the prefs change the game 🧵 saylor can offset a BTC/share-neutral or even mildly dilutive ATM of the common with a simultaneous pref issuance such that the net issuance is accretive and ANY bitcoin buy that is per share-neutral supports the prefs (and therefore the common) in the long run by 1) supporting the BTC price 2) increasing the capital base backing the prefs in other words: scaling the treasury scales the prefs and the prefs support long -term BTC/share accretion to the common the atm was never the primary headwind for mNAV, which is market sentiment-driven. this has been proven beyond the shadow of a doubt given the collapse of mNAV despite a pause in the atm (a mistake imo and one that won’t be related) he has been unleashed. accelerate. shockingly few understand what saylor has built. checkmate.

*repeated not related fuck