Let's talk about Strategy's STRE program in Europe last year. Frankly, it was a rather unsuccessful overseas attempt. A 10% annualized return, perpetual preferred shares, and a face value of €100—the logic was to replicate the high-yield model in the US. But in the end, they could only sell it at an €80 discount, and the disappointment was palpable. Even more fatal was the listing on the Luxembourg Euro MTF, meaning it couldn't be traded even on platforms like Interactive Brokers. Retail investors couldn't access it, and institutions found it too troublesome. Without liquidity, historical pricing, or supporting data, how could the market accept this? Now it remains to be seen whether Strategy will stubbornly continue to focus on Europe or stick to its familiar four perpetual preferred shares in the US.