Picture this: you open a $100 k HELOC at 7 %, funnel the proceeds into Strategy’s 8 % Series A Strike Preferred ($STRK), and sit back while the coupon covers the interest bill. Then Bitcoin does what it has done over and over - it doubles - and you waltz out of the fiat casino

THE CARRY TRADE MATH (AKA “GET PAID TO WAIT”) Capital deployed: $100,000 (borrowed via HELOC @ 7 %) STRK dividend: ~8 % ($8,000/yr) HELOC cost: 7 % ($7,000/yr) Net positive carry: +$1,000 per year That $1 k is your personal “Saylor stipend”...it services the loan and buys

BITCOIN DOUBLES… OFTEN July 2024 → July 2025: BTC ~$57 k → ~$109 k (≈ 1.9 ×) Nov 2023 → Mar 2024: BTC ~$35 k → ~$70 k (2 ×) Cycle history shows an average doubling interval of 9–15 months... light-speed in mortgage time. When BTC tags $200 k, historical beta implies

STRK MECHANICS & CONVERSION ROCKET BOOST Conversion ratio: $100 par ÷ $1,000 strike = 0.10 MSTR per STRK share. STRK par purchased: $100,000. STRK shares acquired: 1,000 (because par value is $100 each). MSTR shares received on conversion: 1,000 × 0.10 = 100 shares. Assumed

CAPITAL-STACK SAFETY VS. UPSIDE Seniority: STRK is prioritized over STRD and MSTR Asset cushion: Strategy holds the world’s largest corporate BTC stack, backstopping STRK ahead of common dilution. Convexity: Fixed-income floor + 0.10 MSTR embedded call = bond-option hybrid

EXIT PLAYBOOK – Three Ways to Ring the Cash Register Pure conversion & pay-down: Convert STRK into 100 MSTR, sell at ~$1,500, net ~$150 k. Retire the $100 k HELOC, pocket roughly ~$50 k (pretax). HODL the MSTR: Keep the 100 shares, sell covered calls for income. Loan is

MACRO COMPARISONS – Why This Crushes “Normal” Investing STRK-HELOC spread: +1% nominal carry (8% – 7%) which is roughly –3 % real after CPI ~4%, until conversion triggers a +50% capital gain; has an embedded equity kicker (0.10 MSTR per STRK share). 10-Year U.S. Treasury: 4.25%