Why would they get rekt if they are following the Saylor playbook and not taking on secured debt or leveraging over 30%?
They are doing what rational people would do if they had the ability to raise capital like corporations can.
Discussion
Only a small number to the new bitcoin treasury company "managers" actually understand bitcoin and dollar-based financial plumbing like Saylor does.
And many are literally managing billions of dollars and tens of thousands of bitcoin.
It's like giving a confident five-year old the keys to brand new Ferrari and expecting a good result.
The wheat will get separated from the chaff once the good times have ended.
The playbook is open source. There are no proprietary secrets. If you have a premium you do accretive dilution. If you don’t you borrow on good terms and buy Bitcoin until mnav increases then do step 1. I know there are more complex strategies being deployed by competent managers, and perhaps some not as competent.
I don’t doubt there will be companies with 50 BTC that have bad management and “blow up”, but I’m yet to see one with over 1,000 BTC
Running a ponzi isnt complicated. You sell out shareholders for a loan, buy btc, resell that exposure as new shares, repeat until it blows up.
Absolutely
Agreed. The unwind will melt faces.