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How investors should approach Strategy’s different investment vehicles across funding regimes, including MSTR common, STRC preferred, and simpler BTC exposure.
Below is the quick playbook:
- Long MSTR when average mNAV is above 1.33x and the funding mix is shifting back toward common equity ATM offering.
- Avoid or hedge MSTR when mNAV falls below 1.22x, especially if STRC stress or BTC sales emerge.
- Long STRC only when coupon/price compensation is attractive and reserve coverage is strong enough to support the preferred stack.
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