From discount to premium in one week
Six days from now, STRF, STRK, and STRD pay.
That calendar was already on the board last Thursday. The mNAV stack was not.
On StrategyViewer this morning (treasury reported September 21 on the published ledger; live prices September 24):
Last Thursday basic sat near 0.95x and diluted near 0.91x, with net around 1.12x. Same preferred machine. Different price regime. The common crossed from a discount to the coins to a premium while the payment dates stayed put.
Payment date is still not a balance-sheet reset
STRF, STRK, and STRD have reported payments on September 30. STRC's record date is also September 30, with payment October 15.
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 673k on the board this morning). Net mNAV answers whether the market is paying more or less than that residual.
Payment week into a premium is a different mood than payment week into a discount. The claims next to the treasury did not change with the candle.
Q3 is still a share-count story
Tracker QTD figures on the board remain blunt: ADSO up about 12%, net BTC change roughly flat, BTC multiplier around 0.00x, BTC yield QTD deeply negative.
The September 21 buy of 950 BTC is a new ledger row. It is not a pile-reset next to a double-digit ADSO jump. Dilution without accumulation is still the louder Q3 machine, even when the headline pile ticks up by a thousand coins.
The summer sales and the August 31 buy of 4,603 BTC already sit as rows. Late September's small add sits next to them. ADSO is still the column that moved hardest.
Reconstruction is still the tax
None of this lives in one filing. It lives in a preferred schedule, a sequence of 8-Ks, a share count that moves with ATM activity, and whatever spreadsheet you last trusted. That reconstruction tax is the point of a live board: holdings, mNAV variants, capital structure, preferred calendar, and the ledger should already be next to each other when payment week arrives.
What to actually watch
When payment week is six days out and basic mNAV has flipped above 1.0x, 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 September 24, 2026, with treasury reported as of September 21 on the published ledger. Public market data and filings only.