Strategy (NASDAQ:MSTR) may have created a capital structure problem that could hurt either Bitcoin (CRYPTO: BTC), MSTR shareholders or preferred holders, according to a prominent industry expert. Strategy's Changing Risk Profile Speaking on Unchained's "Bits + Bips" podcast, Arca Chief Investment Officer Jeff Dorman said Strategy's decision to add large, preferred stock obligations has changed the risk profile around Michael Saylor's Bitcoin strategy.