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Arca CIO Jeff Dorman said MSTR’s situation has “gotten out of hand,” arguing that Strategy’s roughly $15 billion in preferred stock carries…

Arca CIO Jeff Dorman said MSTR’s situation has “gotten out of hand,” arguing that Strategy’s roughly $15 billion in preferred stock carries about $1.5 billion in annual dividends. He said the company raised $2 billion in cash via stock to ease near‑term default concerns, but later used the cash buffer to buy back 2029 bonds instead of funding dividends. Dorman said MSTR, BTC and preferred shareholders are now “really in a bind” for the first time, and that someone may “lose badly” within the next four months.
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