#Strategy just dropped its Q1 2026 results, and the Bitcoin accumulation story keeps getting bigger. A few things worth noting: 👇 - $STRC (their preferred stock) hit $8.5B in just 9 months. Now the largest preferred stock by market cap globally. - Q1 revenue was $124.3M (+11.9% YoY). The software business is still running quietly in the background. - The $12.5B net loss is almost entirely unrealized. It's BTC mark-to-market in a down quarter, not cash burned. Important distinction. - Morgan Stanley, Goldman Sachs & Citi are now offering BTC ETFs, custody & lending. Institutional rails are quietly being built. - Cost basis: ~$75,537/BTC Market price (May 1): ~$78,374/BTC Still in the green on paper, barely. The core thesis: raise cheap capital → buy $BTC → outpace dilution per share. A Q1 BTC yield of 9.4% says the math is still working. Whether you think this is genius or a house of cards, the scale is undeniable.