For sure, I am not going to claim to know or understand all of the trade offs, and surely MSTR/Saylor put themselves in situations to overly complicate their own situation with so many seemingly conflicting financial products and the seeming tradeoffs that they had left themselves, and sometimes even some of their most basic actions, when in May they depleted something like 3/4 of their cash reserves (like right around $1.4 billion) to pay off 0% interest debt that had an expiration date that was more than 2 years into the future comes off as nearly retarded in the Finances 101 realm, yet I am still not going to really proclaim that I understand the trade-offs - even though I now witness them setting aside $100 million (around 1/14th of the earlier amount that was used up for their earlier debt servicing last month) to replenish their current seemingly mediocre cash reserves.
I often say we cannot tell where someone else feel pain unless we wear their shoes. MSTR is ongoingly having more debt in their hand, no matter the action they take now in complicating the market for themselves and also for the new investors. However, the idea that no matter what they do, there is enough share to give out even if they have to scrap it out. Investors keep trooping in. Now, I ask my self it these recent actions is to attract investors aside from the major aim of settlement. Well, I think it is impossible to think it is possible to understand the action of MSTR.
You seem to be trying to anthropomorphize a business as if it has subjective and objective reasons for its actions, which surely that subjective angle about feelings and sentimental values should not be the case with how public companies behave. There should be little to no subjective angle when we are talking about what a public business is doing and the parameters for its decision making.
I will agree that there can be several weighing points, and reasonable people can weigh those weighing points differently.
When it comes to the weighing points of how much outstanding debt exists and whether some of that outstanding debt needs to be retired versus how much cash needs to be available to service current and upstanding dividend (or other) payments, I had put a certain value on having the $1.4 Billion of extra cash available to be able to service the outstanding dividend (or other) payments no matter what bitcoin does, and it seems that MSTR put more value on reducing their debt so that they have the ability to issue more debt in the future.
Like I mentioned earlier, I am not proclaiming to know all of the trade offs, and so arguably it could be the case that MSTR is not completely retarded since they do have some arguable reasons for how they chose to act. Accordingly, MSTR may well weigh matters differently than the way that I weigh matters in my somewhat armchair quarterbacking, and yeah, they (and their shareholders) are the ones who are going to specifically suffer the consequences (or enjoy the benefits) of any actions that they take as compared with some more distant wannabe analyst like myself, and I do not even own any of their financial products.. even though I am seemingly somewhat affected by what seems to be some of the market reactions that might relate to some of MSTR's behaviors since MSTR and Saylor seem to get pleasures out of ongoingly putting themselves in the public spotlight, too..which seems to have effects on public sentiment around bitcoin.
