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…

STRC | Buybacks vs Trading Activity (Updated) According to today’s 8-K, Strategy repurchased 2,068,459 $STRC shares for $204.9M between 10-19 and 10-25, at an implied average cost of ~$99.06 per share. Matched against the trading week (10-19 to 10-23): [1] Repurchase Spending: $204.9M [+6.11%] [2] Shares Repurchased: 2.068M [+6.69%] [3] Repurchases vs. Dollar Turnover: 27.60% vs. 19.49% [4] Repurchases vs. Share Turnover: 27.58% vs. 19.46% TL/DR: Strategy bought more while overall $STRC trading declined. Across 14 reporting periods beginning 7-20 and ending 10-25, Strategy has spent $2.043B repurchasing 20.98M shares; equivalent to 20.63% of dollar turnover and 20.45% of share turnover across matched trading sessions. The Digital Credit Securities Repurchase Program has $956.8M in remaining authorization.

Big $BTC buy for the team at @Strive ₿6,182 Acquired | ₿43,000 Total ₿40K milestone passed, ₿50K in sight.

Alright, we turn green for Monday.

All that $ASST "warrant wall" talk seems kinda silly now huh? Now we have $SATS to add more orange fuel to the fire. Big $BTC buy on deck

Is the A.I. "bubble" popping? What does that mean for $BTC?

$BTC: OK, which one of you did it?

Soon, I'll be able to crop dust the people I love from anywhere in the world.

$MSTR | $ASST | $STRC | $SATA: Now almost 6 months since it was recorded, but @coffeebreak_YT still hasn't released the @PunterJeff episode on his channel.

$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 ✅