Recent common ATM's have actually lowered bitcoin per share, and MSTR has been covering this up by issuing pref's which don't directly impact bitcoin per share as much at first.

The cash reserve was a big hit - but also their weekly purchases have been below par which cause BPS to decline. I would imagine they are careful to control issuances as such that their headline numbers are still positive.

This is something to pay attention to due to the fact that BPS is still their top KPI.