Arca CIO Jeff Dorman Warns MSTR Situation Has Gotten Out of Hand

TLDR: Arca CIO Jeff Dorman warns MSTR’s $15B preferred stock carries a $1.5B annual dividend burden on a weak balance sheet. Strategy raised $2B in cash to cover dividends but used it instead to repurchase 2029 bonds, draining its liquidity buffer. Dorman believes Saylor bet heavily on a Bitcoin price surge that never came, triggering [...]

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