Finally, it's here.

A few key points:
1/US Dollar Reserve Policy
Currently has $2.55 billion in cash (obviously ATM'd a lot, a wise choice), $1.76 billion in annual dividends, plus the Bitcoin monetization plan (can sell up to $1.25 billion BTC)
There will be no liquidity crisis in the short term.
More importantly, [The Board has further established a company policy to maintain a minimum USD reserve equivalent to at least 12 months of current expected annual preferred stock dividend payments and interest expenses. Any reduction in reserves below 12 months requires Board approval.]
This is also what I have been saying: MicroStrategy's biggest mistake was not keeping enough cash. Cash is for the market to see, not for the market to use. Now this point has been corrected. Better late than never.
2/ STRC Dividend
Raised to 12%, and set a goal: "The company's goal is to make STRC's long-term trading price fluctuate in the range of about $99 to $100, close to its stated target price of $100"
Personally, I think this is another mistake. STRC has been proven a failed financing tool. Even if we insist, we should not maintain the so-called $99-$100 target, but fluctuate in a wider range, such as $80-$100.
3/ Digital Credit Securities Buyback Plan
Up to $1 billion, including STRC, STRF, STRD, STRK.
The problem is that current cash is limited, and ATM has basically reached its limit. If we buy back, we would spend the cash that we finally got.
It's fine as a slogan, but actual buyback would be bad. If we do buy back, we should buy at lower prices.
4/ MSTR Buyback Plan
Up to $1 billion. Personally, I think it's mostly lip service.
For now, STRC, STRF, STRD, STRK > BTC > MSTR.
Shareholder interests have already been damaged. A buyback wouldn't mean much.
Unless mNAV continues to drop significantly below water.
5/ Common Stock Issuance Discipline
The company expects to continue to use common stock issuance cautiously, especially when the company's common stock trading price is close to or equal to 1x net asset value per share.
The statement is not absolute; it does not rule out continuing ATM even when mNAV < 1.
After all, the goal is "creating long-term value," not short-term.
After all, the promises made to shareholders at the last meeting ended up being worthless. 😅😅
Personal overall judgment: The possibility of a short-term blowup is further reduced. Both $MSTR and $STRC will rebound, but $STRC will not go back to $1.
In the short term, ATM may continue. BTC will not be sold in the short term, but it is possible in the medium term.
Buybacks are mainly lip service.