No surprise, $MSTR issued more stock to do it. (See below.) This was the right move as the stock has been trading at a high premium above its #bitcoin holdings, higher than the operating company is worth. ($MSTR should trade at a premium above its bitcoin holdings as hr operating company also has value, the question is how much.) I believe @npub15dqlg... is laser eye focused on one metric: *sats per share.* He’ll do anything that doesn’t threaten the stack to increase it. IMO, he’s a brilliant capital allocator. This is why I had my mom buy some MSTR shares back when the stock was trading at the price of the bitcoin plus $8 for the operating company. It’s was a steal. Since then both Bitcoin and the MSTR premium have soared. Now, if only Saylor can enter into a tiny loan he uses to buy bitcoin. Then when Bitcoin goes down & every lazy person who can’t be bothered to understand the loan agreement thinks MSTR is going to default pushes the stock to a large discount, he *buys back* shares and demonstrate to Wall Street what real capital allocation looks like. When Bitcoin tanked, and as a result MSTR tanked because lazy people thought MSTR was at risk of defaulting on the Silvergate Loan, I moved my GBTC into MSTR & netted a bunch of sats. I’ve since moved back into GBTC, then OBTC, and then back into GBTC again netting me a bunch more sats. I’m waiting for the MSTR premium to come back down to move out of GBTC into MSTR which is, all things being equal, the better play. (No fee, an operating company that will keep generating free cash flow to stack more sats, and one of the best capital allocators in the business.) My guess is the divergence between the GBTC discount and the MSTR premium closes when a Bitcoin spot etf gets approved/launched. So that’s what I’m keeping my laser eyed focus on. https://image.nostr.build/19d3c77c770ff2175fbd96b45b20b70abec57174bce6489db1ac572668986f1e.jpg @note1pk7c7...