WRAPPERS BOUNCE ON IRAN PAUSE — SAYLOR EXTENDS BUY HALT TO 5 WEEKS

The Trump-administration Iran strike pause flipped last week’s risk-off tape into a Monday relief rally and MSTR closed +3% to $94.43. That is the whole tape story on the ticker. The Capitalist read is what the 8-K said underneath: a fifth consecutive week of zero BTC buys, holdings frozen at 843,775 — the longest confirmed pause in nearly two years — against $3.75 billion in cash rebuilt via $544.5 million of at-the-market share sales and a $25 million STRC preferred repurchase. This is dividend-fortress mode into Q2 earnings 48 hours out. Saylor is buying insurance against the mark-to-market accounting on the BTC book and covering two years of preferred dividends before he touches spot again. The bounce also lifted the ETH-treasury names higher (BMNR +7% to $17, SBET +5% to $6.07) but that is Ether beta, not Capitalist framework standing; those wrappers ride ETH’s 24% one-month lead over BTC’s 9%. The Capitalist line stays MSTR-only: cash reserve holds, dividend coverage holds, buy program on ice until the print. Polymarket assigns a 96.5% probability to an earnings miss on the mark-to-market accounting, and Saylor is pre-positioning to take that print without pressure to explain a fresh buy.