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Sold MSTR at NAV while boosting fiat reserves, Andy Constan notes

Sold MSTR at NAV while boosting fiat reserves, Andy Constan notes
Constan sells MSTR, matches STRC carrying

Andy Constan, founder / strategist at Damped Spring Macro, reported the sale of MSTR at net asset value and an increase in fiat reserves to match the notional value of STRC.

Constan detailed that $4.8 billion in fiat cash earning 3.5% is now set against $4.8 billion of STRC preferred paying a 12.63% yield, resulting in an annual negative carry of $438 million.

Constan has previously flagged misleading claims about Jane Street's debt refinancing being used as proof of AI investment benefits in one analysis. He has also questioned how swaps involving immediate oil sales and future purchases will affect U.S. SPR levels by 2026, as noted in another recent piece. These commentaries reflect his focus on the mechanics and risks of major financial transactions.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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