MSTR - Thinking a lot about $STRC (Patreon)

During the MicroStrategy earnings call, Michael Saylor's confidence was extraordinarily high. He explicitly stated that he would not pursue an At-The-Market (ATM) equity offering unless the premium to NAV exceeded 2.5x. Such a cocky position is highly unusual, and after reflecting on it for four days, the most logical explanation is there is explosive demand for the new STRC preferred stock offering—a variable-rate perpetual preferred stock designed to provide income-oriented exposure to Bitcoin through MicroStrategy's treasury strategy.

This surge in interest for STRC means the company no longer needs to dilute common equity via ATM sales to fund Bitcoin acquisitions, as the proceeds from STRC alone (which recently raised over $2.5 billion in the largest U.S. IPO of 2025) can cover those needs.

Now the twist, if demand for STRC continues to escalate, it could create a positive feedback loop, driving even greater interest in MSTR equity and sending the NAV premium to unprecedented levels. Just thinking aloud, but the combined market for assets like equities, money markets, and bonds totals around half a trillion dollars, while MSTR's market cap sits just over $100 billion.

Saylor has been wrong before - could he be wrong this time? I know not to bet against him but we shall see.