The common stock sales have been somewhat controversial of late as Saylor and team not long ago promised to never issue shares when the stock's mNAV — the ratio of the stock valuation compared to value of bitcoin holdings — fell below 2.5x.

The rough ride for the stock of late though, has brought the mNAV to the 1.5x area. With apparently just modest demand for preferred stock and none for convertible debt, the company — if it wanted to continue to make sizable bitcoin purchases — had little choice but to scrap the mNAV 2.5x promise.