$MSTR Today was one of those days where the significance of the news met equally significant price action. Strategy continues to be a massively misunderstood company. I bought more. The only downside today was having to cancel my steakhouse plans for the evening. A nearly 10% discount was simply too good to resist. It’s ramen tonight, but I’d have it no other way. Looking at the numbers, I believe the market’s reaction was excessive. $MSTR closed down 9.56% while Bitcoin itself was only modestly lower. Strategy has previously disclosed that funds tracking MSCI indexes hold approximately 13 million shares, representing around 3.1% of basic shares outstanding. At today’s closing price, that’s roughly $1.78 billion. For context, $MSTR traded approximately 31.8 million shares today, compared with its 30-day average of roughly 22.2 million shares. In other words, the entire disclosed MSCI-linked position represents less than a single day’s average trading volume. Of course, that doesn’t mean those shares could be sold without affecting the price. Markets price in uncertainty, anticipated selling pressure, and changes in sentiment. But I think the magnitude of today’s move reflects a much larger reaction than the mechanical selling risk alone would suggest. Has anything changed? Outside of an index provider deciding what it considers an operating company and what it doesn’t, Strategy’s underlying business remains unchanged. We own more than 4% of the hardest money ever created. We have what I believe is the best credit product in $STRC. And we have a shareholder base of extremely stubborn, committed individuals. Business carries on as usual. Mission: Strategy. $BTC $MSTR $STRC