@Strategy reports earnings tonight. $STRC is trading within 20 cents of its $100 par value this morning. Last week alone, Strategy bought back 2.07M shares for $204.9M. Over the last 14 reporting periods, the total is roughly $2B. Three questions I want answered tonight: 1. What happens to the common stock ATM? Last cycle, Strategy issued a ton of new common shares to fund Bitcoin purchases. That diluted existing shareholders. With 848,517 BTC and over 4% of the eventual supply, does management intend to ease off the ATM when the mNAV recovers and let the premium rebuild? 2. Can $STRC sustain its bid without buybacks? Strategy has been a major buyer of its own preferred stock. How much of the current price support comes from that demand, and what happens when those repurchases slow or stop? What makes investors keep buying near par? 3. How will capital be allocated from here? When does buying more Bitcoin take priority over repurchasing $STRC or $MSTR? What specific conditions determine which use of capital creates the most value per share? Strategy has built an enormous Bitcoin position. Now I want to hear how they plan to manage the capital structure without sacrificing long-term value for common shareholders. @saylor @phongle @CJ_Bitcoin