His loans are small compared to his bitcoin stack and most of his bitcoin bought each week is via selling of his shares, so, no risk to the company.

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But why would he invest in irregular steps? Why not all at once or something? Or why not OTC (maybe he does but I don't know). And he did in fact take loans, he said that over and over. I think he also did stock splits to buy more. Either a tanking bitcoin price or people selling his stock for some reason, could potentially blow his company. But what the heck to I know. I would never buy that stock, because I have many questions but find no answers. Unlike raw bitcoin, where I have lots of answers to all kinds of critics.

Yes he takes loans in the form of bonds. Bitcoin would have to drop significantly and stay low when the loan is due to be repaid for it to be an issue. He sells shares each week but does so sensibly so not to tank his own share price.

But isn't he on a heavy leverage? Like if BTC would go to 50k again, it would all bust? After all, he could become such a target at 500k Bitcoins that could be liquidated.

He owes $8b and has $58b in bitcoin. If bitcoin dropped to $50k he would owe $8b and have $29b in bitcoin. Even if bitcoin dropped to his debt value, he would have time as would only become an issue when the debt needed to be repaid. Another reason why he staggers the borrowing so it doesn’t all come due at once.

See the first quarter webinar for how the numbers stack up (Saylor’s segment of the video). https://www.strategy.com/investor-relations

thx! already in bed but will check.