Saylor’s STRC Bitcoin machine is turning shareholders into its cash backstop – causing a dilution trade-off

Strategy (formerly known as MicroStrategy) is discovering that strengthening one part of its increasingly complex balance sheet can expose weaknesses elsewhere. The Bitcoin treasury company spent $1.5 billion in May repurchasing convertible notes, reducing its debt but also draining cash… Strategy (formerly known as MicroStrategy) is discovering that strengthening one part of its increasingly complex balance sheet can expose weaknesses elsewhere. The Bitcoin treasury company spent $1.5 billion in May repurchasing convertible notes, reducing its debt but also draining cash that investors viewed as a backstop for its preferred-stock dividends. Weeks later, its Variable Rate […] The post Saylor’s STRC Bitcoin machine is turning shareholders into its cash backstop – causing a dilution trade-off appeared first on CryptoSlate.