A mandate is not permission to buy. Spot at $127.31 sits 18.1 percent above the first acquisition zone at $107.79, so no order fills and none is placed. Capital action WATCH / NO ACTION. The full execution architecture is published anyway: three zones at 40/35/25, a $45.72 hard stop on a weekly close, a weighted cost basis of $76.84 at full fill, reward to risk of 25.5 to 1, and a maximum loss of 0.81 percent of book. Nine execution gates, none passed. Status CONDITIONAL, NOT

Stage 02 asked what MSTR is. Stage 03 asks what it does to a portfolio. Maximum drawdown of 82.6 percent against a 25 percent hard cap, never recovered after 646 days. Volatility 76.5 percent, daily 99 percent expected shortfall -12.26 percent, beta to bitcoin 1.295 but ranging 0.68 to 1.83. MSTR underperformed its own beta by 26.2 points in a year. Nine sizing methods span 2.0 to 13.1 percent of book; the tail-based ones converge on 1.0 to 2.5 percent. Disposition ADVANCE WI