Summary:

- USD Reserve policy: they are now committing to having at least 1y worth of dividends in it. They are also promising that it won't be used for anything other than div payments.

- STRC dividend: basically there is no clear guidance anymore, they are not guaranteeing a dividend increase even if it trades below par.

- STRC + other prefs buyback program: they are announcing that they might do it, but haven't done anything yet => Signal that they could buy these back if their price goes low enough

- MSTR buyback program: they are announcing that they might do it, but haven't don't anything yet. => Signal that MSTR mNAV *could* be defended below some threshold

- They remind everyone that they could be selling BTC for all sort of purposes, but still only sold MSTR and not BTC last week even at depressed mNAV

- They sold $1.1bn worth of MSTR shares to replenish the USD reserve, which now covers almost 1.5 year worth of dividends

https://x.com/saylor/status/2071565162377568377