My thoughts on Strategy's recent 8-K: Just shy of 300MM of STRC issued in a week. Those are big numbers. Soon we will see a $1B week for STRC and it will be amazing. The most important thing here is the common equity issuance relative to the STRC issuance. STRC issuance represented about 15.7% of the total common issuance. This means that Strategy is continuing to expand their collateral base at a rate that exceeds their current rate of pref issuance. Why would they do this? It's because they are anticipating increased demand for the preferred equities. There is a maximum amplification ratio, which if they go above, they can no longer issue preferred equity in good faith. The result is that they must grow their Bitcoin balance to accommodate increased amounts of pref issuance in the future. The perpetual bid on Bitcoin is healthy, and I think looking back on this period of time, it will have been obvious that Bitcoin was the play.