Jack Mallers with a banger of a question to Saylor today exposing MSTR mNAV scheme which ignores preferred shares in its calculation. If you sell 11.5% of upside volatility but you have to pay dividends through extended bear markets, how much juice really flows to MSTR class A shareholders? I see how it is better than convertible notes, but I don't see how it works for Class A shareholders long term.
I think Strategy's real business will be private Bitcoin monetary networks within a closed UTXO set and they will want nice chunky data blocks to execute their private monetary networks.
That's my two beer 🍻 conspiracy theory