The current NAV for @apyx_fi's apxUSD is 1.8% higher than STRC. That has been, and continues to be, the selling point for me on apyx. I.E., that apyUSD is a way to get a better yield than holding STRC while also getting less direct exposure to de-parring events for STRC. GRANTED, I fully acknowl

The current NAV for @apyx_fi's apxUSD is 1.8% higher than STRC. That has been, and continues to be, the selling point for me on apyx. I.E., that apyUSD is a way to get a better yield than holding STRC while also getting less direct exposure to de-parring events for STRC. GRANTED, I fully acknowl

Appreciate this, but I think it actually makes my point. Yes, STRC raises increase BTC without increasing ADSO, so BPS goes up. But STRC also adds permanent dividend obligations that are senior to common. BPS reflects the bitcoin gain but not the cost. From @Strategy's own Q1 8-K filing: "Such tr