- Lyn Alden asks about BTC bear market stress testing, drawdown thresholds, and capital structure resilience.

- Saylor: Shifting to preferred equity makes structure antifragile; no principal due, handles 80-90% BTC drops without missing dividends.

- Extreme 95% drawdown might require temporary dividend suspension, but recoverable.

- Lower leverage (1.2x) vs banks (10-20x) reduces risk.

- Phong Le: Learned from 2022 winter; now using perpetual preferreds, no margin loans/secured notes.

- Saylor: Survived 80% drop with weaker setup; current is bulletproof to 90%.