L Saylor You cannot use MSTR to discount Bitcoin's future value. The market already does that with spot Bitcoin. It only makes sense for convertible bond holders because they get "downside protection". But that's at shareholders expense. He should sell stock not debt.

That'll make some investors panic, but MSTR doesn't care, it can keep issuing debt and keep buying BTC, and the BTC could always be returned to shareholders or employed in some other fashion. No way it "doesn't survive."

OK, so if BTC rallies to two hundred something thousand, MSTR cost basis is ~150k, and then a bear market starts and they decide to "buy the dip" with more debt pushing cost basis even higher to try and prop up BTC, and all of a sudden you start getting FUD pushing price lower... Now the 2026/27 maturities are coming up, you've got margin calls and forced liquidations up your ass and you've popped the bubble. "Investors panic" is a problem if you're raising money through debt. You cannot tell them to suck it up like you can to shareholders.

This is not true, Saylor is selling more "shitcoin" bonds and "he" is buying more bitcoin.