"When [MSTR] issued STRC, for instance, it was declared to be an accretive transaction and Bitcoin per share went up. If one carefully considers the matter, considering all the costs of issuance including the deep discount that was offered on such a large block and the future path of rate hikes necessary to increase the market valuation of this liability from 90 to 99, one discovers that a proper allocation of coins necessary to provide a mere one-to-one coverage ratio actually steals coins away from the common shareholder." 🥶(𝐓𝐗𝐌𝐂)