they should be fine near term, i think, next bear there could be issues regardless, selling stock that pays dividends from selling your other stock, that is subordinate in the capital stack, is not revenue

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Yeah, I would certainly think they need STRC buying to diversify away from treasury companies themselves stacking it, which seems risky if it’s concentrated to the same sector. Saw some metric that had retail as the majority holder, maybe a 60% figure. Would be bad if it blew up on retail. Yeah, a lot of Strategy’s KPIs are sketchy (not correct) in their labeling.
The reason the stock market exists is to sell shares. MSTR is very clear on what they are doing. It’s not some black box like Luna or BlockFi. If investors didn’t like the strategy the price will trend to zero over the long term but since MSTR will always be solvent because they hold Bitcoin the stock will catch a bid. It’s seems like Bitcoiners forgot why the stock market even exists. It’s to raise capital.