Here is a refutation of "Strategy is a ponzi" you can bookmark and pull out whenever you have to educate the midwits on here. Calling Strategy a Ponzi is a category error. A Ponzi requires deception about the source of returns. Strategy publicly discloses the securities it sells, the terms, the risks, and what it buys with the proceeds. Nobody is hiding where the money comes from. The company raises capital by issuing equity and preferred securities in public markets. That is standard corporate finance, not some forbidden occult ritual. “New investors benefit old investors” is not a Ponzi definition. That is how capital markets work. If a company raises money and deploys it accretively, existing holders benefit. By that logic, every accretive equity raise in history is a Ponzi. The real question is whether the capital raise is accretive. If Strategy issues securities and turns that capital into more Bitcoin exposure per common share, that is capital allocation. You can argue the trade is good or bad, but that is not the same as fraud. MSTR and STRC are different equities with publicly disclosed risk tranches. MSTR holders want levered upside to Bitcoin. STRC buyers want a senior claim with a stated yield. Different securities, different risk, different upside profile. The thesis is simple. The structure works if Bitcoin compounds faster than the company’s cost of capital. If you do not believe that, do not own the securities. That is an investment disagreement, not a Ponzi revelation. A bad bet is still not a Ponzi. If Bitcoin underperforms, the structure can weaken. Fine. Lots of levered strategies fail. Failure does not retroactively turn disclosed securities issuance into fraud. So the adult critique is not “this is a Ponzi.” The adult critique is: can Bitcoin outperform the blended cost of capital long enough for common equity to win? That is the real argument. Everything else is just midwit theater from people who learned one scary finance word and have been freebasing it ever since. Both investors are accepting different tranches of publicly disclosed risks and Strategy isn't pledging the Bitcoin as collateral. You will never actually prove deception, hidden insolvency, fake asset backing, or fabricated returns, which is where the ponzi accusation has to live.