Mstr, the Sixth Brother There have been many discussions about Mstr in the market in recent days Who wouldn't say that BTC, as an interest free asset, is difficult to pay interest for a long time? Many of them are vague conclusions from a broad perspective that have not been thoroughly sorted out. Most people don't know that there are 6 major categories and over 10 types of Mstr financing tools. There's nothing we can do, silly brother. Let's talk about it one by one. 1. Atm issues additional common stock: The additional issuance is common stock Mstr. ATM (At The Market) is not unlimited stock printing, but a "Shelf Registration" approved by the board of directors and registered with the SEC. If the quota is used up, you must reapply. Can Atm wirelessly increase issuance? No, it will puncture the liquidity of the disk. Excessive exposure can lead to a stock price crash. This is the largest proportion of financing methods. 2. Preferred stock The most well-known one here is Strc, in fact, there are also Strd, Strk, and Strf Let's talk about the most familiar Strc first. It has several key features: Face value/target price of approximately $100; It is not a bond, nor a stablecoin; It does not have direct BTC collateral, but only has a priority claim ranking over common stock for the remaining assets of Strategy. Perpetual, without a fixed expiration date; That is to say, the sixth generation of micro strategy has no obligation to redeem at maturity for Strc, only an obligation to pay interest This thing is difficult to default on How can we ensure that the face value of Strc is $100? The current annualized dividend yield is 11.5%; Dividends were previously paid monthly, but starting from the end of June 2026, they will be changed to twice a month; The dividend yield can be adjusted regularly by Strategy with the aim of trading the market price around $100 as much as possible; This thing is actually very similar to the chicken rib version of the contract. Micro Strategy, as a multi army opponent, pays interest on the stock and maintains a face value of $100 But the impressive thing about Lao Liu is that he is said to try his best, and once he feels like he doesn't want to spend money anymore I'm too lazy to maintain the face value, you don't have any tricks. Simply put, STRF is the highest priority fixed dividend. Strk is a convertible preferred stock with an 8% lower interest rate, but it can be converted into Mstr (neural) at a price of 1000 yuan Strd is a unlucky secondary preferred stock. If the sixth party doesn't pay interest, there won't be no need to skip interest in the future. These are tied together, estimated to be $15.5 billion. 3. Convertible bonds This is a standard convertible bond. The most classic tool since 2020. Holders can choose whether to exchange for shares at a future point in time. These raised approximately 6.7 billion US dollars. 4. Ordinary corporate bonds Due to the inability to cheat, the issuance amount of Laoliu is very small. 5. Bank loans: Silvergate loan for 2022. Due to the inability to cheat, the issuance amount of Laoliu is very small. 6. Sell coins Directly selling BTC for financing But Lao Liu felt a moral burden and couldn't sell it freely. So you may have doubts? Why did Lao Liu make it so complicated and the financing structure so shocking? Because Lao Liu wants to satisfy different people's risk preferences through various financial products As much crazy money as possible Speaking of the current stage, everyone knows BTC has fallen, and the sixth generation of micro strategies has recently gone astray MNav has probably dropped to 0.7 What does this mean? This means that stocks not only have no premium, but also a discount This means that the flywheel of ATM has entered a negative cycle The meaning of negative cycle is that it cannot drive the market value of MSTR to skyrocket Not the kind of collapse that many people exclaim about Luna It's still possible to raise some funds to repay the interest This is where Mode 6 comes in Strc has been discounted, dropping from 100 to 70 This discount makes it impossible to issue at a face value of 100 Because no one bought it Convertible bonds can also be very difficult Because after everyone is bearish on Mstr, convertible bonds no longer have a premium Everyone is also unwilling to accept the offer But the extent to which mNav falls in five years has nothing to do with the collapse of Mstr What determines whether MSTR will collapse is the interest repayment ability of Lao Liu According to current calculations, the funds on hand are sufficient to pay for 17 months of interest During this period, refinancing, additional leverage, and continuous extension can be provided As long as the above financing tools have not completely expired, it is sufficient In the end, there is the ultimate trick to sell coins to pay interest This move is very vicious As long as BTC does not fail, mstr is almost impossible to collapse in the short to medium term But if Saylor finds it interesting Can continuously sell coins to reduce scale and lower debt Decoupling one's own destiny from BTC is a great blessing For investors, there may be great opportunities in Mstr We'll talk about it later, haha