Back in November, nearing peak euphoria, MicroStrategy (now just Strategy) finished the day as the second most traded stock in the U.S.—right behind Nvidia ahead of their own earnings release. Trading at a 3.4x premium to NAV at the highs, MSTR quickly made use of the premium and raised billions of dollars, continuing to reinforce its role as the most aggressive corporate Bitcoin accumulator. That 3.4x premium has since cooled down quite a bit, with MSTR now trading around a 1.9x premium—but Saylor’s ambition and determination clearly have not. Strategy has doubled down, deploying a new set of instruments, STRK and STRF, designed to extend its Bitcoin yield machine even further. Together, the two offerings raised over $1.27 billion in capital for Strategy, signaling strong appetite despite the ongoing cooldown in NAV premium and BTC prices.

These new instruments could mark a turning point for Saylor. If they continue to attract demand and function as intended, they’ll give Strategy a new way to scale their Bitcoin exposure without relying solely on share dilution. But if they fall short or cannibalize their