"Why does Saylor need to issue a new preferred stock ?" He is filling the void on this chart to appeal to different pools of capital Each new instrument makes the whole structure stronger, not weaker It will take a lot of time for the market to understand all these preferred before allocating So Saylor might as well issue them and let people digest them progressively MSTR is not very levered right now. He is in a position of strength and is quietly executing his plan