I think I understand it enough to know it's effectively an infomercial. I'm certainly not going to suggest investing in anything solely based on that.

I don't knock Saylor for shilling his product; but, the lack of any critical push-back at all from any of the multitude of venues that eagerly host his sales-pitch is pretty astounding. A simple, "so what would happen to shareholders if an extended 50% downturn in Bitcoin forced you to also liquidate a significant amount of the Bitcoin you had accumulated for them in order to satisfy paying back the bond holders?" would be a good start. "what if it's an 80% downturn?" would be an even better follow-up. I know what would happen with BTC: 1 BTC would still equal 1 BTC.