THIRTY-ONE YEARS OF DIVIDEND COVERAGE — PRICED IN THE ASSET THEY’D HAVE TO SELL. THE CASH NUMBER IS 1.8.

Chaitanya Jain, head of bitcoin product at Strategy, posted Monday that the company’s bitcoin reserve now covers 31 years of preferred dividends. The same update puts the dollar reserve at 1.8 years. Both numbers solve to the same obligation. 843,775 BTC marked at Monday’s tape is $55.83B; over 31 years that is $1.80B a year. The $3.225B cash reserve over 1.8 years is $1.79B a year. Nine million dollars apart — the arithmetic is clean. The framing is the tell. Thirty-one years is a mark-to-market artifact: it is the stack divided by the coupon, so it moves with the tape and nothing else. Halve the price and it is roughly fifteen. The 1.8 is denominated in the only thing that pays a preferred holder without touching the stack. And look at the week that produced it — 2.73 million MSTR shares sold for $263.5M, about $96.52 a share, while $25.2B of preferred ATM capacity sat idle and not one satoshi was added. Holdings flat at 843,775 since June 22. Common equity funded the reserve; the preferred window stayed shut. The stack is $7.86B underwater against a $75,476 average cost. Thirty-one years of coverage is the number they published. One-point-eight is the number that binds.