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And the share holders are happy because they are getting more Bitcoin exposure. That is the whole idea behind this investment
But neither are dollars.
MSTR buyers are the speculating it’s better the company holds a non productive asset in bitcoin that has supreme collateral quality to be paid back due to its liquidity profile versus holding in dollars (which he could do but they get diluted over time ) or debt (treasuries which can be argued if they are “productive” or not ) or other items companies have on their balance sheet like factories or other assets that depreciate over time.
That is what we are all trying to find out. If Saylor is wrong then he and all his investors will get wiped out with no bailout.
But if he right then they will be rewarded handsomely.
But I think we just fundamentally disagree that Saylor is running a Ponzi scheme. He takes money and buys Bitcoin on behalf of his shareholders and he is willing to pay you dollars to give his company the opportunity to do that and it’s all right in the open.
The only thing he could probably do is show the bitcoin on chain. But he already stated why he won’t do that for security reasons.
The public market for MSTR is literally those that buy the stock, aka shareholders. Thus, shareholders are the yield.