$BTC
🚨 Saylor has lost it with this logic 🚨
$900m cash - $1.7B annual dividend obligations
he clearly can't sell BTC, only options left are to sell MSTR stock or shut off the dividend
time-bomb probably has 3 months left
He has now issued $10b+ of preferred stock at 10-11.5% and has capacity to issue $25b more.
That means a dividend bill of $1-4b EVERY YEAR on a software business that makes no cash.
He has pre-funded some of this bill for the next year by issuing common stock - but with the amount of preferred shares printed each week this is going to run out.
The only option for this capital structure long term is either issuing $1-4b of common stock every year, turning off the dividend or selling BTC
This is now a timebomb
#SaylorStrategy #StrategyBitcoinSaleBreaksNeverSellStance #Bitcoin❗