For every $1 of $STRC ATM issuance, $MSTR gains $0.115/yr in perpetual dividend obligations The ATM funds itself but grows the burn MSTR's $2B cash reserve covers about 2y worth of dividends But dividends are also growing, ATM program still have 63% across equity and STRx

perry
@perry8888_
03-13
$MSTR Capital Structure Risk Map
■ Converts: $8.2B
■ Preferred: $7.7B
= $15.9B total obligations
■ Annual cash burn: ~$831M x.com/perry8888_/sta…



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