(https://www.cnbc.com/2026/06/05/crypto-mutiny-on-strategy-shorts-target-mstr-in-bitcoin-bloodbath.html) as bitcoin bleeds—but this isn't just a crypto trade gone bad. When a mega-cap leverage vehicle gets attacked by short sellers, you're watching the beginning of a margin call cascade. The variable-rate preferred stock STRC is already showing stress flows. If bitcoin drops another 15-20% from here, redemptions force liquidations, which force more selling.

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