GM Strategy bought 22,337 BTC last week. Over 0.1% of the total supply. $1.18 billion came from STRC. “Only” $396 million from selling MSTR common equity at a ~1.14x mNAV. The preferred instruments are now the primary engine. Strategy is layering credit on top of Bitcoin as a reserve asset. STRC pays 11.50% yield, adjusts monthly, trades ~$100 par, and is overcollateralized roughly 5x. It functions more like a fixed-income instrument than an equity position, but the collateral underneath is the hardest money ever created. Hal Finney wrote about this kind of architecture years ago. He envisioned Bitcoin transactions being rare, with most economic activity happening on layers above the base. Most people never touching the underlying Bitcoin, just interacting with instruments build on top of it. That is exactly what STRC is. A credit layer on top of Bitcoin’s monetary base. And it raised $1.18 billion in a single week while private credit funds are literally shutting their gates to prevent people from leaving. The capital reallocation from legacy credit to digital credit is not a prediction game anymore. It is happening in real-time!