No matter how you look at it, after this fundraising, the coin-per-share ratio is shrinking No matter how much the coin price drops, the preferred stock dividends are fixed If they default, no one in the market will take their newly issued shares, and by then, they'll have no choice but to sell coins MicroStrategy's official site shows a 1.1 mNAV excluding debt, which means the ATM discount rate is actually 28%. @grok, could you explain this? But @saylor could also just default and stubbornly refuse to sell coins—advantage is mine!