One of the things that I think NO ONE is talking about with respect to MSTR's perpetual dividend drag is that it's all denominated in fiat....yet the par value of the issuance is immediately swept into BTC. This means assets are BTC...."liabilities" are fiat. Just look at the long-term impact of those future obligations...the health on MSTR is WAY better than people realize. See this post for the graphic showing the long term impact of those dividend obligations.