You are paying for equity in a company that will carry out the most aggressive speculative attack against the dollar with an insane depth of liquidity. Not saying itβs a good investment, but thatβs the value prop.
Discussion
Good investment for the people loaning the fiat to Saylor for convertibles, since they get a free roll on the stock and their loan is backed by bitcoin but it is a shitty deal for regular stockholder.
UNLESS $MSTR never has a bad quarter moving forward and the economy doesnβt crash.
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The logic would be that he can keep leveraging and buying more Bitcoin at a pace you yourself couldnβt do. Again, not saying good or bad but it makes sense if you believe Saylor is going to keep doing this, and you are willing to take on all the other risks associated with owning stock instead of Bitcoin. There are outsized fiat gainz to be had if thatβs your thing.