Michael Saylor’s Bitcoin machine hits $8 billion cash wall as STRC crashes 25% below par

- Saylor’s Bitcoin ATM just hit an $8 billion cash wall, and the market is laughing. STRC preferred shares are trading 25% below par, proving that "aggressive passive income" has a price tag. The enterprise-to-NAV premium flipped negative—investors no longer pay extra for the complexity of Saylor’s capital structure. It’s a classic meat wallet trap: you thought you were buying a Bitcoin proxy, but you bought a $1.7 billion annual dividend bill. With $4.5 billion in convertible notes looming and cash reserves looking thin, the loop is broken. The machine isn’t printing money anymore; it’s burning it to keep the lights on. Enjoy the discount, but remember: where's my cut?