$MSTR

Strategy bought an eye-watering $3.38B of BTC over the past two weeks ($1.25B + $2.13B). Plenty of takes on these moves, but I want to provide some color on what they're doing to the capital structure, which I find to be especially notable. Firstly, STRC is obviously having its moment in the sun. $119M two weeks ago, $294M this past week—all while STRC stays pinned within 1% of face value. This $STRC issuance has been in tandem with a large amount of $MSTR ATM . What does this mean, and is this accretive for shareholders? Most MSTR was sold between 1.0x-1.10x mNAV. This is accretive in net asset terms, however with market cap below the value of BTC holdings, in isolation, it would be negative to BTC/share. However, Saylor is intelligently pairing the MSTR ATM with the STRC ATM. STRC was