Notice what’s conveniently missing from this update: the exact number of fresh common shares printed and dumped into the market to fund it. That $370M in BTC, $29M in cash, and $152M in debt buybacks didn't come from software operational revenue—it came entirely from the ATM share printer hitting retail bids. Suddenly, relentlessly diluting existing common shareholders to hoard billions in fiat and juggle debt covenants is celebrated as "0% net leverage." Saylor gets the headline coin count; common shareholders absorb the equity dilution. Remember when holding cash was declared financial illiteracy and retail was shamed for keeping fiat emergency funds? Now Strategy holds $6.71B in USD assets, celebrating a 4-year fiat duration buffer while managing credit tranches. The playbook is completely transparent: 1. Sell ideological "never hold cash / sell a kidney" maximalism to retail to pump sentiment. 2. Hoard billions in fiat liquidity on the corporate balance sheet to survive bear markets. Hold real spot sats in self-custody and manage your own risk. Never follow corporate marketing off a financial cliff.