STRC, despite its marketing rhetoric, is not a corporate bond. Furthermore, the company is not required to hold any collateral, offers shareholders no redemption rights at its $100 face value, and provides no BTC as collateral. Unlike many traditional credit products, Strategy offers no FDIC, SIPC, or other insurance against losses incurred if its share price falls. STRC is, after all, just a stock that the company has relentlessly diluted with its MSTR shareholders. Saylor has stopped referring to Bitcoin as a digital currency. He now considers it an equity asset that he believes should generate a compound return of around 30% per year, even though its actual five-year compound annual growth rate, through mid-2026, is closer to 12%. While BTC has underperformed, Saylor's stock has fared even worse. The stress test of Saylor’s policy, which downplayed the importance of Bitcoin, became fully apparent this summer. Bitcoin has lost more than half its value since its peak of over $126,000, and Strategy’s common stock has lost 78% of its value in the past 12 months. This month, the company’s enterprise value fell below the value of its Bitcoin holdings for the first time. Even worse, it conducted its first voluntary Bitcoin sale since December 2022, contradicting Saylor’s long-standing prediction that Strategy had no plans to sell Bitcoin. As the stock price plummeted, Saylor indicated that it remained focused on BTC, despite its obvious interest in credit. Saylor’s flagship “credit” product, STRC, which was supposed to trade at $100, opened today at $81.00.