Summary of $MSTR 's 8-K filing submitted today (6/29):

1. Sold approximately 12.67 million shares of MSTR common stock via ATM, raising $1.15 billion, all of which went into the dollar reserve. Current cash reserve stands at $2.55 billion. New policy clarifies: reserves will at least cover the minimum level of "dividends + interest for the next 12 months."
(Squeezing common stock holders a bit more to stabilize expectations.)
2. STRC annualized dividend rate raised to 12.00%, paying $0.50 per share semi-monthly. Also announced a new policy: dividend rate will be assessed monthly, based on BTC price and volatility, credit spreads, reserve coverage, etc.—and explicitly stated that "it will not raise the dividend rate simply because STRC falls below par value ($100)." (Even if STRC de-pegs, the interest rate won't keep increasing; future interest direction is uncertain.)
3. Established two new repurchase programs: up to $1 billion to repurchase preferred stock, mainly STRC, plus up to $1 billion to repurchase MSTR common stock. (The repurchase funds will basically come from BTC sales.)