https://mail.blockworks.com/p/strcs-moment-of-truth

"For Auction Rate Securities, it took the Great Financial Crisis to expose the gap between the sales pitch and reality. The moment of truth came on February 13, 2008, when investment banks chose to protect their balance sheets over keeping their promises to their customers.

For STRC, that stress test is a falling bitcoin price — and the moment of truth will come when Strategy has to choose between its bitcoin and its investors."