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@ halalmoney
2025-06-09 10:56:13
"…Strategy has stopped selling much common stock; now it is selling weird convertible preferred shares (“perpetual strike” and “perpetual strife” preferred stock, which are less equity-sensitive), and its latest thing is a non-convertible 10% preferred stock (“perpetual stride,” why not). Strategy is not doing the simple arbitrage — sell MSTR, buy Bitcoin — anymore. On the other hand tons of other companies really are doing a related trade — selling their stock at a premium to buy Bitcoin — and maybe that will bring down the premium for everyone. Or maybe not. This whole thing is weird and I have no good explanation for it, which means that I have no good intuition for when it will stop."
Money Stuff: Bankruptcy Was Good for 23andMe
Matt Levine
https://newsletterhunt.com/emails/190424