I’m a huge believer in Bitcoin. And I respect the theory behind MSTR’s strategy: accumulate, HODL, and increase leverage against the hardest asset known to man.

However, I’m still skeptical of MicroStrategy’s structure until they offer transparent, verifiable proof of reserves.

The new STRK & STRF share class dividend mechanics are clever. They’re clearly signaling loyalty to long-term Bitcoin holders and creating a new kind of financial product to allow bitcoiners a priority claim within their capital stack…a priority claim that offers a yield.

In theory, this is financial innovation capturing an intellectual asymmetry, exploiting an arbitrage in free market efficiency. But without public, cryptographically provable bitcoin reserves, MSTR is positioned more as a black box, just a black box we want to believe in.

Bitcoin is trustless. Public companies are not. Show us the keys.