As BTC-TCs, both @Strategy | @Strive rely on robust capital markets access to scale the Treasury Model. Through Digital Credit, they’ve opened additional capital-raising channels and, in my view, created a new asset class. The resulting preferred securities now trade as their own cohort | block in a secondary market, adjacent to $BTC and their “parent equities”, not separate from them. My research at True North examines $STRC through that lens: buybacks, market structure, and the transmission channels connecting the offering to the wider complex. This connection shows up in the data - the following results are from a broader analysis of all five preferred offerings: $STRK | $STRF | $STRD | $STRC | $SATA - using their price histories since inception and rolling attribution models built on matched trading sessions. The results below are from a 9-4-26 snapshot of that larger analysis: a 60-session window spanning 6-11-26 through 9-4-26, covering the selloff, the pre-buyback rebound, and the buyback execution period. Within that window, a model built on orthogonal (uncorrelated) factors explained 74.65% of daily price return variance in $STRC. The three largest allocations, expressed as shares of that explained variance, were: a] Other (Non-STRC) Preferreds: ~44.7% b] MSTR (ex-BTC): ~39.2% c] BTC: ~15.7% Read the full analysis here: tnorth.com/research/strc-buy…

$SATS is on @Roxom and they are paying dividends in $BTC. The adoption | spread of Digital Credit continues.

Going LIVE with @millercole to discuss $STRC, $SATA, and other potentially MORE interesting topics:

Bitcoin’s volatility can keep large pools of income seeking capital on the sidelines. Through 10-16-2026, all Digital Credit offerings have outperformed $BTC with lower volatility over their respective periods. That’s the opportunity for Digital Credit: lower volatility than spot $BTC, offering yields above many traditional alternatives. That combination will attract investors who would otherwise avoid direct $BTC exposure, expand the TAM of $BTC, and spur new demand over time.

Check out @PunterJeff going solo dolo on this week's episode on @TNorth - "The Frontier of Credit"

$ASST | @Strive is ⬆️ 13% today, and ⬆️ 140% over the last 3 months. That's all I got ¯\_(ツ)_/¯, happy WINS-day everyone.

A $MSTR Green Tuesday followed by Winning Wednesday 🔥

I want a Kung-Fu Legend Guardian to protect me and my $BTC

$MSTR: That "Black Monday" turned into a Green Tuesday ✅

I wonder how Jamie Dimon feels about this. Adding $BTC to their Long-Term Capital Markets Assumptions paper is a tacit admittal that $BTC is: 1] Worthy for portfolio consideration 2] Here to stay

$STRC | $1.84B later and with 13 weeks of buybacks through 10-18, $STRC closed Friday 10-16, at $97.72, today hovering between $98-$99, still below par. From my 9-24-26 research paper on the @TNorth website: “The open question is not whether Strategy can keep buying, but whether they should, and how much organic demand remains once they stop.” Strategy can keep buying, but inorganic issuer demand is not the same as organic market demand. I have many thoughts on what can be done, but sometimes doing nothing is the wisest move. We will see how things play out, updated market read below:

$MSTR | $STRC | $BTC: The good that comes from an increase in the Digital Credit Securities Repurchase Program is that it'll allow Strategy to retire more dividend obligations | shares. That is a real benefit to the capital structure. As far as price? The market controls that.

So... Black Monday? Yea?

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.

While people are panicking about a potential "Black Monday", @saylor gives us a $BTC Orange Sunday. As it should be.

$STRC | $SATA: Digital Credit offerings are "Meta Derivatives". They are derivatives of their parent equity ($MSTR or $ASST) which itself is a derivative of $BTC: a derivative of a derivative. They aren't broken, this isn't a flaw, this is how the market will treat them.