Andy Constan said he sold MSTR at net asset value and increased fiat reserves to match STRC’s notional value. He said $4.8 billion in cash yielding 3.5% against

Andy Constan said he sold MSTR at net asset value and increased fiat reserves to match STRC’s notional value. He said $4.8 billion in cash yielding 3.5% against $4.8 billion of STRC paying 12.63% creates roughly $438 million in annual negative carry.