Even in this continuing bull market, with BTC making ATHs, long positions in MSTR can best be seen as a license to sell calls with impunity. Strategy's strategy seems to be to count on us to buy dips while they relentlessly sell the rips. They only way I can figure to make money out of this situation is to earn yield on the preferred shares and the short covered-call positions. We can survive this way during the move up to 444K on Bitcoin, even if they continue to flood the market with shares, but the bear market is going to wipe out the dip buyers. Fo Fo Fo - stay four steps ahead! In the ground, don't put your head. Remember to stay inside the boxing ring. And BPS is not a thing.