I think there’s a bigger story happening between $STRC and $SATA that the market is overlooking. Both are $100 par, Bitcoin treasury preferreds. But look at the setup: $SATA: ~$100 13% dividend Daily payments $STRC: ~$97 12% dividend Semi-monthly payments So why would STRC trade below par while SATA sits at par? Because SATA is competing directly for the same income investor. And that creates a problem for Strategy. Strategy wants $STRC at $100 because that’s when the ATM becomes useful again. But why buy STRC at $100 when SATA is offering 13% and daily payments? Strategy has responded by buying STRC below par, effectively retiring preferred stock at a discount. Do you think SATA is putting pressure on STRC?