Michael Saylor dumped MSTR, STRF, STRK, STRD for latest bitcoin buy
For the first time ever, MicroStrategy admitted that over the course of a single week, it diluted all four classes of the company’s public securities . The liquidations are classed as accretive dilution because the sales allow the company to buy slightly more bitcoin (BTC) than the proceeds of its sales. This is only possible, of course, because investors bid up its shares to a premium to its BTC holdings, and founder Michael Saylor obviously hopes to continue attracting bids that maintain it. The company made $472 million in net proceeds by dumping shares of MSTR, STRK, STRF, and STRD at-the-market (ATM). By immediately diluting prior shareholders in each category, the company then bought the same amount of BTC. This confusing exercise — diluting shareholders to buy BTC for shareholders — has become commonplace at MicroStrategy. By focusing on the 21 million supply cap of BTC and its potential for parabolic price appreciation, the company slowly adds r...