Adrian Morris(@_Adrian):I agree with @GrafYves. Over the window I tested in my @TNorth research paper, buybacks didn't explain the price recovery in $STRC. From the paper's summary: “...All Strategy preferreds rebounded between June 26 and July 17, before the first disclosed repurchase, and there were no reported repurchases of $STRK | $STRF | $STRD at all. Evidence supports the view that the recovery was part of a broader repricing already underway across the Digital Credit complex, and repurchase execution may not have been necessary… The open question is not whether Strategy can keep buying, but whether they should, and how much organic demand remains once they stop.”

2026.10.10 18:10

I agree with @GrafYves. Over the window I tested in my @TNorth research paper, buybacks didn't explain the price recovery in $STRC. From the paper's summary: “...All Strategy preferreds rebounded between June 26 and July 17, before the first disclosed repurchase, and there were no reported repurchases of $STRK | $STRF | $STRD at all. Evidence supports the view that the recovery was part of a broader repricing already underway across the Digital Credit complex, and repurchase execution may not have been necessary… The open question is not whether Strategy can keep buying, but whether they should, and how much organic demand remains once they stop.”

Yves-André Graf@GrafYves

2026.10.09 19:52

Unpopular opinion: $STRC might benefit from less engineering, not more. Between the upcoming shift to daily dividends, $STRC buybacks, and a substantial USD reserve, there's increasingly complex machinery behind a product designed to trade around $100. The ultimate innovation might not be adding more mechanisms. It might be figuring out which ones we can do without.