Opposes preferred share issuance, advocates ATM equity when mNAV > 1

Bearish+0.54%

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The author advises against MicroStrategy issuing debt or preferred shares, recommending at-the-market equity offerings only when the company's mNAV exceeds 1 to maintain a debt-free position.

I have always opposed MSTR issuing preferred shares. Issuing preferred shares creates accounting debt. When buying Bitcoin, ATM share offerings are sufficient as long as mNAV is greater than 1. Never incur any debt.

Opposes preferred share issuance, advocates ATM equity when mNAV > 1

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