{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T18:30:18Z","timestamp":1786732218636,"version":"build-2736575974"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Bitcoin-treasury firms fund a non-income-producing reserve with perpetual preferred stock carrying hard cash coupons. I formalize the resulting zero-carry liability problem and, using Strategy Inc. as the worked example ($10.0B preferred liquidation preference, 762,099 BTC, Q1 2026), order the issuer financing set by reflexive cost. A reduced-form model with one latent state variable, the perceived forced-seller probability, shows premium compression and variable-rate reset compound rather than offset, producing a low critical threshold beyond which accretive funding cannot cover the coupon. The binding constraint is coverage, not solvency. I set out the model's testable cross-asset implications: a single latent stress factor should drive preferred spreads, the equity premium, and perpetual funding with opposing signs and should lead realized issuance.<\/jats:p>","DOI":"10.2139\/ssrn.6888620","type":"posted-content","created":{"date-parts":[[2026,6,9]],"date-time":"2026-06-09T15:18:16Z","timestamp":1781018296000},"source":"Crossref","is-referenced-by-count":0,"title":["Strategies for Strategy (MSTR) -working draft"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T17:43:04Z","timestamp":1786729384000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6888620"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6888620","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}