In plain English
Preferred shares pay a coupon. Yield is coupon divided by the preferred’s market price. Compare that cost of capital to bitcoin’s trailing 1-year return and to Strategy’s hurdle rate.
Issuing a 10% preferred to buy bitcoin is only a good deal if you expect bitcoin (and the issuance flywheel) to clear that hurdle. Coupons are a cash flow; they are not also subtracted as a present value inside NAV (that would double-count par).