I think equity holders would happily get diluted to pay the prefs. The prefs tap a completely different capital market that could allow Saylor to buy an absurd amount of Bitcoin and as long as he is growing the company's Bitcoin balance and Bitcoin is rising in price investors are happy. We will see how it all plays out when a bear market rolls around.

Personally I am not a fan of buying MSTR Bitcoin at 220k when I can just buy Bitcoin at 117k but I do find the Strife, Strike and Stride offerings fascinating.