Mundane Tools · The Treasury Corner

Does the rule discriminate?

The frozen Metaplanet rule, run against two companies where it is expected to stay silent. Resolved 2026-09-11.

A rule that fires on everything is miscalibrated. So the frozen rule — word for word, unedited — was run against Strategy and Strive, the two other companies in the extraction set. Expected result: silence on both.

Strategy Inc. (MSTR) — SILENT

From the proxy DEF 14A filed 2026-04-28 and the FY2025 10-K filed 2026-02-19:

Leg (a), size: insider-linked potential shares = 4,743,210 (3,535,016 options + 731,178 RSUs + 477,016 max PSU shares) / ~344.64M fully diluted = ~1.38%. An order of magnitude below the 10% threshold. No trigger.
Leg (b), structure: no issuance-linked ratchet found in any insider equity plan. Only customary split/consolidation adjustments; the 2023 Plan expressly requires shareholder approval for material pool increases and prohibits repricing without approval. No trigger.

Definitional check: Saylor holds zero options/RSUs/PSUs — his ~40% voting control is owned Class B, correctly excluded from the numerator. The rule measures compensation-linked potential dilution, not voting control, and the distinction held up in practice. (Concentration note, non-triggering: CEO Phong Le holds ~44% of the insider pool — but the pool itself is only ~1.38% of fully diluted.)

Strive, Inc. (ASST) — SILENT

From the FY2025 10-K filed 2026-03-19 and DEF 14A filed 2026-03-16 (as of December 31, 2025):

Leg (a), size: insider-linked potential shares ≈ 895,000 / ~72.18M fully diluted = ~1.24%. No trigger.
Leg (b), structure: no qualifying issuance-linked ratchet. The 2026 Omnibus Plan’s evergreen provision increases the future-grant pool, not already-held awards — correctly distinguished from a ratchet; committee-determined equitable adjustments are not automatic multiplication on ordinary issuance. No trigger.

Definitional check, again: Ramaswamy’s 5,693,897 Class B shares are owned stock, excluded; Cole holds 0 unvested RSUs. The owned-vs-potential distinction held up a second time.

The table

Company	Leg (a)	Leg (b)	Rule
Metaplanet	20% ≥ 10%	ratchet	FIRES (2022-12-28)
Strategy	1.38%	none found	silent
Strive	1.24%	none found	silent

Verdict

The rule fires exactly once — on the blowup. Both normal companies land at ~1.2–1.4%, an order of magnitude below the threshold. That is early convergent evidence the 10% line discriminates rather than merely describing Metaplanet. But n=3 is small, and the threshold earns confidence with each additional company screened, not from this test alone. The next ten screens are already on the ledger as an open prediction.

Sources: Strategy DEF 14A (accession 0001193125-26-186895, filed 2026-04-28), Strategy FY2025 10-K (filed 2026-02-19); Strive FY2025 10-K (filed 2026-03-19), Strive DEF 14A (filed 2026-03-16). Minor measurement gaps (ESPP purchase rights, award reconciliations) are immaterial to the verdict — none could move ~1.3% near 10%.