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It’s accretive in BTC terms.
nope, incorrect.
I appreciate your optimism, friend, but don't spew lies.
Who’s lying?
ok, fine, "lying" requires intent... which I don't suspect you had. You're just incorrect in saying that their current purchases are "accretive in BTC terms." Sats/share is falling; they're dilution shareholders more than they're building the BTC hoard
That’s better.
Does this calc consider the massive bitcoin stash they already have?
Of course. That's immaterial for the current case
Saylorboi Livingston disagrees!
According to his math this is accretive.
Only so much I can stand that guy
It's more BTC sure but they are effectively buying it at above market rate. If you back out the debt the MNav is slightly below 1.
By my calculation MNav is 0.98
Let's not even consider the unfunded liabilities and certain future dilution. Until there is a bull market MSTR common shareholders are going to be overpaying for Bitcoin. Hopefully in the bull the stock rallies and MNav widens again and it all works out well.
Common shareholders getting crushed.