Getting $STRC back to par is Strategy's number one business objective. It is currently trading at $85.42. An improvement from the lows but still significantly below the $99 to $100 target range. So what are the controllables? 1) Repurchases. The $1 billion Digital Credit buyback program with $STRC as the stated priority. Buying back at $85.42 extinguishes a $100 perpetual obligation at a 14.6% discount and saves $12 a year in dividends at the current rate... so it's deeply accretive at these levels. 2) The yield. It's now at 12%. At $85.42 the effective yield is already 14%. Another raise would accelerate the pull to par but the question then becomes how high is too high? 3) The USD reserve. Now at $3 billion, roughly 20.4 months of dividend coverage, well above the 12 month minimum the Board mandated. Increasing this to 24 and then 36 months wouldn't hurt. Perhaps a combination of all 3 levers will be required for the product to return to par. Of course the Bitcoin price is one of the biggest factors but that is out of their control. It will be interesting to see what they do next but my money is on the buybacks starting soon.