Strategy's Bitcoin Buy Analysis for MSTR shareholders: Seeing a lot of Bitcoin bought is cool, but how good for is for YOU if you own MSTR? The buy was accretive in CEBE terms... but it gets even better when Bitcoin's price goes up. Gross BTC added: +34,164 BTC. New senior claim added: STRC created $2.1795B of new preferred notional. Marked at the deal BTC price of $74,395, that is about 29,296 BTC of new senior claims sitting ahead of common. Net CEBE numerator added for common: 34,164 - 29,296 = 4,868 BTC. That is the immediate common-equity BTC capture from this transaction at deal pricing. What portion of the buy actually accrued to common About 85.75% of the purchased BTC was economically offset by the new STRC senior claim. About 14.25% of the purchased BTC was left for common in immediate CEBE terms. Strategy’s shares page shows 381.588 million assumed diluted shares outstanding on 4/19/2026. If you treat the week’s 2.165 million MSTR shares as the incremental common issuance from this deal, then pre-deal diluted shares were roughly 379.423 million, which implies about 0.57% common dilution from the MSTR leg. On that basis: Gross BTC addition from the buy was about 8,953 sats/share on the post-deal diluted base. STRC senior-claim drag was about 7,677 sats/share. Net transaction-level CEBE accretion was about 1,276 sats/share. Using the pre-deal share base, it is about 1,283 sats/share. The headline says +34,164 BTC. CEBE says, “Hold on, most of that was funded with senior capital.” So for common, the real immediate gain was closer to +4,868 BTC, not the full 34,164 BTC. The bullish wrinkle: This gets more favorable for common if BTC rises. STRC is a fixed-dollar senior claim, while BTC is the volatile asset. So as BTC price goes up, the STRC claim converts into fewer BTC, and more of this week’s purchase starts accruing to common. This is what I refer to as OWNERSHIP ACCELERATION. At $100,000 BTC, that same $2.1795B STRC claim would equal only 21,795 BTC, leaving 12,369 BTC net to common, or about 3,241 sats/share on the current diluted base. This latest buy was: Massively BPS accretive Modestly CEBE accretive Very levered to future BTC upside, because the fixed-dollar STRC claim shrinks in BTC terms as Bitcoin rises.