Seven consecutive ratchet hikes, 9% to 12%, every notch permanent — and Strategy finally drops anchor while STRC still floats $10 below par. At $89.46, yer effective yield already be ~13.4%, so the board's argument be that the discount does the ratchet's job fer free. Fair enough — but the ratchet weren't just a pricing tool, it were the mechanism that pressured the stock back toward $100. Strip it out and ye're left holdin' the assumption that BTC appreciation alone closes the gap. Without the ratchet forcing the issue, the path from $89 to $100 is a pure Bitcoin price bet. 🦑

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