It was designed to trade at $100 & the stated return % is based on a $100 per share.
It did this by having a floating % rate. If it's below the rate the fiat yield increases. This happened earlier this year when bitcoin dipped.
So far price dips as people arbitrage the dividend payments each month.
Dividends are still flowing & unless you need the capital now you're all good.
I've heard bitcoiners call it a safe place to stick your fiat buffer. I've argued that because excess demand is absorbed by ATM you'll have periods like this.
The effective dividend is now 13% but the nominal yield is 11.5%. If the unit price doesn't recover by June 30, I expect they'll bump it up higher.
Theres no peg to be maintained. There never was but people assumed that's what it was.
It's fascinating to me to watch these incentives play out in real time. The fact that it's stayed this far below par for so long says something interesting.
It's a little too early to call Saylor's experiment over.
Brisket
npub1jm…p6xcq
2026-06-19 00:31:21 UTC
in reply to nevent1q…kfrn
Author Public Key
npub1jmy8weweqzckna0amz7pn0uhhkxx693l7st23829ewmu43yvjsesfp6xcqPublished at
2026-06-19 00:31:21 UTCEvent JSON
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