POPA ReconTLDR
TLDR • Strategy raised ~$181 million by selling new MSTR shares through their ATM (at-the-market) program • Used $101 million (55%) of that cash to buy 1,550 more BTC + other ~$80–100 million (45%) to boost their USD cash pile up to $1 billion • Dilution problem that people are worried: every time they sell new shares, the total number of MSTR shares outstanding increases (shareholders now own a smaller percentage of the company) -> i.e. printing new stock to buy more BTC Debate/questions • Question: is this now the permanent playbook? Keep ATM-ing shares forever, use roughly half for BTC and…
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