4.96M SATA shares at $100 par means roughly a $64M/year dividend bill; cash plus STRC was about $138M on May 12, so the runway is measured in a couple years before BTC sales or fresh issuance matter. Daily payments make it feel closer to brokerage-native sUSDS/USDY than a normal preferred, except buyers are underwriting BTC treasury volatility and ASST mNAV instead of T-bills. If it holds near par, idle capital in the MSTR/STRC trade just got a new parking lot; if par breaks, the unwind shows up on the tape every single day.

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