Here’s what I’m expecting in tomorrow’s 8-k. $MSTR ATM: ~$2.0B sold • Aug 3-7: 6.6M shares sold / 50.5M traded = 13% of volume, avg $99.20 • Aug 17-21: 18.3M / 112.1M = 16% of volume, avg $109.88 • Last week: 104.8M shares traded, heaviest on the premium days (Thu 29.4M, Mon 26.1M) • mNAV: ~1.02 Monday → 1.10 Thursday. They sell harder when premium expands • ~16% participation at ~$127 VWAP = ~16M shares, ~$2.0B $STRC buyback: ~$160-190M • Filed repurchases = 28% then 24% of STRC’s weekly volume • Last week: 7.1M shares traded at ~$97.5 • 25% of that tape = ~1.8M shares, ~$175M $BTC: ~23,000 BTC bought • Cash is at sufficient levels, doubt they added more • Full deployment of the rest: ~$1.8B • Stock sold at $127 = equivalent to bitcoin priced at ~$84k on the balance sheet • Spot averaged ~$79k → every coin ~6-7% accretive • Holdings above 860,000 BTC The $1.59B Cash Reserve from the prior week: untouched • Raised at $109.88 avg = bitcoin priced at $75k • Using it to buy BTC at $79k would be dilutive Now we wait.