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$MSTR built a war chest for exactly this moment.
A $BTC drawdown. Pressure on the credit instruments. Bears circling.
And then they used the war chest to retire convertible debt instead.
The investor community noticed.
The new credit capital framework is the response.
That is not weakness.
That is how you build trust.
@Werkman
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Everyone calls $MSTR balance sheet risky.
$JPM is 92% leveraged.
$MSTR is 10% leveraged with the most liquid asset on the planet as collateral.
One of these balance sheets is considered safe.
One is considered dangerous.
The market has it completely backwards.
@PunterJeff
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$MSTR just made a statement that changes everything.
No more convertible debt. Ever.
Phong said it verbatim on the earnings call.
They're not just stopping new converts.
They're buying back the existing ones and wiping them off the balance sheet completely.
Because $STRC has been so successful they no longer need them.
The new capital structure is already winning.
@hillery_dan
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If $BTC goes up 13% a year for 50 years it costs $36 million per coin.
The US debt to GDP is growing at 3.5% compounded annually.
It's already at 120%.
Fiat currencies historically last 200 years.
We're looking at one that's 250 years old.
Is $36 million $BTC realistic?
Yes. Undeniably. Absolutely.
@PunterJeff
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