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Confessions of a MicroStrategy Investor

A letter no one asked for, but everyone should read before handing their Bitcoin dreams to a man in an orange tie.

Dear Fellow Bag-Holders, Future Therapists, and Anyone Still Pretending This Was “Strategic,”

I write to you today not as a proud MicroStrategy shareholder, but as a man who has stared directly into the mirror and whispered the words:

“Bro… what have you done?”

Look—I’m not embarrassed that I invested in Bitcoin. Magical internet money is fine. It’s pure. It’s incorruptible. It’s literally math wrapped in electricity. Beautiful.

I am, however, deeply embarrassed that I gave a company with salaries, leases, marketing teams, HR reps, and a snack budget my money… so they could buy that same magical internet money at a premium, wrap it in a corporate costume, and then somehow—somehow—turn it into something that trades at a discount.

A discount.

On Bitcoin.

In a Bitcoin bull market.

Amazing. Inspirational, even. If there were an Olympic event for turning alpha into coupons, MicroStrategy would sweep the podium.

Do you know how helpless you feel when your investment thesis boils down to:

“I believe in Bitcoin so much I outsourced it to a business with overhead.”

That’s like loving organic vegetables so much you hire a Fortune 500 company to grow them for you under fluorescent lights, at 4× the cost, while their interns eat half the crop.

And yes, yes, I get it—leverage, strategy, blah blah blah. But when your CEO has to juggle debt payments, stock issuance, Twitter theatrics, and a line item called “orange tie dry-cleaning,” you start to wonder:

Was I investing in Bitcoin… or in the world’s most complicated meme account?

At this point, even my Bitcoin-hating uncle respects me more than my financial advisor does. At least the uncle says he bought gold once because “it was shiny.” My excuse? I thought buying a corporate wrapper around Bitcoin was “efficient.” Efficient at what? Converting sats into operating expenses?

If I wanted discounted Bitcoin, I should’ve just bought Bitcoin.

If I wanted chaos, I could’ve bought a shitcoin.

Instead, I bought a stock that somehow blended both worlds. A schrödinger’s tradfi-wrapped-Bitcoin derivative that lives in a simultaneous state of premium and embarrassment.

So here I stand—an MSTR shareholder.

A man who believed.

A man who delegated.

A man who now understands that true self-sovereignty means never relying on a corporate board to stack for you.

Godspeed to us all.

And please—next board meeting—cut the marketing budget before the coupons.

Sincerely,

A Recovering MicroStrategy Apologist

P.S. If anyone needs me, I’ll be buying the underlying asset directly like a grown adult.

I too bought MSTR with the hopes that they would help bridge the gap between traditional finance and Bitcoin. I still believe this and we are just early days. Hopefully they aren’t just milking the Bitcoin treasury game.

I also hold Block/Square and am way more impressed with what they’ve done to bridge the gap.

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Discussion

Here’s the truth most people don’t want to say out loud:

Corporate Bitcoin treasuries look like asset-backed financing with no cashflow support.

This is rare in public markets because:

•Debt requires coupons

•Preferreds require dividends

•Operating income must service both

But with Bitcoin:

•There is no income

•There is no yield

•There is no production

•There is only price appreciation

So the only way to honor the capital structure is:

1.Sell Bitcoin, or

2.Issue more debt, or

3.Issue more equity, or

4.Run the marketing machine hotter

Why This Matters

Bitcoin is a perfect asset for an individual.

It is a terrible cashflow instrument for a corporation.

When someone issues structured notes, preferreds, or coupon-bearing debt against a non-yielding asset, they’ve created a time-delayed forced-seller behavior.

You can ignore that in a bull market.

In a bear market, the math comes back with a vengeance.

Well put!

My hope is for MSTR to build Bitcoin-related services and products that generate positive cash flow then use this to drive legislative change. They could be a Bitcoin bank that provide a suite of services that are Bitcoin only and a layer between Bitcoin and trad FI.

That was my hope also, but it seems they spend more in marketing their PP’s than building any products or services.