Has MicroStrategy's @Strategy 'immortal strategy' finally been broken? MicroStrategy's 8-K filing with the SEC reveals: Between May 26-31, they sold 32 BTC at an average price of $77,135, totaling approximately $2.5 million, to pay dividends for STRC/STRF preferred shares. During the same period, they also sold 801,994 shares of MSTR common stock through their ATM program, raising net proceeds of about $128.3 million. As of May 31, their total holdings stand at 843,706 BTC, with a cost basis of approximately $6.387 billion and an average price of about $75,699. This might expose a structural issue with MicroStrategy's model: The annualized dividend of 11.5% for STRC needs to be paid in real cash, but BTC doesn't generate cash flow. So where does the dividend come from? Either selling stock, selling BTC, or continuing to raise funds. Saylor @saylor chose to do all three: sold 32 BTC + sold 800k shares + continued ATM fundraising. No wonder he's been preparing everyone for this lately. Hang in there, boss.