$Strategy(MSTR)$ BTC.XLooking at the full commitments including debt and preferreds, plus total cash, it works out to $121.61 per share. Using only the required commitments, it's $152.09 per share.
I prefer the $152 figure since the preferreds never come due, they're equity. MSTR is paying 11.3% on its preferreds, which is very high. No matter how high bitcoin goes, they need to reduce the preferreds. At that rate the stress on the common is significant. Buy STRD.
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