$MSTR People are still missing the forest for the trees on $STRC. Institutional demand doesn’t arrive overnight. The instrument is nearly back within its trading range. There has been plenty of frustration within the community over the continued buybacks and calls for a dividend hike, despite management explaining what’s happening behind the scenes. As an investor, I understand the frustration. Watching nearly 20% of trading volume being absorbed by company buybacks while organic demand remains weak is not ideal. Strategy has now repurchased close to 18% of all $STRC issued to date ( ~ $1.84 billion) . Outstanding shares now sit at around 86 million. But there are two important questions to answer. 1. What’s driving the reduction in demand? Management has explained that several leveraged traders who relied on $STRC’s price stability were liquidated during the sell-off. Those sellers were replaced by investors looking to capture price appreciation, many of whom are now exiting without any intention of holding the instrument for its yield. There’s another important consideration here. When an instrument designed for relative stability experiences a price decline of 26–27% from its stated par value, it’s going to take time for institutions and serious investors to regain confidence. They need to see stability demonstrated consistently before committing significant capital. Strategy’s buybacks serve as a clear reminder that management has built a tool to defend the instrument. Allowing $STRC to continue falling under sustained selling pressure would send the wrong signal to the market about its ability to defend the product. And defending it matters. If Bitcoin per share is your North Star, $STRC is the spaceship that gets you there. Despite the buybacks, as @chcbearsfan pointed out, the latest repurchase was still marginally accretive to Bitcoin per share. Retiring approximately $193.9 million in stated value for $193.1 million added two sats per share and removed roughly $1.9 million in monthly dividends from the books at the current 12% rate. 2. Why isn’t Strategy increasing the yield? Management has indicated that, based on conversations with institutional holders, increasing the yield by another 50 basis points may not be the most effective solution. Beyond a certain point, higher yields can have diminishing returns and begin to signal distress. While a higher rate might attract some additional retail demand in the short term, it risks training the market to expect continually higher yields while increasing the cost of capital. I’ve said it before, and I’ll say it again. $STRC isn’t designed solely for Bitcoin native investors. It’s designed to tap into money markets, private credit and the broader $300 trillion fixed-income market. Those participants won’t arrive overnight. As Saylor discussed in his recent fireside chat with @dgt10011 , some major credit investors want to see a track record of up to three years before deploying serious capital into instruments like this. A strong credit rating could help accelerate that process, but both take time. And we need Bitcoin to move into its next leg higher. I acknowledge that this year hasn’t been easy, particularly for $MSTR shareholders who have watched Bitcoin per share decline. Despite all the turmoil year to date, we’re sitting at -13.45%, while $IBIT is down 9.11%. I believe we’ll end the year a lot stronger than where we currently find ourselves. For shareholders who believe in Strategy’s long term vision, it’s important to remember the potential of its iPhone product. Saylor sees a Trillion dollar future. Don’t get stuck in short-term thinking. Mission: Strategy. $BTC $MSTR $STRC