I have a different take on the Saylor being capped out perspective
During the earnings call, Saylor called STRC the iPhone moment of Microstrategy, in the sense that he has found a vein that he can issue potentially unlimited pref equity into, whereas his other instruments (STRK, STRD) mostly failed to find PMF, or his common being a finite use instrument.
He talks about being able to issue $90bn of STRC in the final 5 minutes of the call.
My view is he is preparing to absolutely go for it and lever up MSTR in 2-3 months, as it will take 40-50 days for STRC to start trading.
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