$MSTR A large $STRC buyback could be announced tomorrow. Daily dividends could kick in as early as next week. Does demand increase? The community remains divided on the clearest approach Strategy should take to support $STRC. There are three key components to the instrument’s appeal: yield, stability, and payment frequency. Management has signalled that increasing the yield isn’t a priority, while buybacks are being used to support price stability and daily dividends could improve payment frequency. The question is whether addressing stability and frequency, while maintaining the current yield, is enough to unlock the next wave of demand. On yield, $STRC has delivered. Since inception, it has generated a 21.33% total return with dividends reinvested, equivalent to a 16.98% average annual total return. (CC- @BTDenominator) Stability is where things have been less consistent. @Strategy has managed to bring $STRC back towards the $99–$100 range, but maintaining that stability over time remains a work in progress. Daily dividends are the next piece of the puzzle. We’ve seen weekly buybacks increase over the past couple of weeks as management has worked to bring the instrument back towards $100. The key question is what happens after daily dividends begin. Does buyback volume taper off as demand improves? If it does, that could indicate daily dividends are attracting buyers and reducing the need for @Strategy to support the instrument through repurchases. This should give us a better idea of how much payment frequency contributes to demand. During its stable phase earlier this year, $STRC demonstrated how quickly it could scale, with an estimated $1.5B in trading volume in a single day and as much as $2.18B raised in a week. Even if some of that activity involved leverage, the scale of demand was significant. The question is whether yield alone can attract that level of demand, or whether investors need to see consistent stability first. Personally, I believe stability is essential to unlocking that demand. A higher yield is attractive, but it becomes far more compelling when investors can rely on the instrument to deliver the stability it promises. For those questioning the importance of buybacks, a company can’t expect a product to reach its full potential if it fails to deliver on one of its core promises. The buybacks should continue. For common shareholders, the long-term perspective should be that this investment in the product itself is what helps @Strategy expand its reach and continue acquiring more of the most desirable land in the world. Bitcoin. Mission: Strategy. $BTC $MSTR $STRC

$MSTR The earnings call is six days away. One of the most anticipated events as a Strategy investor. I have two questions that I hope management answers. Given the level of transparency, communication, and media appearances from the team, there aren’t many areas where Strategy leaves investors with unanswered questions. However, unlike the first half of the year, which saw us accelerate Bitcoin purchases, the second half has largely been about taking our foot off the gas on Bitcoin accumulation and focusing on supporting $STRC as it works its way back towards $100. Common shareholders have borne the cost of that rebuilding process. These are the two areas I’m looking for clarity on. 1. USD cash and capital allocation We’re currently left with $447M in USD cash. Given that we’ve primarily funded $STRC buybacks through this cash balance, we’re not far from exhausting it at the current pace. I believe we’ve bought back $180–200M in $STRC over the past week, which could see the remaining balance cut in half as we approach next week. My question is: as $STRC returns towards $100 and Bitcoin moves higher, potentially expanding the common mNAV, how does management intend to balance replenishing the USD cash balance, supporting $STRC, and resuming aggressive Bitcoin accumulation? Personally, I’d like to see management prioritize replenishing the cash balance opportunistically and accretively. If the ultimate goal is to maintain $STRC’s stability, having a healthy cash balance reduces the pressure on MSTR to fund future dividend obligations and potential $STRC buybacks. It could also provide flexibility for future MSTR buybacks. 2. The growth of $STRC Saylor has touched on the potential end state for $STRC multiple times: a dollar-backed, zero-volatility digital money instrument. Are there any developments in conversations with large institutions or potential banking partners that could help bring this vision closer to reality? What are institutions looking for before they participate at scale, and how far are we from reaching that next stage of adoption? The growth of $STRC is a major part of Strategy’s next phase, and I’d like to understand what progress is being made behind the scenes. There’s nothing more I’d like to see than @Strategy resuming its aggressive march towards one Nakamoto. I back this management team to get us there in no time. The entire community will be tuned in on the 29th as we wait for another masterclass. Mission: Strategy. $BTC $MSTR $STRC