$STRC won’t be able to buy bitcoin forever. At some point, the share count will find a steady state and the buyers and sellers will be holders, not $MSTR. But during the ramp up as we have seen especially the past two months, the backing of this product by the Bitcoin holdings of MSTR is getting significantly bigger. @saylor bet is Bitcoin price will go up over time and thus the market cap of MSTR. He’s willing to forgo 11.5% of bitcoins upside to buy more bitcoin although interest rate will likely drop in time. The share count of STRC will at some time plateau and Saylor will need to sell some ATM MSTR shares to meet the obligations of this dividend. They currently have over 2 years of dividend obligations in a cash reserve. Current annual dividend obligation sits around $750 million although this number will grow as more shares are sold into the market. Current market cap of Bitcoin holdings of MSTR sits around $58 billion. What would be smart to do during this ramp up would be to hold back 10-15% of the cash they would normally have bought bitcoin with and add to the cash pile. Place that cash in short dated treasuries to help generate a little income on that cash. A 3-5 year cash pile for dividend guarantee would in my opinion generate even more demand for STRC. Fun to watch this experiment play out in real time. Full disclosure, I don’t own any $MSTR shares at this time but I do own a small percentage of my investment portfolio in STRC.