If Strategy hovers at a 1.5X MNAV premium, They issue STRC to buy Bitcoin while BTC rises, and they use common equity issuance to pay the dividends on STRC, You could argue they are selling STRC at 100 dollars to buy 100 dollars of Bitcoin, paying an 11.5 dollar dividend annually, while getting to sell a portion of that 100 dollars of Bitcoin annually for 150 dollars via common equity to fund the dividend. Am I off the mark, @JoshMandell6?
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