Jeff Dorman: MicroStrategy’s flawed balance sheet management threatens Bitcoin holders, $2 billion raised to address dividend fears, and the impact of preferred stock on market sentiment | Unchained

- MicroStrategy is raising $2 billion because Jeff Dorman thinks their balance sheet looks like a house of cards built by a sleep-deprived intern. Siren Song: preferred stock dividends are now a cash-flow black hole, not just a Bitcoin accumulation strategy. The moonboys are panicking that MSTR might actually have to pay out real money instead of printing more shares. It’s not a crash, it’s just accounting reality checking the party. If you bought MSTR thinking it was risk-free BTC exposure, you missed the fine print on the debt. The market doesn’t care about your conviction; it cares about liquidity. Keep your powder dry and your leverage lower.