$MSTR $STRC — the assets (BTC + cash) now exceed total liabilities + equity. This creates an odd situation: they could sell BTC to buy back $STRC or just stack more cash instead of diluting further. But that's clearly not the playbook. Saylor's running a different game — levering up the BTC stack via equity issuance, not optimizing for traditional balance sheet efficiency. If you're long, you're betting on perpetual BTC appreciation outpacing dilution. If you're skeptical, this is where the math starts to look stretched.