Michael Saylor smiled anyway. Called it historic. First ever rating for a bitcoin treasury company. Fans cheered. Twitter lit up. But history cuts both ways.
A number on a credit scale doesn’t fix the facts. Strategy’s balance sheet is a pile of bitcoin built on borrowed cash.
Debt to buy bitcoin. More debt to keep buying. New shares when debt isn’t enough.
Michael Saylor smiled anyway.
Called it historic. First ever rating for a bitcoin treasury company.
Fans cheered. Twitter lit up.
But history cuts both ways.
A number on a credit scale doesn’t fix the facts. Strategy’s balance sheet is a pile of bitcoin built on borrowed cash.
Debt to buy bitcoin. More debt to keep buying. New shares when debt isn’t enough.
A loop. A circle. A snake eating itself...