$MSTR “Occasionally we will take a slight dilution in Bitcoin per share to improve the credit worthiness of the company.” In the past two days, the combined impressions across Saylor’s signal, Phong’s follow up, and Monday’s announcement crossed 17.5 MILLION! Love it or hate it, the attention Strategy commands... is second to none. Post the announcement, skeptics were quick to point out that the acquisition, combined with the replenishment of the USD reserve, was slightly dilutive to Bitcoin per share. Michael Saylor came out today addressing that directly, reminding the market to look at the entire capital stack and not just one KPI in isolation. Those who have followed this company long enough already understand this. The BTC yield quarter to date is 9.7%. Year to date it sits at 12.8%, tracking toward the 22.8% projection by year end. Not a single quarter has produced a negative Bitcoin per share result. So when you look at yesterday’s transaction in isolation, it tells you very little about the direction this company is actually heading. What it does tell you is that management is doing exactly what it should be doing. Balancing the interests of the credit instruments, the common shareholders, and the long term scaling of $STRC, which remains the most important lever for the company’s future growth. An occasional dilutive transaction in service of all of that is not something long term shareholders should lose sleep over. The speculation that surrounds moves like this is a net positive too. Every week that Strategy dominates the conversation, more eyes land on the thesis. More skeptics read the dashboards and find themselves having to reckon with what is actually being built here. “Attention is the rarest and purest form of generosity.” - Simone Weil In this space, it is also the most powerful form of validation. $BTC $MSTR $STRCshow more

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