How about a 10-year scenario with these conservative assumptions - - $BTC appreciating 30% annually - Annual $SATA issuance to maintain 40% Amplification - No $ASST issuance to purchase $BTC - Dividends funded through $ASST at 1.5x mNAV - No dividend rate change for $SATA - Exiting at 1x mNAV

Accretion depends on the metric. Net Assets per Share measures balance sheet strength and residual asset value. BTC per Share measures Bitcoin intensity and long-term equity upside. NAV accretion improves asset coverage. BTC Yield accretion increases Bitcoin per share. $MSTR $BTC

My beliefs: Retweets are notifications, not endorsements. Constructive dialogue leads to better outcomes. Bitcoin is hope and economic empowerment for everyone. Every good-faith effort to strengthen the network should be welcomed.

What happens if Bitcoin keeps going up? Your entire thesis seems to require stress in the underlying asset. If BTC appreciates substantially, leverage falls, NAV expands, capital raising gets easier, and the pressure on both MSTR and the preferreds declines. “There are risks” is obvious. “Someone has to die” is a much stronger claim that requires a much stronger case, from a much better risk manager than you.

32?

The Q&A got really interesting when someone asked: “What happens if a huge leveraged unwind dumps billions of STRC onto the market?” Saylor’s answer was basically: That’s literally what the instrument was designed for. He said if STRC trades down 50-100 basis points, billions of dollars of capital are incentivized to step in and buy it back toward par. “If you push the ship down, there’s more force pushing it up.” Most people still think this is a normal preferred stock. They’re engineering an entire digital credit system around Bitcoin.