As BTC-TCs, both @Strategy | @Strive rely on robust capital markets access to scale the Treasury Model. Through Digital Credit, they’ve opened additional capital-raising channels and, in my view, created a new asset class. The resulting preferred securities now trade as their own cohort | block in a secondary market, adjacent to $BTC and their “parent equities”, not separate from them. My research at True North examines $STRC through that lens: buybacks, market structure, and the transmission channels connecting the offering to the wider complex. This connection shows up in the data - the following results are from a broader analysis of all five preferred offerings: $STRK | $STRF | $STRD | $STRC | $SATA - using their price histories since inception and rolling attribution models built on matched trading sessions. The results below are from a 9-4-26 snapshot of that larger analysis: a 60-session window spanning 6-11-26 through 9-4-26, covering the selloff, the pre-buyback rebound, and the buyback execution period. Within that window, a model built on orthogonal (uncorrelated) factors explained 74.65% of daily price return variance in $STRC. The three largest allocations, expressed as shares of that explained variance, were: a] Other (Non-STRC) Preferreds: ~44.7% b] MSTR (ex-BTC): ~39.2% c] BTC: ~15.7% Read the full analysis here: