@kompreni

The $MSTR alarms have been ringing for a while, but it doesn't seem like it's really anything existential as far as I can tell. $MSTR is essentially a bitcoin-treasury company. Their balance sheet is like $60B in Bitcoin and $1.3B cash. Microstrategy also operates $STRC, which pays a bi-monthly dividend. People are concerned that $STRC dividends will force Microstrategy to sell some of the BTC that backs $MSTR. The current run rate for the dividends is somewhere between $1-2B per year, iirc. Obviously they have enough BTC to pay this right now, but the concerns are that serious selling from them will crash the price for the future. They make public disclosures about this stuff so there's no hiding it. $MSTR also has some debt that matures starting in 2029, I think. This means they'll need to come up with some cash to pay it back, hopefully selling BTC for higher than they bought it at. I think their avg price is $75k/BTC. Overall it doesn't feel as existential as people are saying, but idk! wdyt

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