A deep dive into Strategy’s capital structure, bitcoin flywheel, and the risks that matter. We separate signal from noise by examining mNAV, STRC, leverage, and the sustainability of the model—helping investors distinguish temporary dislocations from structural risks.

An institutional outlook on the regulatory, market-structure, and infrastructure advances that defined crypto in 2025—and what they mean for investors in 2026. The piece outlines five predictions and their portfolio implications across policy, markets, and adoption.