On Oct. 2, Strategy's Bitcoin credit calculator produced an illustrative STRC price of $210.90, significantly higher than its market price input of $99.50 and the company's optional redemption price of $101 (plus applicable unpaid dividends). This discrepancy highlights the calculation's limitations, as its formula holds the current dividend constant and replaces the market's credit spread with a modeled Bitcoin spread, without explicitly valuing the issuer's call option or future dividend resets. Strategy states that the output is neither a fair-value determination nor a price target, warning that the call option can cause the derived price to diverge substantially from realizable market prices.