Something to keep in mind is that while #MSTR is degenerate enough to never sell their #BTC, this does not necessarily apply to all the other "sell bonds, buy #BTC" companies.

I'm not gonna go through them, but likely that

1 - they view this as a "save the company" type move

2 - share ownership structure isn't as loopsided as MSTR with saylor

3 - they might not share the same ethos that MSTR has