The real bet Saylor is making has two parts, and most folks only notice one - namely, the Bitcoin long. The Stable of preferreds, the converts, and the common ATM all allow the BTC/share to grow and for Saylor to accumulate BTC at a discount. But the genius of the preferreds is Saylor gets the bitcoin today in exchange for tomorrow's devalued dollars. In effect, he is creating a (non-callable) short position on the US dollar with every preferred. If you are a believer in BTC, then Saylor's system will leverage the Bitcoin returns. All these folk claiming the Mnav should be 1x, fail to account for the inevitable profit his two-pronged strategy of a bitcoin long combined with a dollar short will produce.
The real bet Saylor is making has two parts, and most folks only notice one - namely, the Bitcoin long. The Stable of preferreds, the converts, and the common ATM all allow the BTC/share to grow and for Saylor to accumulate BTC at a discount. But the genius of the preferreds is Saylor gets the bitcoin today in exchange for tomorrow's devalued dollars. In effect, he is creating a (non-callable) short position on the US dollar with every preferred. If you are a believer in BTC, then Saylor's system will leverage the Bitcoin returns. All these folk claiming the Mnav should be 1x, fail to account for the inevitable profit his two-pronged strategy of a bitcoin long combined with a dollar short will produce.