Once they can't buy any more on leverage, they either sell or rug their investors. They do have enough to last them a long time though admittedly. It will be free money for them and other bitcoin treasuries in the long run I'm sure.
Discussion
So I actually don't fully understand their entire structure. I may be missing a point as a result. The biggest risk I see if if they need more debt than they're worth in Bitcoin to stay solvent and can't get the debt. If that's the point, then I agree they're fucked if one of several things happen. I was under the impression they were paying debt back for free and clear Bitcoin. While risky, I imagine they'll walk away with Bitcoin.
But this is why I use self-custody instead of Strategy. For me, escaping this kind of bullshit is the whole point.
I understand they get the debt almost interest free and dilute shareholders. So it is basically risk free as long as bitcoin keeps going up as the bitcoin on balance sheet increases the company value. Which I'm sure it will.
The risk is trusting a 3rd party. Mara are a large bitcoin holder but they dilute the shareholders and extract the value for themselves.
The other risk is, that they have no real business activities. So what is the point to hold them over owning bitcoin yourself? They have no revenue or provide any value.
Just like for people, I do believe (real) businesses should have bitcoin treasuries though, it can ony give more positive effects long term.