MSTR directional thesis
Saylor's pile of preferred and convertible debt on top of Bitcoin has concentrated the whole thing, and now the unwind is dragging Bitcoin down with no easy way back.
“it also has the unfortunate sort of leverage concentration for Michael Saylor, who has, you know, issued a lot of preferred and complex convertible financial instruments on top of it, which have kind of concentrated the ownership and the liquidity profile and now is kind of driving a market downturn.”139:51claim_id
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