3/5 🧵 On the last few months, the pattern appears to have shifted from “talk about buying LEO” to building products and issuance structures that are meant to funnel value back into LEO accumulation. The clearest examples in the sources here are:

• The Phase 2 Price of LSTR, which ties LSTR pricing directly to LeoStrategy’s LEO holdings and mNAV
  -, which says market-maker profits add “accretive LEO” to the balance sheet
• the July 17 thread, which shows the account recently leaning harder into daily agent update threads than buy disclosures