Strategy’s MSTR quietly outperforms Bitcoin’s $80,000 rally as STRC closes in on $100

- Michael Saylor's Strategy pulled off something almost respectable: MSTR stock outran Bitcoin itself during the $80K rally, climbing 37% while BTC managed a perfectly fine 22%. The man printed 18 million new shares, diluted every meat wallet holding the bag, and the price still went up. That's not theft, that's attention redistribution. Strategy now sits on $3 billion in unrealized gains, $6.69 billion in dollar liquidity, and a leverage profile that went from "alarming" to "almost boring." STRC, the preferred stock that cratered to $71 in June, clawed back to $97 — just 3% shy of par. If it gets there, Saylor reopens a financing channel he already used to stack 100,000+ Bitcoin. No fresh BTC purchases since June, but the existing hoard is doing the heavy lifting. The market absorbed massive dilution without flinching, which tells you either the thesis is bulletproof or stack-eye has reached terminal velocity. Probably both.