The volume on $SATS is the most damning evidence (so far) that the yields on Strategy prefs $STRD, $STRF, $STRK are too low $SATS is 5x the volume of these 3 combined The downside of being the pioneer in a new industry and bringing brand new products to market is you are the test bed for innovation for a long period of time. Sometimes ideas are good but need to be tweaked and adjusted. Version 2 and 3 of similar products come later and improve upon the original At the time, $10 per share fixed for STRF and STRD were high yield and unlike anything we’ve seen before. $STRC changed the game but it sits at 12% with $SATA at 13%. The yield curve has adjusted upwards and $10 fixed was too conservative for what Bitcoin can do. $15 fixed at $100 is the new standard. It would have seemed crazy high 18 months ago. It is no longer and enough analysis of the data has been performed to support it and operations have improved since early 2025 Strategy must heavily consider retiring $STRD as the prefs have rerated since they were launched. It trades at $71 and dramatically below par of $100 and the IPO price of $85. The goal is it trades around $100 or well above par. Not a 30% discount to its par value and still less than competing products Fixed rate is desirable. But only when designed properly. This may be an example of the cost of doing business and being a leader in a vastly misunderstood new industry $SATS is cumulative, higher yield, sits junior to a less complex capital structure. There’s a reason it’s commanding such high volume. STRF peaked around 30 million volume early on and is the pinnacle of the capital stack. SATS will surpass 60 million today as a junior product. This is signal aside from it being the shiniest new product Strive is crushing it and the industry is rapidly improving. By the week it seems. Let’s keep that momentum going as a collective group $MSTR $ASST $MTPLF

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