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MicroStrategy bought BTC at nearly the worst possible price last week

Looking at a chart of BTC when MicroStrategy was buying last week, skeptics think Michael Saylor paid nearly the worst price possible.

Bitcoin crashed below Michael Saylor’s ‘sell your kidney’ price

As BTC crashed below the price at which Michael Saylor suggested selling a kidney, he reminded us that its price never declines in BTC terms.

MicroStrategy didn’t buy any BTC last week. Not only that, MSTR shareholders don’t even own the company’s BTC.

Although dividend and liquidation preference numbers for Strategy’s STRF appear unchanged, initial buyers are getting a de facto discount.

Michael Saylor has invented yet another way to raise capital to buy BTC for Strategy: STRF preferreds with higher cash dividends.