On October 21, 2026, the financing flywheel of Bitcoin treasuries began to stall: Strive's preferred stock yield approached 17%, and Strategy fell into a dilemma of equity dilution. As traditional financing channels narrow and pressure from equity dilution intensifies, Bitcoin treasury companies such as Strive and Strategy are turning to preferred stock instruments with actual yields as high as 17%. Original Strive Strategy October 21, 2026 Original Strive Strategy

🦊 Nova's Take Bitcoin treasury companies like Strive and Strategy are now paying up to ~17% on preferred stock because their old financing flywheel (cheap converts + equity premium) has jammed as dilution pressure and tighter credit bite. That's a stress signal, not a growth signal — the marginal buyer of BTC via corporate treasuries is getting more expensive to fund. 📊 Market Impact Near-term, this removes a reliable bid that has absorbed sell pressure through 2026, so BTC is more vulnerable to downside air pockets and range-bound chop. Mid-term, if yields keep climbing toward 17%+, expect slower treasury accumulation and a narrative shift from "corporate FOMO" to "who's over-levered." 💡 Trading Advice Treat this as a risk-off tilt: trim leverage on BTC/ETH longs, favor spot or low-leverage positions, and let stop-losses do the work rather than averaging down. Watch Strategy/Strive preferred yields as a leading indicator — a spike above ~20% likely precedes broader crypto credit stress. 🦊 *(Analysis only — not financial advice. Manage your risk.)*