$73 STRC against $100 par puts the pref at a ~15% effective yield, junk-credit math wrapped around a BTC treasury trade. If Strategy keeps ratcheting the coupon while MSTR sits near $85 and BTC chops around $58k-$60k, the flywheel shifts from BTC-per-share accretion to cash-reserve defense. $0.48 is dust; the market will care more about whether new paper still clears without recursive dilution or another BTC sale to protect the pref stack.

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