It's a tale of two cities right, with the stock being city number two. If they become a zombie company that just sits on bitcoin without growing, the stock price will collapse because the current valuation is based on growth, not just holding. Your 20-30% CAGR, that’s a fair bet, but their current debt and preferred dividends (like the 10.5% rate on some of their 2025 issuances) are fixed costs. If Bitcoin goes sideways for 5 years, those costs compound against them. To stay flat they need bitcoin to basically outperform their weighted average cost of capital. If their capital costs 10% a year and Bitcoin does 0% for 5 years then investors would have been significantly richer just holding regular old bitcoin directly and avoiding the 10% annual fee (or however you wanna call it) of this financial engineering. ouch.

So if the cash shortfall in 2026 and 2027 is say $1B, and they sell bitcoin to cover, then okay (still assuming here price stays flat around current price). Then in 2029 what's the cash shortfall? 3 billion? 4 billion (it'll be big). And 2030 much the same. And of course this constant selling is going to impact the overall price.

So yeah, they don't die, but they become irrelevant. Or to say it another way, they become about as relevant as an old wallet with a ton of bitcoin in it whose owner has long since vanished. Which is fine I'll grant you, but it's not the current play.