…single layer of obligation sitting on top of a Bitcoin treasury worth approximately 58.5 billion and billions more in additional preferred stock commitments. Over 8 billion in convertible depth and a software business that by management's own financial disclosures cannot cover the bills. And it all starts to give off a house of cards sort of vibe. The entire machine functions as long as Bitcoin keeps appreciating and the capital markets keep absorbing new share issuances. But if either condition fails, the consequences would extend far beyond a single company's balance sheet and threaten to destabilize the broader crypto market itself. So today, we'll explain how strategy actually works under the hood, what has to go right for it to survive, and what happens to Bitcoin if it unwinds. My name is DC, and you're watching the Coin Bureau. Back before Michael Sailor got totally orange pulled and became in effect Bitcoin's final boss, his company, then called Micro Strategy, was a pre…