Jiang Zhuoer interprets MSTR's capital structure, stating that BTC reserves can cover years of dividend expenses, but market sentiment is cautious

Jiang Zhuoer stated that MicroStrategy (MSTR) currently holds approximately $55 billion in Bitcoin assets, corresponding to an annual dividend expenditure of about $1.7 billion for its STRC preferred shares, which theoretically could cover about 32 years of dividend needs by selling BTC. STRC is a preferred stock rather than a debt instrument, so there is no traditional pressure for mandatory repayment. From a financial structure perspective, MSTR does not face "forced liquidation-style leverage risk" or short-term repayment crises.

However, the related statements reflect that market concerns about its long-term cash flow and the volatility of crypto assets are rising. Currently, STRC has shown significant discount fluctuations, and its refinancing ability is limited. In addition, MSTR has recently relied more on methods such as issuing common stock to increase its BTC holdings (which may dilute the per-share Bitcoin amount when mNAV is below 1), and this strategy is difficult to sustain in the long term.

Jiang Zhuoer indicated that even if the actual scale of MSTR selling BTC to pay dividends is relatively small compared to the entire market, its symbolic significance may be more important, potentially putting pressure on market confidence and causing investors to reassess the possibility of "long-term passive selling of coins." The market's understanding of this structure is not consistent, and this cognitive difference itself may become an important factor influencing expectations and sentiment.