TLDR: @Strategy / $STRC aren't dying. Apyx’s argument is that the market is misreading the discount to par. Obviously, the trading discount to par shows stress, but this isn't the same thing as a death spiral, aka Luna. Strategy is also using the dividend lever to pull STRC back toward par, with the payout being raised to 12%, effective July 1, 2026. > Most importantly, the bond market has not priced @Strategy like a distressed asset. Converts are trading around $86 to $102, with a blended coupon of just 0.515%. One question to consider is now around $BTC volatility. → Can bitcoin stay down long enough for fixed carry to become the problem (~ $1.76B per year)? If BTC stays weak into the 2027 and 2028 convert maturity wall, pressure will build. But if $BTC turns before then, the whole stack re-rates together: STRC, STRF, STRD, STRK, and MSTR equity. I still think the market is blowing this out of proportion.

DeFi protocols now directly hold $250M in $STRC. - @apyx_fi $180M (still buying) - Saturn $70M onchain STRC backing sUSDat $0.02 of volatility. Closed at par. This is what digital credit infrastructure looks like at the genesis of a new fixed-income market.