Following Strategy’s recent mNAV guidance and reduced reliance on converts, I think that one needs to track the trading of STRC to predict the future moves of the BTC perma-buyer: - Its trading price relative to $100. - Daily trading volumes. - Capital-raising efficiency. The launch of STRC aligns well with the activity around the Fed and the potential for lower rates at the short end of the curve. The shift towards perpetual funding across durations might be the way to scale responsibly. Maybe Saylor is trying to dilute the froth we are witnessing across most other DATs.