out 90% of its value in a single month, ultimately crashing 99.4% from its peak.

Mike Sailor and Tether are the only ones propping up the #bitcoin pyramid scheme. Retail is long gone and never coming back!

It’s actually just Tether fraud.

Hahahahahahahahahaha

Ponzi would be proud.

Strive’s $50M STRC bet is already underwater protos.com/strives-50m-strc-…

Just Tether things. How did this conversation go down? "We recorded our multi-billion dollar related party receivable in a notebook." "... Of course you did. Where is the notebook?" "We threw the notebook out." (This is not compatible with previous statements about records.)

Crypto drops 18k from Michael Saylor selling 32 bitcoins. I sure hope he doesn’t sell 100 bitcoins.

another possibility... what if the $MSTR sale of 32 btc was just to provide narrative cover for whoever was about to dollar cost average out of a massive bitcoin position over the course of several weeks?

Let’s check in on all of those Bitcoin city investors in El Salvador. Status: Literally underwater.

Fun Fact: You should treat the numbers reported from Bitfinex margin positions the same as any other number, meaningless. Bitfinex could just report arbitrary meaningless information. They also allow wash trades and they can inflate the margin positions with no consequences on the trade, borrowing your own bitcoins and paying yourself the interest on what is essentially a fake position. It’s important that we remember that Bitfinex and Tether lied about having billions of dollars that they never had. Spewing out fake statistics is the least of their problems.

Tether could have used the blockchain to store records of deposits and tether issuances to keep track of everything and prove they’re not a giant fraud. Tether instead chose to use a paper notebook that they threw away after being sued. Because that’s what you do when tethers are fully backed, destroy evidence of your own honesty and legitimacy.

Step 1: Get everyone leveraged in bitcoin loans Step 2: Crash the market Step 3: Margin call. Step 4: ???

Remember when Tether hired an auditor? Wonder how that’s going? 🤣

Heres another gem the fanboys keeping throwing at me: "Strategy doesnt need to sell its Bitcoin. They can just suspend off the dividend." Okay. Let's actually walk through what that means. Not for them. For you, the person holding the thing. Quick plain English first. STRC is a "preferred share." Think of it as a posh IOU that pays a monthly income, 11.5% right now. "Suspend the dividend" just means the company stops paying you. And here's the first gut punch, straight out of their own legal docs: the board can stop paying for any reason it likes. No excuse needed. It's not a default. Nobody broke any rules. They just stop. "But hang on," people say, "STRC is cumulative. So even if they skip it, they still owe me. It builds up. I get it later." True. The skipped money doesnt vanish. It stacks up, even grows on paper. Sounds safe enough. Here's the catch nobody mentions. There is no due date. None. Nothing on earth forces them to ever actually pay that pile down. No maturity. No one can drag it forward. No court can demand it. It's an IOU with no deadline that you have zero power to enforce. It's like a credit card you can keep spending on and never pay back. So picture it: they suspend, the number you're owed climbs on a screen, months pass, years even, and you wait for cash that has no obligation to ever show up. And they can shrink it. The fine print lets them grind the rate down over time. Drop the payout low enough, pay you that titchy amount, and the so called "protections" never even switch on. Their own prospectus admits the safeguards "could be inadequate." Their words. Now the part that should worry anyone further down the ladder. There are weaker shares sitting below STRC. STRK and STRD. Freeze STRC and those two freeze with it, automatically. STRK at least keeps its IOU. But STRD is "non-cumulative." Every payment it misses is gone. Forever. No pile up, no catch up, no IOU. And STRD waves around one of the fattest yields in the whole range. Sold on that big number. A suspension quietly sets fire to it. "But surely there are protections!"? What protections? The big one everyone points to stops the company paying its ordinary shareholders, or buying back ordinary stock, while you sit unpaid. Sounds like a proper handcuff. Except they dont pay ordinary shareholders a dividend. Never have. And they dont buy back stock, the whole game is selling stock to buy Bitcoin, not buying it back. So it handcuffs them from doing two things they were never going to do. Does nothing for you. Not a penny in your pocket. And no, you cant vote your way out. The preferred barely gets a vote, and not on anything that matters. Meanwhile one bloke, Saylor, swings about 38% of the company's votes off a 6% slice of actual ownership (super voting rights), through special shares he owns 99.9% of. Even the ordinary owners cant easily overrule him. You? You're not even in the room. So to the crowd saying "relax, they'll just suspend the dividend, no biggie," hear what they actually said. The plan, when things get rough, is to switch off your income. Not theirs. Yours. And the further down you sit, the worse it is. The layer below you loses its income for good. "They can just suspend the dividend" was never a safety net. It IS the risk. Let's say the quiet part out loud: your "high yield savings account" can be switched off at will, owed to you forever on a screen, with no deadline, no way to force it, and no vote that counts. Sleep tight.