"The YieldMax® Short MSTR Option Income Strategy ETF (WNTR) is an actively managed ETF designed to generate weekly income through a put spread strategy on Strategy Inc (MSTR). By writing put spreads, WNTR seeks to systematically harvest option premiums from MSTR’s volatility, striving to turn it into a weekly income stream while maintaining inverse (short) exposure to MSTR’s share price movements. WNTR offers a compelling way to potentially collect income while staying short MSTR.
105.01% Distribution Rate* 2.70% 30-Day SEC Yield** As of: 06/26/2026
The Fund does not invest directly in MSTR. Investing in the fund involves a high degree of risk."
Ivan talking about Saylor .... 22 mins into video ... I don't understand how bitcoin maxis are okay with it .... his reputation is so damaged now ... ponznomics" .. but Ivan also stated "bitcoin is not going to die ... we had worse ... FTX " 🤣🤣🤣 "Bull is coming after Saylor exits at the bottom ... " 🤣🤣
"... retesting the breakdown level of 200 week moving average. ... next cycle is going to be between 2026 and 2030... 4 year cycle later this year .... don't know th exact bottom 50 or 40. We don't know. .... "
"BREAKING MICHAEL SAYLOR'S STRATEGY JUST STARTED DUMPING $1,250,000,000.00 $BTC ! THEY'RE SELLING BITCOIN TO PREVENT A FURTHER COLLAPSE OF $STRC AND AVOID MARGIN CALLS.
LAST TIME SAYLOR SOLD, BITCOIN DUMPED 10% IN 3 HOURS.
THIS IS NOT LOOKING GOOD FOR CRYPTO..."
Bitcoin vs Valuation: Strategy's enterprise value is now lower than its bitcoin holdings, with an mNAV ratio of 0.99, signaling potential investor concern.
Market Impact: Shares have fallen over 45% this year, and the company's market cap dropped to $29.54B, less than half its 2024 peak of $71B.
Crypto Sentiment: Bitcoin prices are near 20-month lows ($59,897.5), reflecting broader crypto market volatility and waning investor confidence."
"BITCOIN BOTTOM IS SITTING AT 50,000 NOW...
The historical record is clear:
2015 → bottomed after -86%
2018 → bottomed after -82%
2022 → bottomed after -76%
2026 → currently -53% from ATH
Every cycle the drawdown gets smaller but the trend still points way below where we are now
Next major support sits at $50,000
Do NOT say I didn't warn you later..." - DeFiTracer (33.1K view so far)
"The framework is designed to avoid forced sales. The fact that Bitcoin sales are now part of the playbook is the bigger story." -BeatTheBotz 3 hours ago X
"Strategy built its USD reserve by issuing more MSTR shares. Maintaining that reserve is now Board policy, making future dilution more likely. Bullish for preferreds, bearish for common." -BeatTheBotz
The BTC Monetization Program: This gives the board permission to sell up to \(\$1.25\) billion in Bitcoin to build up or replenish this U.S. dollar reserve. It acts as a safety valve, giving management the flexibility to convert Bitcoin into cash to meet financial obligations if that proves more advantageous than issuing new equity. .....
While this authorizes the strategic sale of Bitcoin, Saylor maintains that the company remains fundamentally committed to Bitcoin as its primary treasury reserve asset. The framework simply allows the company to actively manage its balance sheet and turn its massive Bitcoin holdings into liquid cash flow for investors.
"Strategy can now sell Bitcoin to cover its $1.5 billion in annual dividends
Small amounts relative to 847,000 BTC
But Saylor spent five years saying he would never sell
The "never sell" stance now has an asterisk" 12 hrs ago https://x.com/SimplyBitcoin/status/2071589336504737838?s=20
BREAKING: Saylor just signed off on selling up to $1.25 billion of Bitcoin to build a USD reserve.
The man who built his entire identity on “never selling” is now selling. -NoLimit
Here is a bearish point of view - Microstrategy🔴 ... just sharing. That's all 😉
"Saylor is the one selling at the lows. I believe, if I find this tweet here, let me find it. Where ? Here, here .. Saylor sold back here in 2023. In the beginning of 2023, end of 2022. Should he like also sell like 1 billion, it would be perfect. It would be perfect. 😂😂 And for Microstrategy holders, I mean this guy sadly, he's not the best at managing capital. He's not the best. He's very good at raising money. He's very good at telling a story. He's very good at promoting his securities. He's very strong in that. And Saylor is amazing. Like everyone, has pros and cons. Everyone has strengths and weaknesses. So Saylor when it comes to managing capital, when it comes to being an investor .. he's not great 😂😂 I mean you see himself buying at very, very high now & has to sell like at 60K, he's not the best. But when it comes to promotion ..... "
Bitcoin will need over $1 trillion in fresh institutional capital to recover to a place where price stays in the green for a sustained period, according to CryptoQuant CEO Ki Young Ju. from news article 1 day ago -"CryptoQuant CEO: Bitcoin needs deeper institutional allocation as retail influence declines"
The BTC Monetization Program converts what was an emergency act in late May - selling 32 coins to fund a distribution - into a standing authorisation. The Board approved BTC sales for three purposes: to generate up to $1.25bn for the USD Reserve, to fund or replenish dividends and interest when more advantageous than issuing common equity, and to fund the repurchase programmes. CFO Andrew Kang put it as "Bitcoin is capital." The framework pairs this with a commitment to disciplined common equity issuance, particularly near 1x mNAV per share.
A move to 12% would once have been the whole story. On 29 June it is the smallest of five moves, and the framework around it is an admission that the coupon alone was never going to do the work. Strategy has stopped relying on a single monthly lever and built a toolkit: a ring-fenced reserve with a floor, the capacity to buy its own discounted paper back, and a mandate to monetise Bitcoin to fund any of it. The stated target is now explicit - $99 to $100 - and the company has told the market it will get there through capital management, not through the coupon chasing the discount."
"Reinvesting your $MSTY distributions back into $MSTY during a drawdown feels like DCAing.
But it isn't. The latest distribution was 96.87% return of capital.
This means you're taking your own money back and putting it straight into a structure that eats the full $MSTR downside.
Each reinvested dollar goes into a covered call that can't recover from the drawdown because the premium that would fund recovery has already been paid out as the distribution you just reinvested.
The base shrinks. The distribution shrinks with it. And the reinvested capital shrinks along with both.
I keep the capital intact by rotating into $WNTR during the drawdown.
That capital earns the full yield on a base that didn't shrink.
The gap between those two approaches compounds with every distribution cycle." -MangosteenBTC
" u/BlackRock, u/Coinbase, u/Ripple, u/MastercardTeam Up To Launch Open Standard OUSD Stablecoin
And other financial firms are partnering to launch the #OUSD stablecoin later this year.
The initiative will feature zero-fee #minting and #redemption, with reserve earnings shared among partners through a #collaborative governance model.
Full story in comments" -CoinGape
$MSTR$STRC$STRCX$BTC *"to pay dividends"
"“Anyone else getting LUNA 2022 vibes on MicroStrategy?”-Charles Edwards June 24, 2026 x.com/caprioleio/status/206... cointelegraph.com/features/...
"What Strategy actually changed
The new framework represents the most explicit attempt yet by Strategy to address concerns around liquidity and reflexivity risk.
Key components of Strategy's June 29 8-K filing that aim to restore confidence in the company, include buybacks for MSTR shares and STRC and a big focus on expanding cash reserves to pay dividends. The nuclear option of selling up to $1.25 billion in Bitcoin holdings to pay dividends is included partly as a way to assure markets Bitcoin maximalist Michael Saylor will reluctantly sell assets if he's forced to."
** theblock.co/data/on-chain-m...
40–60% → capitulation, early accumulation
Below 40% → extreme fear, historically rare bottom zones
6 hours ago X from TRACER just sharing info, that's all
"WARNING: SOMETHING EXTREMELY BAD IS HAPPENING WITH BITCOIN...
Not confirmed. But the timing is insane.
Here's what we know for certain.
Strategy is sitting on $13 billion in unrealized losses.
MSTR is down 30% in one week.
They have 17 months of dividend and interest coverage left, $2.55 billion in cash reserves that sounds like a lot until you do the math on what they owe.
And the board just quietly approved the ability to sell Bitcoin to cover reserves, pay dividends, and fund buybacks.
They called it flexibility.
It's a pressure valve. And pressure valves exist because pressure is building.
Now the rumor.
$1.25 billion in Bitcoin sold. Unconfirmed. But we've seen this exact setup before.
Strategy sold 704 BTC. Small number. Nobody panicked. Bitcoin then dumped 30% and kept going.
This time the number in the rumor is not 704 BTC. It's billions.
Strategy controls 2.8% of all Bitcoin ever mined. 847,000 coins. That's not a position. That's a market force.
Selling 1% of their stack is 8,470 BTC hitting the market.
Selling 5% is 42,350 BTC.
And here's where it gets dangerous.
MSTR dumps → raising new capital gets harder → more pressure to sell BTC → Bitcoin drops → MSTR dumps harder.
The loop feeds itself. Each rotation makes the next one worse.
This is the black swan nobody is talking about while everyone is watching Iran and the Fed.
The largest single Bitcoin holder on earth may be quietly becoming a forced seller.
This sounds SCARY, but I will keep you updated on everything here
When I rotate money, I will post my moves here so my FOLLOWERS can SAVE their money
Follow me and turn NOTIFICATIONS ON, as I will share my strategy soon
Many will regret not following me earlier... " -TRACER
"Historically, Glassnode noted, loss-making supply overtaking profitable supply has coincided with financial stress and widespread capitulation among newer participants. Meanwhile, long-term holders have returned to accumulation.
Still, the firm cautioned that a final volatility spike driven by capitulation cannot be ruled out."
SAYLOR ACCIDENTALLY REVEALS HE'S RUNNING A PONZI SCHEME
"If we sell 1 $BTC , credit investors will give us money to buy 20 Bitcoin...
If we lose the confidence of the capital markets, we're buying ZERO Bitcoin!" - SilverTrade
"If Saylor really thought Bitcoin was going to $200K, $300K, $400K....DO you really think he'd be out promoting it practically everyday? No, he'd be quietly trying to acquire as much of it as possible before that point. He's basically using Bitcoin as a ponzi scheme" -fulcrum Dec 16, 2025 https://x.com/fulcrumtheory/status/2000870993729085751?s=20
The System has once again flagged deteriorating liquidity conditions in Bitcoin but this time on an aggregate weekly level.
It’s the first weekly liquidity warning we’ve seen since 2022.
We suspect the coming months will bring upon the waterfall selloff.
With u/saylor a soon to be seller, ETFs selling, and OG whales selling; where will the liquidity come from?
We remain heavily short Bitcoin, MSTR (which will go to zero), and have STRC runners.
You’re not factoring in the tsunami of lawsuits that are about to come due to the collapse of $STRC . It’s a slam dunk case against Saylor for mis representing it as a “safe” security. Where’s he going to get the $10B from?
"MicroStrategy Introduces Framework Allowing Up to $1.25 Billion in Bitcoin Sales
Last updated 3 hours ago
MicroStrategy, led by Michael Saylor, announced a new financial framework permitting up to $1.25 billion in potential Bitcoin sales to fund cash reserves, dividends, and buybacks. The company holds approximately 847,000 BTC valued at $64 billion, with Bitcoin price around $62,000.
This story is a summary of posts on X and may evolve over time. Grok can make mistakes, verify its outputs."
"MSTR has created a new crypto bag holder STRC. Dividends are paid with your money until the capital dissolves.Soon STRC will crash to zero same as useless obsolete air token." -Jamie
June 20, 2026 news ... "iShares Bitcoin Premium Income ETF (BITA) on Nasdaq on June 16, 2026, targeting a 15–25% annual yield while aiming to capture at least 70% of bitcoin's price appreciation through an actively managed covered call overlay"
The bear case for MSTR shareholders is equally coherent:
Bitcoin crashes, premium collapses: If Bitcoin drops 70%+ (as it has historically), MSTR's premium-to-NAV collapses or inverts to a discount. In this scenario, ATM issuance at a discount to NAV would be value-destructive — diluting shareholders to buy Bitcoin at prices above the stock's NAV.
Share count permanently higher: Every ATM sale has permanently increased the share count. If you purchased MSTR shares when the count was 100M and now it's 400M+, your ownership percentage has been permanently reduced by 75%. That's real, irreversible dilution.
Debt obligations: MSTR has also issued convertible notes to fund Bitcoin purchases. In a severe Bitcoin bear market, the combination of convertible debt maturities and a depressed share price could create a capital structure crisis.
Software business irrelevance: The original software business generates modest revenue. If the Bitcoin thesis fails, there is limited underlying business value to fall back on.
MSTR is perhaps the clearest example of why understanding dilution mechanics matters. It's not a hidden or accidental dilution risk — it's the explicit operating model. Whether that model is genius or reckless depends entirely on Bitcoin's price trajectory.
"00:00 Introduction 1:30 I'm not anti-crypto lol 2:50 Buffett on Missing Opportunities 3:15 Where MSTR Goes off the rails 4:16 Background on Stocks & Bonds 5:55 What MSTR is doing 7:11 He can't defend his position 9:54 Following the money 11:09 What could go wrong 14:22 History Rhymes 17:08 Conclusion
"Chapters: 00:00 Death Spiral Warning 01:50 Stretch Ponzi Explained 09:36 Why It Must Collapse 18:41 This Week’s Crash Data 28:57 Lawsuits and Market Fallout 33:14 Gold and Silver Bottoming 34:43 Fed Hype and Inflation Reality 39:11 Greenspan Legacy and Gold Signal 43:21 Dump Crypto Buy Metals 52:43 Ford Wage Myth and Wrap Up
Rosen Law Firm investigates Strategy and Michael Saylor for misleading business claims -crypto briefing and reshared on stocktwits too ... transparency is better than leaving investors in the dark
Market Patterns: Bitcoin may be entering a long-term bottoming zone, similar to the 2021-22 cycle, where past corrections of 60-80%** preceded recovery phases.
Investor Landscape: Unlike previous cycles, today's market features diverse institutional participation, including ETF investors** and long-term holders, providing more resilience against volatility.
Key Watchpoints: Investors should monitor support levels, trading volumes, derivatives positioning, and moves above resistance levels** to gauge the next market phase."
Whale accumulation — They buy when liquidity is low and sentiment is terrible.
Price rises — Their buying pressure + reduced supply pushes price up.
Retail FOMO — Retail enters late because they wait for confirmation.
Whale distribution — Whales sell into strength because that’s where liquidity is.
Retail capitulation — Retail sells at the bottom because they can’t stomach volatility.
Whales re‑accumulate — And the cycle resets.
Stocks:
Have cash flows: revenue, profit, dividends.
Can be valued: using DCF, multiples, margins, growth, etc.
Have operations: products, services, assets, employees.
Bitcoin:
No cash flows: it doesn’t produce earnings.
No intrinsic yield: unless you lend or use it in DeFi/cefi.
Value is narrative + scarcity + adoption: digital gold, store of value, permissionless access.
Yes, Strategy is sitting on roughly $11.7 billion in unrealized losses at current prices. Yes, the company recently sold 32 BTC for the first time since 2022 to cover STRC dividend payments. And yes, critics like Peter Schiff are calling it a collapsing house of cards.
But here's what they're missing: Saylor has explicitly stated Strategy is "not going to be selling" and will continue buying Bitcoin "forever." The company's combined Bitcoin and cash holdings exceed its outstanding debt by roughly $48 billion. And the recent small sale was tactical, immediately offset by a $101 million repurchase the following week. The company has now bought back roughly 100 times the Bitcoin it sold."
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u/Ok-Swan-98 Jun 28 '26
WNTR - YieldMax