My understanding, too. It's remarkably safe... _ish_, since the preferred stocks don't work like that. Though, those he can decide against paying at any time

denlillaapan

Yes, and Saylors magic box doesn't just increase debt. Its a sea-saw. When NAV is >2 he issues shares.....when NAV is <2 he issues debt.

Last I checked his debt load was only about ~25% of his NAV, 

 his debt is zero coupon and expires in 3-5 years. So in theory Bitcoin price could fall to $25K 

 for the next 3-5 years before he had a problem.

econ

Shorting Strategy's Strategy  (Bloomberg, Money Stuff, Matt Levine)

Yes, and Saylors magic box doesn't just increase debt. Its a sea-saw. When NAV is >2 he issues shares.....when NAV is <2 he issues debt. 

Last I checked his debt load was only about ~25% of his NAV, *plus* his debt is zero coupon and expires in 3-5 years. So in theory Bitcoin price could fall to $25K *and stay there* for the next 3-5 years before he had a problem. 


