How MSTR optimizes capital structure through preferreds. They issue preferred shares and channel proceeds into Bitcoin accumulation. Here's the key play: dividend obligations on preferreds stay locked in place, but Bitcoin holdings appreciate over time—and that upside flows entirely to common shareholders. It's a clever asymmetry. Fixed liabilities on one side, unlimited asset growth on the other. As Bitcoin rallies, common equity gets richer while preferred holders collect their steady coupon. Smart capital allocation in a bull market environment.