Speaking with @btc_overflow do we think we get a BTC purchase from the preferred stock offering, during the MSTR Q4 earnings call tomorrow? Or days after. We don't think so, convertible bonds underwrites are pre-committed buyers, they announce the buy at the same time as they close. May be some delay due to tax uncertainty with the preferred stock due to the dividend payment. Preferred stock, investors purchase shares directly, and settlement can take days to complete. (T+1, T+2) The close date was only announced by Fidelity and not MSTR. Just spit balling ideas.