In case you missed it, within the last week, Strategy diluted MSTR by another ~$750m worth of shares so that they could buy more... well, nothing... they just kept the dollars - and increased their dollar reserve by another ~50%.

That being said, I get why they're doing it: so that they can give credibility to their recently stated intention to continue to pay preferred stock dividends well into the future almost no matter what.

Here's the kicker: The vast majority of their past few issuances of preferred stock has been in STRD. At current prices, they could raise ~38% more capital by instead issuing the same quantity of STRF shares. They come with the same dividend obligation - except that STRD comes with the option for Strategy to choose to just not ever pay any particular dividend. So, to me, by raising less capital to issue STRD than they would by issuing STRF, this signals that when Strategy says they're stock-piling dollars to ensure they can continue to pay dividends long into the future, that doesn't necessarily apply to STRD dividends (because if it did, they'd clearly be better off by just issuing STRF instead).