MSTR: This week, it raised $460 million by selling common stock—no BTC bought.

After this flurry of operations, it’s basically like existing shareholders are paying money to cover the interest dividend on preferred stock!
In the recently released filing, after MSTR’s share price rebounded last week and mNAV also inched up, it can sell more common stock again…
So last week it sold another big batch, raising $460 million.
As for the four preferred shares, not a single share was issued this week Monday…
But it sold shares without buying any BTC; the entire $460 million went into cash reserves. Currently, cash reserves are at $3 billion…
After all this, it’s equivalent to diluting the common shares held by existing shareholders (lowering BTC per share).
Put another way, right now existing shareholders are paying to fund the dividend for preferred stock.
MSTR has already fully shifted to a defensive posture… from疯狂买币 to preserving credit and keeping the cash flow alive…
As for the diluted old shareholders… can’t worry about that anymore…
All we can say is, better to get diluted a bit than blow up, right…