$STRC | Buybacks vs Trading Activity (Part 4) 13 weeks later, through 10-18, Strategy has spent ~$1.84B on $STRC buybacks, retiring obligations on 18.91M shares. Over the ongoing buyback window, that spending is equivalent to [20.06%] of dollar trading volume. Strategy has also increased its Digital Credit Securities repurchase authorization from $2B to $3B, leaving approximately $1.16B available under the program. Last week, dollar trading volume increased from ~650M to ~990M, up [52.26%], while buyback spending was essentially unchanged, increasing from $192.4M to $193.1M with, Strategy’s purchases represented [19.49%] of dollar turnover, down from [29.57%]. The lower participation rate did not come from Strategy meaningfully stepping back, there was more trading around a similarly sized issuer bid but despite that bid, STRC closed 10-16 at $97.72. We have to be fair and note that the 10-15 ex-dividend date saw $0.50 a share paid out so the weekly price decline of [1.94%] overstates the shareholder loss (if we include that dividend entitlement, the decline was approximately [1.44%]). However this was not just an ex-dividend adjustment; Friday alone saw STRC fall [1.82%], from $99.53 to $97.72. A lot of people ascribe this to MSCI index exclusion fears, but Friday also brought a broad market selloff. Either way, the issuer bid did not insulate $STRC from weakness across the market and Strategy’s capital structure. The question I keep coming back to (and that many are wrestling with today) is this: if the substantial issuer bid is the main explanation for the recovery in $STRC, why has continued buying still not delivered a return to par? My read remains that many are conflating the recovery with the buybacks, and giving the corporate bid too much credit. Buybacks retire dividend obligations and might provide support at the margins, but that marginal support doesn't insulate $STRC from the effects of leverage, a repricing across the broader capital structure or the structural market transmission channels namely $BTC, $MSTR and Digital Credit as an asset class. tnorth.com/research/strc-buy…

The team at @Strive is cooking. The $SATS IPO upsize is giving them a lot of capital to work with, expecting a nice sized $BTC buy if they emptied the clip. The triplicate structure of $ASST | $SATA | $SATS will power @Strive into the second largest $BTC Treasury spot.