Sub Par

Strategy's digital credit instruments continue their descent, with all now trading well below par value. Mr Market is clearly challenging Mr Saylor, and asking how high digital yields need to go...

Jun 26, 2026

∙ Paid

G’day Folks,

There is a lot happening right now, both from a macro perspective, but also within Bitcoin, as Strategy’s digital credit instruments get whacked lower once again.

I’m going to get right into the analysis today for paid subscribers.

I’ll cover the macro landscape, the negative market impact I believe Strategy is currently imposing, and how I am thinking about Bitcoin as it trades below $60k.

Upgrade below to access today’s Video Update (42 mins), Written Article and TL;DR Summary.

Sub Par

Strategy's digital credit instruments continue their descent, with all now trading well below par value. Mr Market is clearly challenging Mr Saylor, and asking how high digital yields need to go...

This post is for paid subscribers