Hm... I thought for a minute that I had double-counted the conversion portion of STRK
but I don’t think so. What Strategy is doing in “Assumed Diluted Shares Outstanding” is converting away the 1.4bn of outstanding liabilities into MSTR at over 10x the current market price (= where they convert), thus be waaaaay cheaper for Strategy to dilute than is fair, since the company pays the interest on that pref not out of diluted-MSTR-at-$1,000 but out of current-actual-MSTR-at-$94.
Hm... I thought for a minute that I had double-counted the conversion portion of STRK
but I don’t think so. What Strategy is doing in “Assumed Diluted Shares Outstanding” is converting away the 1.4bn of outstanding liabilities into MSTR at over 10x the current market price (= where they convert), thus be waaaaay cheaper for Strategy to dilute than is fair, since the company pays the interest on that pref not out of diluted-MSTR-at-$1,000 but out of current-actual-MSTR-at-$94.