Strategy will NOT be raising the STRC dividend beyond 12.00%. Phong Le confirmed the bad news in yesterday's earnings call. "We found that increasing the STRC rate is not really an effective way to bring it back to par." I completely disagree here. Adjusting the dividend is clearly the most effective method for bringing STRC back to $100. It's literally the entire premise for how STRC maintains a stable value, and the mechanism that differentiates STRC from the other prefs. In fact, Strive's SATA is direct proof that increasing the dividend is effective. SATA pays 13%, trades at $97. STRC pays 12%, trades at $89. Both have virtually the same effective yield, around 13.4%. This is the rate the market is asking for both products to trade at $100. I understand Strategy's desire to improve their overall credit quality, impress the ratings agencies, and have the market price STRC more fairly over time. To that end, bolstering the USD reserve should remain a priority. But I believe the best immediate solution is to raise the dividend, as designed, and as expected by STRC holders. This will allow them to start raising money again, at these BTC lows, and be far kinder to MSTR shareholders than using STRC buybacks.