🧐 What's going on, brother? Is he not buying BTC this week, but instead buying bonds?

I feel this still conveys a small signal: after the Q1 financial report data is disclosed, the financing conditions for Strategy are deteriorating.

In other words, if the stock premium of $MSTR decreases, the preferred stock yield increases, and the convertible bond market is no longer willing to provide low-cost funds, the efficiency of Strategy buying $BTC in the future will decrease.

So Strategy now must convince credit investors that it is not just going to throw all its money into $BTC; it will also manage cash, interest, dividends, and liquidity, and buy bonds and such.

In this situation, STRC, which is the core tool for this round of new financing for Strategy, becomes very important;

as long as it can stabilize, Strategy can still obtain funds from the credit market to buy BTC; if STRC falls below par value and needs to continue raising the yield, then the financing costs will become increasingly expensive, and buying pressure will be compressed.

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