An underrated aspect of $STRC design is that effective yield rises as the price of the security falls. This creates a natural equilibrium wherein it becomes attractive on a risk-adjusted basis, even without Strategy manually adjusting the interest rate. If the primary reason that it is trading down reflects reduction of the USD reserve runway, which is arguably too short at the moment, raising the interest rate could harm the price by shortening that runway. The best near term thing to do may simply be to increase the USD reserve as much as possible and make either small or no upward adjustment to the interest rate. Let the market decide at what effective yield the security is attractive, and give bitcoin time to recover. If the concern is credit quality, signaling “we have the money to service these payments for the foreseeable future” maybe all that is needed. I think right now there is a panicked “rush to the exit” bank run mentality going on which is likely depressing the price well beyond where the market would place it given current credit. There are people who are short the stock, put protection being bought and margin liquidations happening. Increasing the USD reserve and giving the market time for this short-term panic to resolve itself, may be all that is required for a robust recovery. There is a danger in doing too much and having the market react with further panic to the perceived inadequacy of the action taken. It may simply be necessary that in times of extreme near term bitcoin stress, the security trades for extended periods below $100, and the effective yield and market arbitrage helps the price establish a natural equilibrium. It’s very important to remember that this is not a stable coin with a peg. There is no necessity for it to trade at $100 particularly on a day-to-day or even week to week basis. The more they are perceived as having to “defend a peg,” the more opportunistic / panicked reaction the price will attract from hedge funds retail and the like. If you’re short this stock you have a fairly high carrying cost which rises with the effective yield as the price falls. You’re probably hoping that the company does something inadvisable and drives more panic. A steady hand from management simply means that you’re gonna have to pay that cost for an extended period of time and that changes your risk calculus. It can simultaneously be true that Strategy designed a security that has natural mechanisms to target a $100 coupon price and also true that in times of extreme market stress there may be extended periods of dislocation from that price. This can and should impact the way that $MSTR markets $STRC, but it doesn’t necessarily mean that the design of the security is flawed or unstable. It just means that these equilibrium take time to robustly, reinforce in markets, particularly in times of extreme credit stress as we are currently experiencing. There was a quote I believe from Saylor or Phong that “we designed this to bend rather than to break,” and that is likely the best course of action here. Let it bend and let it snap back naturally as panic resolves and a new equilibrium forms. Doing too much will make it brittle.