Decided to put my money where my mouth is today and started buying $STRC. Not my normal type of trade, but the setup finally got interesting enough for me. At these prices, you’re not just betting on some wild equity rip. You’re buying an instrument paying around 11-12% on par, but because it’s trading well below par, your yield on cost can be closer to the mid-teens depending on your entry. And then if it simply works its way back toward 99-100, that’s the upside kicker. So the bet is pretty simple for me, I don’t think Strategy built this whole structure with no plan for a brutal BTC drawdown, and I have a hard time believing they just let STRC stay permanently broken. Could I be wrong? Of course. Maybe they’re dumber than I think. Maybe the stress is worse than I think. This is not some risk-free “free yield” trade. But some of this move has the look of forced selling to me. Real concern, overleveraged holders getting shaken out, maybe some people pressing it lower. I don’t know the margin rules across every venue, but it has that smell. So I’m treating it more like an option than a normal position. Anything I put in, I’m willing to lose. I started with roughly half of what I’m willing to commit, and if it gets uglier, I may add the rest. Not advice. Just what I’m doing. Sometimes the trade is simply, I don’t think they’re that dumb. If I’m wrong, I’ll pay for the lesson it teaches me.