For everyone freaking out about Saylor selling Bitcoin
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He's clear about the mechanic: buy Bitcoin with credit, let it appreciate, sell some Bitcoin to cover the dividend. As long as you're issuing credit above the break-even point (2.3% in the chart), the model keeps working and keeps growing.
The whole point is increasing Bitcoin per Share. This is just one path to get there. I covered another in my first post.
The chart below shows it plainly: as long as they're buying more Bitcoin than they're selling, BPS keeps climbing. Hugely accretive.