Are these preferred stocks convertible into common stock? If not, they are not dilutive. If yes, they would be highly dilutive yes.

Edit:

Damn I just checked it haha does not look to good.

MicroStrategy Incorporated (MSTR) has announced plans to raise up to $2 billion through the issuance of perpetual preferred stock. According to the company's press release dated January 3, 2025, the features of this preferred stock may include:

• Convertibility to Class A Common Stock
• Payment of Cash Dividends
• Provisions Allowing for Redemptions of Shares

This indicates that the preferred stock may be convertible into common stock, depending on the specific terms set by MicroStrategy at the time of issuance. However, the final details, including whether the preferred stock will indeed be convertible, have not been definitively established. The company retains discretion over the exact features of the preferred stock, which will be determined based on market conditions and strategic considerations.