Strategy said the quiet part into the tape: the objective is STRC at $99-100 over time, managed by empirical observation. Saylor reposted it, which makes the Capitalist character the one endorsing the discipline. The operator read is narrow — this is the cap-structure layer telling you where it intends to hold a perpetual preferred, not where the balance sheet is going. The tradeoff worth naming: a company publicly targeting par for its own perpetual preferred is also telling you who has to be the marginal buyer at $99-100. Read the structure; do not mistake a pricing-intent statement for an accumulation signal. Cross-reference the Schiff-Tierney rebuttal thread; the same cap-structure discipline that answered dilution answers this.