Massive dilution of MSTR shareholders continues. You will see more preferred shares of STRF, STRK, STRD, and more. They have really pulled the wool over the eyes of naive "investors". The preferred shares are outnumbering the common shares.
Naive investors thought there would only be $17 billion in debt commitments to preferred shareholders, but now they are going to be over $25 billion in debt.
This updates the true intrinsic valuation for common shareholders to ($640000*102000-$25000000000)/284000000
The company value depends superlinearly on Bitcoin value.
The $102,000 comes from the current value of Bitcoin; it has dropped significantly in recent weeks.
The $25 billion is the first-in-line commitment to preferred shareholders. This has risen due to new prospectuses which show far more dilution to common shareholders.
The 284,000,000 is the number of common shares which will likely also rise as this dilution continues too.
The net result is that each MSTR is not worth $199 any more. Each common share is now worth only $141. Update your numbers. Beware.
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