Sure but if Bitcoin is still $85k in early 2027 and their cash is almost gone they must either sell Bitcoin or issue shares at a potential discount to pay the bills. Or at some point in 2027 anyway.
That’s not exactly accurate. They have $1.4B in a cash reserve 21 months of dividends to support the preferred equities. They can tap the ATM on the at preset $8B of prefs even if the prefs don’t grow. They can sell covered calls against their BTC to also generate cash if BTC stays at $85k. They have stated if it stays flat they estimate needed to sell by 2065 based on a derivatives play (I have not checked math but I think it’s closer to 2040)
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