What Strategy is doing, the product it sells, how investors can think about it, why its digital credit products matter, why MSTR lags Bitcoin, the main risks, and the possible endgame.
The consols comparison is brilliant because it highlights how Bitcoin as collateral fundamentally changes credit markets the same way the gold standard did. Your scenario analysis showing 30% amplification as the sweet spot is really practical advice, especially with the preferreds offering stable yield while common equity captures all upside. The nationalization endgame you outlined isn't far fetched when you look at how governments use private entities as extended arms, and IPOing preferrds internationally to onshore BTC fits that pattern perfectly.
The parallels to consols and the Bank of England's formation are fascinating. Your point about the deleveraging paradox is spot on: MSTR is acutally underlevered relative to its Bitcoin base, which explains the BTC underperformance. The shift from volatility monetization to digital credit instruments through preferreds could indeed be Saylor's most significant strategic pivot yet.
The consols comparison is brilliant because it highlights how Bitcoin as collateral fundamentally changes credit markets the same way the gold standard did. Your scenario analysis showing 30% amplification as the sweet spot is really practical advice, especially with the preferreds offering stable yield while common equity captures all upside. The nationalization endgame you outlined isn't far fetched when you look at how governments use private entities as extended arms, and IPOing preferrds internationally to onshore BTC fits that pattern perfectly.
See what happens I guess.
The parallels to consols and the Bank of England's formation are fascinating. Your point about the deleveraging paradox is spot on: MSTR is acutally underlevered relative to its Bitcoin base, which explains the BTC underperformance. The shift from volatility monetization to digital credit instruments through preferreds could indeed be Saylor's most significant strategic pivot yet.