Jason LaFata

[Josh Man @JoshMandell6]

One way to frame the latest 42/42 plan is as an offer to accept bitcoin in exchange for a high yield dividend plus common stock which preserves the investors exposure to Bitcoin at least in part. Rather than goosing the market higher with aggressive, loud purchases, the best acquisition strategy would be to exhaust all potential liquidity at these prices and then increase the dividend on the preferred to draw more liquidity and keep doing that until you've run into your maximum dividend payout tolerance. It is theoretically possible that the firm is even selling small blocks of Bitcoin quietly which were purchased at the highest cost basis in order further extend the ROC treatment of STRCS dividends, While incrementally lowering the firm's cost basis. My guess is that this would take a bit of financial engineering in terms of the structure of the firm, but they've got that going on in spades. In a sense this might actually repress a rally at the moment, but from the point of view strategy, That's exactly what they should be doing.

If I were them, I would have a maximum target amount of Bitcoin equal to 2.1 million BTC. When they hit that level they announce that there will be no more STRC issued and at that point the price would start to move above par because the ATM program will close. To Monetize this the firm would slowly began to decrease the dividend on STRC thus lowering their overall cost of funding.