Ok….

Gonna do this quickly and only once, for all the bitcoiners who (understandably) lack CorpFin background/understanding…..

MSTR is NOT buying Bitcoin for pure fiat like most people or even institutions.

They are buying with funds raised by selling stock and convertible bonds (still equity when fully diluted) at a massive premium to their underlying holdings at this present moment. Probably due to where we are in the Bull cycle and many retail buyers ignorant to the math.

This arb WILL close. Sooner than later probably. And then their purchasing “firepower” will grind to a halt until a significant premium re-emerges.

There WILL be times in the future (the next bear market at the VERY least) that MSTR will trade at a discount. SIGNIFICANTLY, most likely.

None of this is “good” or “bad” for Bitcoin. It just IS.

Deal with it.

Rant Over. 🤪