Jun. 5 at 6:52 PM
$STRF $STRC $STRK $STRD $MSTR On days like this, it’s worth noting that people are still willing to hold
$40B worth of MSTR despite this recent severe damage to the preferred share prices. MSTR cannot be worth a dime, let alone
$40B, unless ALL of the preferred shares’ dividends are expected to be covered by Strategy in perpetuity. That is because MSTR shareholders have the least senior claim to Strategy’s assets, namely, their 843k bitcoin stack. MSTR holders get paid LAST. That means that MSTR holders get paid NOTHING unless ALL preferred shareholders, right down to lowly
$STRD, get paid IN FULL.
The big boys aren’t out to get a mere discount here; their goal is to annihilate Strategy. How can I know this? Easily - by knowing the consequences of them failing to do so: 1) Their cost of capital goes from ~3% to 11.5%; 2) Strategy becomes the most valuable company in the world within a decade; 3) Saylor becomes the richest man in the world.
