Strategy acquires ~1,905 Bitcoin w/ STRC today. This is using the 80% capture rate of volume over $100 like they did last month. I am predicting the late liquidity rush in the final 2 days leading into the ex. date will be more sizeable than the last 2. Given that STRC is held by 80% retail investors, I think that more people are realizing the utility of buying only one day before the ex. div date to free up their capital elsewhere for the majority of the month. Could be wrong. We'll see! DOMINATING with potentially ~$156 million raised!

At Bitcoin 2026, Saylor laid out his blueprint as three layers. Layer 1, digital capital: $BTC Layer 2, digital credit: $STRC Layer 3, digital currency: Apyx, on-chain stablecoins built on STRC dividends How Apyx works 1️⃣ Users start by depositing USDC into Apyx. > The protocol then uses that capital to buy STRC and SATA preferred shares off-chain. 2️⃣ In return, users receive apxUSD, a stablecoin-like token pegged near $1. 3️⃣ To earn income, users need to lock apxUSD into the protocol and mint apyUSD, the yield-bearing version. 4️⃣ apyUSD receives the monthly dividend flow from the underlying STRC and SATA shares. So the structure is simple: > apxUSD is for liquidity. > apyUSD is for income. > In short, Apyx turns off-chain preferred stock dividends into on-chain stablecoin yield.

20% Q1 DROP. THE CORPORATE $BTC FLYWHEEL IS CRACKING. Tony Parker's Bitcoin Society paused accumulation. Reason: "structurally unfavorable" to raise capital below $90K. Nearly 50% of treasury-holding companies facing viability issues. MSTR's playbook only works when equity premiums hold. They don't. We watch. 📉 #Bitcoin #BTC #CryptoTreasury

STRC is quietly becoming one of the most important instruments in the entire Bitcoin capital markets stack. I pulled STRC trading volume as a % of MSTR trading volume for STRC’s full public history. The result is insane. Jul 2025: 22.0% partial launch month Aug 2025: 9.4% Sep 2025: 3.2% Oct 2025: 6.2% Nov 2025: 8.3% Dec 2025: 2.8% Jan 2026: 5.5% Feb 2026: 4.7% Mar 2026: 12.3% Apr 2026: 19.9% May 2026: 16.0% month-to-date That is the signal. After the launch noise faded, STRC spent months trading like a small satellite around the MSTR mothership. Then March hit. Then April hit. We still have the best two days for STRC yet to come for May and it's at 16%. That is adoption. STRC is a $100 preferred instrument that Wall Street could have easily ignored like some dusty fixed-income goblin stuffed into a filing cabinet next to municipal bond PDFs and asbestos litigation. Instead, it is starting to trade like real Bitcoin credit infrastructure. More STRC liquidity means deeper institutional demand for Strategy’s preferred stack. Deeper demand means more capacity to raise capital. More capital raised means more BTC acquired. More BTC acquired means higher NAV. Higher NAV supports the common. The entire machine gets more liquid, more reflexive, and more terrifying for every bear. STRC volume reaching double-digit percentages of MSTR volume is a signal that the market is beginning to understand the capital stack. MSTR is digital equity. STRC is digital credit. Bitcoin is the collateral.

Here’s the math on $STRC adoption: The 5-day rolling volume average takes the daily noise and turns it into signal. First full 5D avg: 1.93M shares/day September liquidity trough: 239K shares/day Latest 5D avg: 2.73M shares/day Increase off the trough: 11.5x Latest 20-day avg vs first 20-day avg: 2.52x That is the sound of a new Bitcoin credit instrument finding its market. The bears asked, “Who is going to buy STRC?” More people every month.

This is interesting.... $STRC is trading at par which allows Strategy to issue new shares and raise capital for $BTC purchases, but the coinbase discount has steadily widened since the start of the week. This suggests that either Strategy is raising capital but not buying BTC yet, or US-based sellers are exiting into Strategy's demand and overwhelming it.