Think this is the most short term meaningful picture to have come out of the MSTR Earnings call from this week They've revised their BTC $ Gain Target in 2025 upwards from $15B to $20B, and YTD they've achieved $12.9B. Price target for BTC is set at $150,000. With their current holding of 640,808 BTC, that means for each Bitcoin they hold, they only need a $11,079 dollar gain to achieve their goal. $121,000 is somewhere just shy of ATH this year. The conclusion I've drawn is that I don't see them raising large amount of cash for the rest of the year as market is diddling in the middle and there's little reason to risk becoming further away from their target.The interesting conversation, however, is what target they set for the next year. I'm certain they're aware that a new FED chair is coming on and how that could impact market behavior early next year. If I put myself in their shoes, I'd probably waiting until the very end of the year to raise a large amount of cash and push BTC up as rate cut and market pricing in Trump-aligned FED Chair brings more tailwind to MSTR bids. That is to say, I'm not expecting clear resolution on the BTC range right now, but things should look better by year end. @thedefivillain I'd love to know what you think about this takeaway and maybe you have a different take on what is to come. -- Saylor also focused on their Preferred Share structure and the Return of Capital taxation method that they hope to include the various Preferred Shares under. Then there's also being rated by S&P and their outlook on being more attractive to the bond market in the future. However, since these are not topics that I know much about I'm not going to comment on them.