My podcast conversation with @saturn_credit (@kevinlhr88, @eosborn88). We cover many challenging and nuanced questions on $STRC including buybacks, dividend rate, target price range, and onchain structuring. Reminder: @Strategy's Q3 2026 earnings call is this Thursday, October 29 at 5 PM ET. Timestamps: 00:45 CJ's Journey from Blackstone to Strategy 02:30 Strategy's Business Model: More Than Leveraged Bitcoin 08:02 Who Owns STRC? Retail vs. Institutional Investors 11:59 Institutional Demand for STRF, STRD, and STRK 14:02 Has the Selling Pressure from June Finally Ended? 17:15 Why Is STRC's Dividend Rate 12%? 30:55 Are STRC Buybacks a Sign of Weak Demand? 33:20 Strategy's Plans for Its Other Preferred Stocks 39:16 Did Strategy Grow STRC Too Quickly? How Big Can It Get? 45:49 Why Doesn't STRC Have the Same Investor Protections as SATA? 49:32 Why Not Let STRC Trade Above $100? 54:16 Can Strategy Maintain Bitcoin Amplification at Scale? 57:01 STRC vs. MSTR: Are Shareholder Interests in Conflict? 1:00:03 Do STRC Buybacks Undermine the Benefits of Perpetual Financing? 1:03:09 Maximizing Bitcoin per Share: When Should Strategy Issue Equity? 1:08:25 Behind the Scenes: How Strategy Makes Capital Allocation Decisions 1:14:02 Bringing Digital Credit Onchain with Saturn 1:17:35 Who Will Buy STRC During a Bitcoin Bull Market? 1:20:47 The Future of Onchain Credit: Global Access and Structured Products

My podcast conversation with @RobinSeyr. We discuss @Strategy's products, policies, objectives, valuation, and vision. $MSTR $STRC 00:00 The Path to the Biggest Company on Earth 13:02 From Convertible Debt to a $300 Trillion Market 20:02 Why Bitcoin Per Share Is the Key Metric 29:24 Buying Bitcoin Through a Bear Market 35:53 Can a 12% Yield Last 45:07 Daily Dividends and the Shareholder Vote 57:10 Buybacks and the $100 Target 1:09:51 Cash Reserve, Credit Rating and MSCI

Why didn't we just raise the $STRC dividend above 12%? Past a certain point, a higher rate stops adding demand. It can look like distress and push buyers away from the whole complex. So we leaned on other tools.

My podcast conversation with @chasepalmieri. We discuss all the tough questions posed by $MSTR and $STRC shareholders, including competition, returns, innovation, and @Strategy's vision. 00:00 Introduction to Strategy and CJ's Role 01:07 Proposal for Daily Dividends and Market Innovation 04:59 Upcoming Shareholder Vote and Future Plans for Daily Dividends 06:05 Balancing Bitcoin Per Share and Total Return Objectives 09:28 Strategy's Approach to Dividend Rates and Market Demand 11:58 Managing USD Reserves and Market Shocks 15:10 Leverage, Liquidations, and Market Risks 18:46 Market Recovery and the Role of Buybacks 21:47 SATA vs. STRC and Market Dynamics 23:47 Investor Perspectives on Digital Credit Instruments 25:39 Strategy's Ecosystem and Future Growth 30:43 BTC Ratings, Coverage Ratios, and Market Perception 34:05 Collaborative vs. Competitive Digital Credit Ecosystem 38:30 Strategy's Innovation and Future Product Development 43:33 Communication Strategies and Shareholder Engagement 46:22 Potential for a Strategy Podcast and Transparency 48:14 Institutional and Retail Communication Efforts 50:13 Risks of Media and Market Discourse 52:17 Preparing for Bull and Bear Markets 54:18 USD Reserves and Yield on Cash Holdings 55:27 Long-Term Growth and Cash Flow Needs 58:08 Strategy as the JPMorgan of Bitcoin 59:27 Future of Bitcoin as Collateral and Lending 1:00:23 Leadership and Succession Planning 1:04:04 CJ's Vision for Strategy and Market Leadership 1:05:54 Where to Follow Strategy and CJ on Social Media

My conversation with @TimKotzman on Digital Credit, including @Strategy's move to daily dividends, the ownership base, and $STRC L2s. 0:00 - Intro 1:13 - What is Digital Credit? 6:16 - How is Strategy thinking about everyday dividends? 10:05 - What is STRC and why should you own it? 15:40 - Why Strategy bought back STRC 20:45 - How Strategy is building liquidity and trust in the market 23:40 - Who is the right owner of STRC? 29:00 - Where can STRC, Digital Credit, and the industry go from here?

4/ Continued capital-market access. Strategy raised $21B across common and preferred equity from January through August 2026, with capital raised every month. More liquidity. Less debt. Continued funding access. Any rating upgrade remains S&P’s decision.

2/ Stronger USD liquidity. Strategy’s dollar liquidity grew from $54M at September 30, 2025 to $6.54B at September 7, 2026. ~4 years of capacity to fund interest and preferred dividends without relying on bitcoin sales.

1/ On December 16, 2025, S&P affirmed @Strategy’s B− / Stable rating. Its upside scenario highlighted USD liquidity well above 12 months of payments, less convertible debt, and strong capital access through bitcoin stress. Here’s what has changed.

Our corporate objective is for $STRC to trade over time at $99-$100. However, it can outperform money markets even with a below-par exit. This sensitivity shows annualized after-tax returns across 6-, 9- and 12-month holding periods.

We’re not traders. We don’t speculate or try to time the market. We don’t do technical analysis or draw lines on charts. bitcoin:native is going up forever. There’s only one @Strategy. Buy and hodl.

Price to Book (P/B) of any equity trades >1x when the expected Return on Equity (ROE) is greater than the Cost of Equity. The ROE of Bitcoin Treasury Companies can be greater than $BTC ARR, if the cost of leverage is lower than $BTC ARR. This is how leverage works for purchasing any asset. GBTC had no ability to take on leverage. It didn't have optionality with its capital structure or operations. Plus, it had a drag from its management fees.

@parkeralewis I agree with your math, but I think its incomplete without a sensitivity analysis. Common stock investors expect $BTC appreciation to exceed the cost of preferreds, which causes NAV/share to outperform $BTC over time. The premium reflects those future expectations.