@penzlik

Strategy’s Nov 2 8-K: 811 BTC at avg $80,846 ($65.5M). Total: 849,327 BTC, avg cost $75,451. More interesting: $208.2M of USD Cash went to buy back 2.09M STRC shares in the same week. 3x the BTC spend. No orange dot for that one. Two accounts matter: USD Reserve ($4.79B, locked for dividends/debt) and USD Cash (now $132.7M). The STRC buyback drained the flexible pile, not the reserve. Capital cleanup or a signal they see STRC as cheap?

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