HOW BADLY DO WE NEED $STRC BACK AT PAR? Turning the STRC machine back on would juice MSTR’s return by as much as 11.55 percentage points on the exact same move to $100,000 Bitcoin... with zero mNAV expansion. Bitcoin goes from $64,846 to $100,000: +54.21%. With no new STRC, MSTR goes from $97.91 to $172.66: +76.35%, beating Bitcoin by 22.13 points. Then we restart the preferred trebuchet: $500M/month → MSTR +79.26% → beats BTC by 25.05 points $1B/month → MSTR +82.16% → beats BTC by 27.95 points $1.5B/month → MSTR +85.04% → beats BTC by 30.83 points $2B/month → MSTR +87.90% → beats BTC by 33.69 points The incremental return created specifically by new STRC is 2.92%, 5.81%, 8.69% and 11.55%, respectively. At $2B per month, STRC generates 13.14% of MSTR’s entire return and 34.29% of
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