⚠️ The biggest issue with MicroStrategy (MSTR) is not financial, but rather… knowledge
1. To understand MSTR, you need to understand a lot of things:
- Believe that $BTC is the best long-term store of value.
- Understand 100 years of corporate finance history (buyback, taxes, signaling…).
- Understand the current bond & credit market that is “breaking”.
- Understand convertible bonds and why MSTR uses them very cleverly.
- Understand the 5 types of perpetual preferred stocks that MSTR has designed.
- Understand the internal metrics of Strategy such as mNAV, BTC Yield, Amplification…
2. MSTR continuously innovates new capital structures so quickly that the market cannot keep up.
3. Very few people have enough time to dive deep for hundreds of hours to understand the entire model.
→ Most investors either:
- A) take a long time to understand before being bullish/bearish
- B) or call it a “Ponzi” for convenience.
#MicroStrategy #BTCVolatility #BitcoinSPACDeal #FOMCWatch
