Coupons paid. Claims unchanged.
Yesterday STRF, STRK, and STRD reported payments.
Coupons settled. The capital stack next to the treasury did not.
On StrategyViewer this morning (treasury reported September 28 on the published ledger; live prices October 1):
Last Thursday basic sat near 1.06x and diluted near 1.03x, with net around 1.23x and EV around 1.17x. Holdings were 846,000. MSTR was around $163 and bitcoin around $84,800. Same preferred machine. Tighter premium. One more ledger row.
A payment date settles a coupon. It does not erase preferred notional (still roughly $14.8B), debt (about $6.7B), or the annual dividend commitment (about $1.65B). Gross holdings answer how many coins. Net BTC answers how many after those claims (about 672k on the board this morning). Net mNAV answers whether the market is paying more or less than that residual.
USD reserve on the board sits at $5.02B plus $1.0B cash. That cushion sits next to the claims, not instead of them.
Diluted mNAV compressed to flat
The useful week-over-week move is the diluted read: from about 1.03x last Thursday to essentially 1.00x this morning. Basic still clears a small premium (~1.03x). Net and EV remain above 1.0x (~1.20x and ~1.15x). The simple story is not "discount again." It is "the diluted premium that payment week landed into has compressed onto the coin."
If you only watched the candle from ~$163 toward ~$157, you missed that the stack claims stayed put while the mNAV multiples tightened. If you rebuild from the last 8-K after the settle dates, you are late again.
Q3 closed as a share-count story
Quarter-end figures on the board are blunt:
Two late-September buys (950 on September 21, then 1,665 on September 28) put new rows on the purchase ledger. They do not rewrite a double-digit ADSO jump. Dilution without matching accumulation is still the louder Q3 machine, even when the headline pile ticks from 846,000 to 847,666.
One preferred still on the calendar
STRC's record date was also September 30. Its reported payment is October 15. Payment week cleared for three preferreds. One more coupon remains on the board before the capital-stack claims get another cash event next to the treasury.
What to actually watch
When payment week has just cleared and diluted mNAV sits on 1.00x, the useful questions stay small:
You do not need a thesis about twenty-one million bitcoin to answer those. You need live prices, the mNAV stack, capital structure, the preferred calendar, and the purchase-and-sale ledger on one screen.
StrategyViewer is that screen.
Not financial advice. Figures above are from the live dashboard on October 1, 2026, with treasury reported as of September 28 on the published ledger. Public market data and filings only.