STRC demand = Saylor's buying power
No bid on STRC → No accretive $BTC buys for Strategy
The convertible arb trade is the engine. If STRC sits dead in secondary, the whole flywheel stalls. Saylor can't raise cheap capital without that arbitrage premium.
Market's pricing in execution risk or just exhausted? Either way, watch STRC vol. It's the leading indicator for whether MicroStrategy keeps stacking or goes quiet.
No bid on STRC → No accretive $BTC buys for Strategy
The convertible arb trade is the engine. If STRC sits dead in secondary, the whole flywheel stalls. Saylor can't raise cheap capital without that arbitrage premium.
Market's pricing in execution risk or just exhausted? Either way, watch STRC vol. It's the leading indicator for whether MicroStrategy keeps stacking or goes quiet.