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I write down some reflections on the MSTR, STRC, and BTC situation and wonder if someone else here with a better understanding of the dynamics has a perspective on it:
I think Saylor might wait for a bit to not look desperate, then increase the STRC dividend to 12%. 1% per month is a far more compelling narrative than 0.96% per month even if it doesn't cost him much in extra expense for the preferred. I assume he intentionally starts STRC with a dividend rate at 9% so that he has room to ramp it up to 12% or more. So at 11.5% he has some room. I think he can probably get STRC back above par with a 12% dividend with this and use the proceeds to raise meaningful cash. He now establishes a precedent for selling BTC as a lever, so selling at substantially higher prices, while still uncomfortable for the market, has less of a "shock" factor. He talks about selling meaningfully appreciated Bitcoin as a lever to potentially fund STRC dividends, so with a cost basis around $75k it doesn't make sense for him to sell a bunch down here at $67k to fund STRC, at least not right now.
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And what I often see among my most successful clients is a constant comparison to what traders are (supposedly) doing.
That need to be as good or better than someone else is very damaging to a trader's mindset, even successful traders.