🍿 PREFERREDS FLOP, DILUTION POPS Michael Saylor's plan for “non-dilutive” preferred shares to fund $BTC buys flopped! Strategy is back to directly diluting $MSTR common shareholders at-the-market (ATM). What happened to the financial engineering breakthrough? 🧵

Saylor boasted about preferred shares - $STRK, $STRF, $STRD - as tools to raise capital without diluting common shareholders. These did attract some capital, but demand strayed from Saylor’s vision.

@Strategy's latest SEC filing reveals the truth: they sold 1.3 million $MSTR common shares from June 23-29, raising $519.5 million. In contrast, they only managed to sell $28.9M of $STRK and $29.7M of $STRF preferred shares. 🤯 That’s 90% ATM. Only 10% preferred!

Saylor’s “non-dilutive black hole” didn’t suck in much. ATM dilution means common shareholders see no immediate benefit, even if all the money goes to buy $BTC. 🧙‍♂️ It’s a stark contrast to wizardry of financial engineering.

🤬 Critics are calling out the spin. One $MSTR community moderator tried to explain it, but a skeptic fired back, calling it “full of s**t” & “confusing people with lies.” The market is watching closely as Saylor navigates this tricky path. More ⤵️

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