Strategy cut its preferred dividend bill and added dollar cash, but it sold common shares faster than it bought Bitcoin. That shrank current owners' slices, while future preferred sales that might lift Bitcoin per share are only an analyst's idea.
The lower preferred dividend bill and extra dollar cash help the company. Selling common shares faster than buying Bitcoin left current owners with smaller slices. A possible return to preferred-share sales could help Bitcoin per share, but that has not happened yet.
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