For anyone who went through last week's earnings call, it seems clear that Strategy is shifting towards really focusing on STRC by building a multi-billion $ USD reserve + buying back STRC to try and ultimately get it back to par, which opens up the ability to service outstanding obligations or buy more BTC with STRC issuance down the line with proceeds with issuance "at par". This is a shifted approach than just a few months ago, by killing the sacred cow of selling Bitcoin, they've showed willingness/ability to utilize their BTC stack to adjust their capital structure and not get caught in the perceived trilemma of having to choose between BTC/STRC/MSTR. STRC has now turned into a downside volatility short on BTC of sorts, as the major risk to it now is sharp sudden drawdowns that would make the market question its solvency, but for now it appears to be well buffered. Not fully out of the woods yet, but unironically by going ahead and selling some Bitcoin, Saylor has provided some clarity to the market on how they intend to manage their capital structure going forward. (currently have no position in mstr or strc, dyor)