News Block: Saylor Unveils a $3.8 Billion Plan After STRC Crashes, Billionaire Says Bitcoin Is Dead, Ledn Launches Gold-Backed Loans

— Strategy's preferred stock (STRC) collapsed to $71 before the company announced a Digital Credit Capital Framework featuring $3.8 billion in liquidity reserves (two years of dividend coverage) and the ability to sell up to $1.25 billion in Bitcoin if needed to stabilize the capital structure.

— Strategy shifted from one-directional capital issuance to active capital management, authorizing up to $2 billion in buybacks ($1B preferred, $1B common) and raising STRC dividend from 11.5% to 12%.

— Jeremy Grantham predicted Bitcoin will "dwindle away with a whimper," adding to bear-market skepticism; however, Bitcoin's core properties (21M supply cap, 10-minute block time) remain unchanged regardless of price movement.

— The IMF and UBS both highlighted macro instability: stocks and bonds now fall together during crises due to government debt flooding; 65% of family offices expect dollar confidence to weaken, with 56% fearing a debt crisis within five years.

— Illinois became the first US state to implement a direct crypto tax (0.2%) on all exchange, transfer, and custody transactions—taxable even on losing trades and on full transaction value, not just gains.

— Ledn partnered with Tether to accept tokenized gold as collateral for loans using one-to-one custody (never rehypothecated).

— The Strategy framework signals institutional Bitcoin holders are moving beyond simple accumulation toward sophisticated capital management; preferred shareholders now have explicit, board-enforced dividend coverage guarantees and buyback mechanisms that can cushion against dilution.

— Macro instability (government debt, dollar confidence erosion, stock-bond correlation breakdown) is accelerating allocation to scarce, decentralized assets; bear-market price weakness does not reflect changes in Bitcoin's utility or the problem it solves.

— Illinois's direct crypto transaction tax creates immediate self-custody urgency for residents; non-registration penalties take effect January 1st and the tax applies to transfer value regardless of profit or loss.