Weekly | The $MSTR Layer Cake, $SATS Spectrum Auction 113 Read-Across

Michael Saylor went on record this week talking about how he designed STRC using AI. We can picture the prompt:

“Help me structure an instrument that can be widely marketed to retail. Like, high passive income but also liquid and redeemable at par anytime. Very important though: no obligations for Strategy. In fact, we never want to be in a situation where we are forced to make any payment. Perpetual sounds good. I also like the idea of adjustable and deferrable dividends. Make no mistakes.”