Preferred stock isn’t high-interest lending, but this is about preferred stock dividends, not bond interest, and there’s no debt maturity repayment pressure. Why can’t Bitcoin be sold? Selling bitcoin:native isn’t hard; it’s just that MSTR’s interest payments mainly come from the ATM, not selling BTC. $1.4 billion isn’t even enough for a year’s interest. I’ve been saying this for days. The dividend payments for the five preferred stocks mainly come from the ATM, and the total ATM capacity is still $50.7 billion. MSTR’s ATM is indeed diluting shareholder equity, but that’s just how MSTR plays the game. While shareholder equity is diluted, the shareholders’ “BTC” content increases.