Average purchase price of the Bitcoin was $65,332. The cash raise + BTC acquisition was funded entirely by common MSTR ATM sales (as expected). The issue: The current adjusted mNAV is 1.2x. According to Saylor’s own words in the Q1 Earnings Call: "Where it used to be a 1.0x MNAV, as we add debt and as we add preferreds - primarily to our structure - the breakeven increases. Right now, it is about 1.22x. That means at 1.22x or higher MNAV, it is accretive for us to sell MSTR and buy Bitcoin. Below 1.22x MNAV, it is actually more accretive for us to sell Bitcoin and pay off our dividends..." He’s diluting MSTR common shareholders. And he’ll continue to do so.(K A L E O)