If we blame “leveraged traders” for STRC coming off par, it will happen again and again. We need to give investors a concrete action plan to provide assurance. The entire model revolves around issuing a tonne of STRC at par - we need this price to make sense, and the only way that works is if the investor feels comfortable the downside is protected. This is why certainty around the cash reserve and competitor promotion is crucial. Without some kind of change in our behaviour, why wouldn’t the investor expect a repeat? If they can expect a repeat, why enter at $100? Just wait for the dip right…

@BitStrategy21 And if they expect a repeat and/or constant strategical changes from @saylor, why would they not just buy $BITA if they are long-term bullish on Bitcoin and want income?

@BitStrategy21 The market needs to be pretty certain that MSTR won’t have problems raising cash imo. I think it comes down to the reserve.

@BitStrategy21 As long as investors believe they will get paid 11.5% or so, and it hits par routinely, and the reserves are full, 10-20% vol doesn’t matter.

@BitStrategy21 I’m guessing it was some of the defi protocols that were delevereging. Now that that’s out of the way we should be good to return to par soon

I am concerned as well. And to me, Phong Le buy on the one hand could signal his confidence in STRC. On the other hand, it could signal that he's willing to profit off of something he and Saylor marketed as being money-market like low volatility. I could be wrong. But man am I skeptical.